M&T Bank Corp Invests $1.06 Million in Hess Midstream LP (NYSE:HESM)

M&T Bank Corp bought a new stake in Hess Midstream LP (NYSE:HESM) during the third quarter, Holdings Channel.com reports. The fund bought 30,000 shares of the company’s stock, valued at approximately $1,058,000.

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

Insiders Place Their Bets

In other Hess Midstream news, Director Infrastructure Investor Global sold 12,650,000 shares of the firm’s stock in a transaction on Friday, September 20th. The shares were sold at an average price of $35.12, for a total value of $444,268,000.00. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CFO Jonathan C. Stein sold 7,923 shares of the business’s stock in a transaction dated 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 transaction, the chief financial officer now owns 59,945 shares in the company, valued at $2,117,257.40. The trade was a 11.67 % decrease in their position. The disclosure for this sale can be found here.

Hess Midstream Trading Up 2.6 %

Shares of HESM opened at $36.70 on Monday. Hess Midstream LP has a fifty-two week low of $30.72 and a fifty-two week high of $39.11. The firm has a market cap of $8.00 billion, a price-to-earnings ratio of 15.55 and a beta of 1.53. The firm has a 50 day moving average price of $35.91 and a 200-day moving average price of $36.19. 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 (NYSE:HESM) last posted its quarterly earnings results on Wednesday, October 30th. The company reported $0.63 earnings per share for the quarter, topping the consensus estimate of $0.58 by $0.05. Hess Midstream had a net margin of 13.06% and a return on equity of 47.87%. The business had revenue of $378.50 million during the quarter, compared to the consensus estimate of $376.98 million. During the same period in the previous year, the firm posted $0.57 earnings per share. The firm’s revenue for the quarter was up 4.2% on a year-over-year basis. As a group, equities research analysts forecast that Hess Midstream LP will post 2.41 earnings per share for the current year.

Hess Midstream Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, November 14th. Investors of record on Thursday, November 7th were given a dividend of $0.6846 per share. This represents a $2.74 annualized dividend and a yield of 7.46%. This is a positive change 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 presently 116.10%.

Analyst Upgrades and Downgrades

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

About Hess Midstream

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.