Artemis Investment Management LLP Buys 402,875 Shares of Hess Midstream LP (NYSE:HESM)

Artemis Investment Management LLP increased its stake in Hess Midstream LP (NYSE:HESM) by 220.0% in the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 585,961 shares of the company’s stock after acquiring an additional 402,875 shares during the quarter. Artemis Investment Management LLP’s holdings in Hess Midstream were worth $21,160,000 at the end of the most recent reporting period.

Other hedge funds also recently modified their holdings of the company. GSA Capital Partners LLP increased its stake in shares of Hess Midstream by 521.7% in the 4th quarter. GSA Capital Partners LLP now owns 99,834 shares of the company’s stock valued at $3,158,000 after acquiring an additional 83,777 shares in the last quarter. Dynamic Technology Lab Private Ltd bought a new stake in shares of Hess Midstream in the 4th quarter valued at $711,000. Wells Fargo & Company MN grew its position in Hess Midstream by 30.7% in the 4th quarter. Wells Fargo & Company MN now owns 434,434 shares of the company’s stock valued at $13,741,000 after purchasing an additional 102,010 shares during the period. Miller Howard Investments Inc. NY grew its position in Hess Midstream by 17.7% in the 4th quarter. Miller Howard Investments Inc. NY now owns 585,462 shares of the company’s stock valued at $18,518,000 after purchasing an additional 88,055 shares during the period. Finally, Walleye Capital LLC acquired a new stake in Hess Midstream in the 3rd quarter valued at $1,910,000. Institutional investors own 92.41% of the company’s stock.

Hess Midstream Price Performance

HESM opened at $36.45 on Friday. The company has a debt-to-equity ratio of 8.67, a current ratio of 0.89 and a quick ratio of 0.89. The company has a market capitalization of $8.15 billion, a price-to-earnings ratio of 16.49 and a beta of 1.49. The firm’s fifty day moving average price is $35.22 and its two-hundred day moving average price is $34.22. Hess Midstream LP has a 1 year low of $27.57 and a 1 year high of $37.13.

Hess Midstream (NYSE:HESM) last posted its quarterly earnings data on Thursday, April 25th. The company reported $0.59 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.55 by $0.04. The firm had revenue of $355.60 million for the quarter, compared to the consensus estimate of $354.98 million. Hess Midstream had a net margin of 10.18% and a return on equity of 35.08%. As a group, analysts anticipate that Hess Midstream LP will post 2.5 earnings per share for the current fiscal year.

Hess Midstream Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, May 14th. Investors of record on Thursday, May 2nd were issued a $0.6516 dividend. This is an increase from Hess Midstream’s previous quarterly dividend of $0.63. This represents a $2.61 dividend on an annualized basis and a dividend yield of 7.15%. The ex-dividend date was Wednesday, May 1st. Hess Midstream’s payout ratio is 118.10%.

Analyst Upgrades and Downgrades

Several analysts recently issued reports on HESM shares. Wells Fargo & Company lifted their price target on shares of Hess Midstream from $36.00 to $37.00 and gave the company an “equal weight” rating in a research report on Monday, April 29th. UBS Group lifted their price target on shares of Hess Midstream from $35.00 to $38.00 and gave the company a “buy” rating in a research report on Friday, March 1st. Finally, JPMorgan Chase & Co. lifted their price target on shares of Hess Midstream from $37.00 to $38.00 and gave the company a “neutral” rating in a research report on Tuesday, April 16th. Three investment analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $36.50.

Insider Buying and Selling

In related news, Director Infrastructure Investor Global sold 10,000,000 shares of the business’s stock in a transaction dated Friday, May 31st. The shares were sold at an average price of $34.02, for a total value of $340,200,000.00. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website.

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.