TD Asset Management Inc. Reduces Stock Holdings in Hess Midstream LP (NYSE:HESM)

TD Asset Management Inc. cut its holdings in Hess Midstream LP (NYSE:HESM) by 7.0% in the fourth quarter, according to the company in its most recent disclosure with the SEC. The fund owned 3,329,405 shares of the company’s stock after selling 252,478 shares during the quarter. TD Asset Management Inc. owned about 1.53% of Hess Midstream worth $123,288,000 at the end of the most recent reporting period.

Several other institutional investors have also added to or reduced their stakes in HESM. Steward Partners Investment Advisory LLC grew its holdings in shares of Hess Midstream by 77.2% during the fourth quarter. Steward Partners Investment Advisory LLC now owns 1,329 shares of the company’s stock valued at $49,000 after buying an additional 579 shares during the last quarter. US Bancorp DE grew its stake in Hess Midstream by 34.0% during the 4th quarter. US Bancorp DE now owns 2,010 shares of the company’s stock valued at $74,000 after purchasing an additional 510 shares during the last quarter. Millburn Ridgefield Corp purchased a new stake in Hess Midstream during the 3rd quarter valued at about $100,000. IFP Advisors Inc increased its holdings in shares of Hess Midstream by 33.3% in the fourth quarter. IFP Advisors Inc now owns 2,934 shares of the company’s stock valued at $109,000 after purchasing an additional 733 shares during the period. Finally, Icon Wealth Advisors LLC lifted its holdings in shares of Hess Midstream by 11.1% during the third quarter. Icon Wealth Advisors LLC now owns 3,288 shares of the company’s stock worth $116,000 after purchasing an additional 329 shares during the period. Institutional investors and hedge funds own 98.97% of the company’s stock.

Analyst Ratings Changes

HESM has been the topic of several research reports. Raymond James increased their price target on shares of Hess Midstream from $42.00 to $45.00 and gave the stock an “outperform” rating in a report on Tuesday, January 28th. Wells Fargo & Company raised their target price on shares of Hess Midstream from $40.00 to $42.00 and gave the stock an “equal weight” rating in a report on Tuesday, February 4th. Finally, Citigroup upped their price target on shares of Hess Midstream from $41.00 to $44.00 and gave the company a “buy” rating in a report on Tuesday, February 18th. Two research analysts have rated the stock with a hold rating and three have issued a buy rating to the company. Based on data from MarketBeat, Hess Midstream has an average rating of “Moderate Buy” and an average price target of $42.00.

Hess Midstream Stock Performance

HESM opened at $42.82 on Wednesday. The firm has a fifty day moving average price of $41.02 and a 200 day moving average price of $37.92. The stock has a market cap of $9.34 billion, a P/E ratio of 17.20 and a beta of 1.48. Hess Midstream LP has a 1 year low of $32.75 and a 1 year high of $44.05. The company has a debt-to-equity ratio of 7.85, a current ratio of 0.70 and a quick ratio of 0.70.

Hess Midstream (NYSE:HESM) last announced its quarterly earnings results on Wednesday, January 29th. The company reported $0.68 earnings per share for the quarter, beating the consensus estimate of $0.65 by $0.03. Hess Midstream had a return on equity of 54.59% and a net margin of 14.92%. Equities research analysts anticipate that Hess Midstream LP will post 2.5 earnings per share for the current year.

Hess Midstream Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, February 14th. Stockholders of record on Thursday, February 6th were paid a dividend of $0.7012 per share. The ex-dividend date was Thursday, February 6th. This represents a $2.80 dividend on an annualized basis and a dividend yield of 6.55%. This is a boost from Hess Midstream’s previous quarterly dividend of $0.68. Hess Midstream’s payout ratio is currently 112.45%.

Insider Buying and Selling at Hess Midstream

In other news, major shareholder Blackrock Portfolio Management sold 11,000,000 shares of the firm’s stock in a transaction dated Wednesday, February 12th. The shares were sold at an average price of $39.11, for a total value of $430,210,000.00. The transaction was disclosed in a filing with the SEC, which is available through this link.

Hess Midstream Profile

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.