Hess Midstream (NYSE:HESM) Shares Gap Down to $36.87

Shares of Hess Midstream LP (NYSE:HESM) gapped down before the market opened on Thursday . The stock had previously closed at $36.87, but opened at $35.78. Hess Midstream shares last traded at $35.90, with a volume of 1,154,375 shares traded.

Wall Street Analyst Weigh In

HESM has been the subject of a number of recent research reports. UBS Group upped their price target on Hess Midstream from $38.00 to $40.00 and gave the stock a “buy” rating in a research report on Wednesday, July 3rd. JPMorgan Chase & Co. lifted their target price on shares of Hess Midstream from $38.00 to $39.00 and gave the stock a “neutral” rating in a report on Wednesday, August 21st. Two research analysts have rated the stock with a hold rating and three have given a buy rating to the company. Based on data from MarketBeat.com, Hess Midstream has an average rating of “Moderate Buy” and a consensus price target of $37.20.

Hess Midstream Stock Performance

The firm has a market capitalization of $8.04 billion, a P/E ratio of 16.22 and a beta of 1.52. The company has a 50-day moving average of $36.83 and a 200-day moving average of $35.94. The company has a current ratio of 1.11, a quick ratio of 1.11 and a debt-to-equity ratio of 8.55.

Hess Midstream (NYSE:HESM) last announced its quarterly earnings data on Wednesday, July 31st. The company reported $0.59 EPS for the quarter, beating analysts’ consensus estimates of $0.54 by $0.05. Hess Midstream had a return on equity of 41.91% and a net margin of 11.59%. The firm had revenue of $365.50 million during the quarter, compared to analysts’ expectations of $365.16 million. During the same quarter last year, the firm posted $0.50 earnings per share. The company’s revenue for the quarter was up 12.8% compared to the same quarter last year. On average, equities analysts anticipate that Hess Midstream LP will post 2.36 earnings per share for the current fiscal year.

Hess Midstream Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, August 14th. Shareholders of record on Thursday, August 8th were paid a $0.6677 dividend. This represents a $2.67 dividend on an annualized basis and a dividend yield of 7.43%. This is a positive change from Hess Midstream’s previous quarterly dividend of $0.65. The ex-dividend date was Thursday, August 8th. Hess Midstream’s dividend payout ratio (DPR) is 120.81%.

Institutional Investors Weigh In On Hess Midstream

Hedge funds and other institutional investors have recently made changes to their positions in the business. Allspring Global Investments Holdings LLC bought a new stake in Hess Midstream during the 1st quarter worth approximately $30,000. Clear Point Advisors Inc. bought a new position in Hess Midstream during the first quarter valued at $49,000. Geneos Wealth Management Inc. lifted 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 during the last quarter. Comerica Bank increased its holdings in Hess Midstream by 7.4% in the 1st quarter. Comerica Bank now owns 5,553 shares of the company’s stock worth $201,000 after acquiring an additional 385 shares during the last quarter. Finally, South Street Advisors LLC bought a new stake in Hess Midstream in the 2nd quarter valued at about $211,000. 92.41% of the stock is owned by institutional investors.

Hess Midstream Company 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.