Kovitz Investment Group Partners LLC Invests $1.83 Million in Hess Midstream LP (NYSE:HESM)

Kovitz Investment Group Partners LLC bought a new position in Hess Midstream LP (NYSE:HESMFree Report) during the 3rd quarter, Holdings Channel reports. The firm bought 51,883 shares of the company’s stock, valued at approximately $1,830,000.

Other large investors have also bought and sold shares of the company. Tompkins Financial Corp acquired a new position in shares of Hess Midstream during the third quarter worth approximately $71,000. KBC Group NV raised its position in Hess Midstream by 83.9% in the 3rd quarter. KBC Group NV now owns 2,803 shares of the company’s stock worth $99,000 after purchasing an additional 1,279 shares during the last quarter. Millburn Ridgefield Corp acquired a new position in Hess Midstream during the 3rd quarter worth $100,000. Icon Wealth Advisors LLC boosted its position in Hess Midstream by 11.1% in the 3rd quarter. Icon Wealth Advisors LLC now owns 3,288 shares of the company’s stock valued at $116,000 after buying an additional 329 shares during the last quarter. Finally, Brown Brothers Harriman & Co. increased its stake in shares of Hess Midstream by 487.4% in the 3rd quarter. Brown Brothers Harriman & Co. now owns 3,366 shares of the company’s stock valued at $119,000 after buying an additional 2,793 shares during the period. 98.97% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In other news, Director Infrastructure Investor Global sold 12,650,000 shares of Hess Midstream stock in a transaction on Friday, September 20th. The shares were sold at an average price of $35.12, for a total transaction of $444,268,000.00. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CFO Jonathan C. Stein sold 7,923 shares of the company’s stock in a transaction on Monday, November 11th. The shares were sold at an average price of $35.32, for a total transaction of $279,840.36. Following the completion of the sale, the chief financial officer now owns 59,945 shares of the company’s stock, valued at approximately $2,117,257.40. This represents a 11.67 % decrease in their position. The disclosure for this sale can be found here.

Hess Midstream Price Performance

Shares of HESM stock opened at $35.95 on Wednesday. The firm’s 50 day moving average price is $35.91 and its two-hundred day moving average price is $36.18. The company has a debt-to-equity ratio of 7.85, a quick ratio of 0.70 and a current ratio of 0.70. Hess Midstream LP has a 52-week low of $30.08 and a 52-week high of $39.11. The stock has a market cap of $7.84 billion, a PE ratio of 15.23 and a beta of 1.53.

Hess Midstream (NYSE:HESMGet Free Report) last posted its quarterly earnings results on Wednesday, October 30th. The company reported $0.63 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.58 by $0.05. The business had revenue of $378.50 million for the quarter, compared to analyst estimates of $376.98 million. Hess Midstream had a return on equity of 47.87% and a net margin of 13.06%. The firm’s revenue was up 4.2% on a year-over-year basis. During the same period last year, the company earned $0.57 EPS. As a group, analysts forecast that Hess Midstream LP will post 2.41 EPS for the current year.

Hess Midstream Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, November 14th. Investors of record on Thursday, November 7th were given a $0.6846 dividend. This represents a $2.74 dividend on an annualized basis and a dividend yield of 7.62%. This is an increase from Hess Midstream’s previous quarterly dividend of $0.67. The ex-dividend date of this dividend was Thursday, November 7th. Hess Midstream’s dividend payout ratio (DPR) is currently 116.10%.

Analysts Set New Price Targets

Separately, JPMorgan Chase & Co. upped their price target on Hess Midstream from $38.00 to $39.00 and gave the company a “neutral” rating in a research note on Wednesday, August 21st.

Check Out Our Latest Research Report on Hess Midstream

Hess Midstream Profile

(Free Report)

Hess Midstream LP owns, develops, operates, and acquires midstream assets and provide fee-based services to Hess and third-party customers in the United States. It operates through three segments: Gathering; Processing and Storage; and Terminaling and Export. The Gathering segment owns natural gas gathering and compression systems; crude oil gathering systems; and produced water gathering and disposal facilities.

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Institutional Ownership by Quarter for Hess Midstream (NYSE:HESM)

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