Hess Midstream (NYSE:HESM) Reaches New 12-Month High at $37.16

Hess Midstream LP (NYSE:HESM) shares hit a new 52-week high during trading on Tuesday . The company traded as high as $37.16 and last traded at $36.94, with a volume of 38424 shares traded. The stock had previously closed at $36.77.

Analyst Ratings Changes

HESM has been the subject of a number of recent analyst reports. JPMorgan Chase & Co. boosted their price objective on shares of Hess Midstream from $37.00 to $38.00 and gave the stock a “neutral” rating in a report on Tuesday, April 16th. Wells Fargo & Company boosted their price objective on shares of Hess Midstream from $36.00 to $37.00 and gave the stock an “equal weight” rating in a report on Monday, April 29th. Three investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. Based on data from MarketBeat.com, Hess Midstream currently has an average rating of “Moderate Buy” and a consensus target price of $36.50.

Hess Midstream Stock Performance

The business’s 50-day moving average price is $35.25 and its 200-day moving average price is $34.31. The company has a debt-to-equity ratio of 8.67, a quick ratio of 0.89 and a current ratio of 0.89. The stock has a market cap of $8.24 billion, a P/E ratio of 16.64 and a beta of 1.52.

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

Hess Midstream Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, May 14th. Stockholders of record on Thursday, May 2nd were given a dividend of $0.6516 per share. This is an increase from Hess Midstream’s previous quarterly dividend of $0.63. The ex-dividend date was Wednesday, May 1st. This represents a $2.61 dividend on an annualized basis and a dividend yield of 7.07%. Hess Midstream’s payout ratio is presently 118.10%.

Insider Activity

In related news, Director Infrastructure Investor Global sold 1,500,000 shares of the company’s stock in a transaction on Monday, June 3rd. The shares were sold at an average price of $34.02, for a total value of $51,030,000.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in HESM. Allspring Global Investments Holdings LLC purchased a new stake in shares of Hess Midstream during the 1st quarter valued at about $30,000. Clear Point Advisors Inc. purchased a new stake in shares of Hess Midstream during the 1st quarter valued at about $49,000. First Horizon Advisors Inc. raised its position in shares of Hess Midstream by 183.4% during the 4th quarter. First Horizon Advisors Inc. now owns 1,791 shares of the company’s stock valued at $57,000 after buying an additional 1,159 shares in the last quarter. Parkside Financial Bank & Trust raised its position in shares of Hess Midstream by 348.5% during the 4th quarter. Parkside Financial Bank & Trust now owns 2,323 shares of the company’s stock valued at $73,000 after buying an additional 1,805 shares in the last quarter. Finally, Geneos Wealth Management Inc. raised its position in shares of Hess Midstream by 31.3% during the 1st quarter. Geneos Wealth Management Inc. now owns 2,100 shares of the company’s stock valued at $76,000 after buying an additional 500 shares in the last quarter. Institutional investors own 92.41% of the company’s stock.

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.