Sanctuary Advisors LLC Purchases New Position in Hess Midstream LP (NYSE:HESM)

Sanctuary Advisors LLC purchased a new stake in shares of Hess Midstream LP (NYSE:HESM) in the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The firm purchased 12,197 shares of the company’s stock, valued at approximately $426,000.

Several other institutional investors also recently bought and sold shares of the stock. Algert Global LLC purchased a new position in Hess Midstream during the second quarter valued at approximately $330,000. Duff & Phelps Investment Management Co. purchased a new position in Hess Midstream during the second quarter valued at approximately $744,000. Susquehanna Fundamental Investments LLC raised its position in Hess Midstream by 32.1% during the second quarter. Susquehanna Fundamental Investments LLC now owns 172,168 shares of the company’s stock valued at $6,274,000 after acquiring an additional 41,832 shares in the last quarter. Scientech Research LLC purchased a new position in Hess Midstream during the second quarter valued at approximately $365,000. Finally, ELCO Management Co. LLC acquired a new stake in Hess Midstream in the second quarter valued at approximately $677,000. 92.41% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In related news, Director Infrastructure Investor Global sold 12,650,000 shares of Hess Midstream stock in a transaction that occurred on Friday, September 20th. The stock was sold at an average price of $35.12, for a total transaction of $444,268,000.00. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink.

Analysts Set New Price Targets

Several brokerages have commented on HESM. UBS Group raised their price objective on Hess Midstream from $38.00 to $40.00 and gave the company a “buy” rating in a report on Wednesday, July 3rd. JPMorgan Chase & Co. raised their price objective on Hess Midstream from $38.00 to $39.00 and gave the company a “neutral” rating in a report on Wednesday, August 21st.

Hess Midstream Stock Performance

Shares of NYSE:HESM opened at $36.00 on Thursday. The company has a debt-to-equity ratio of 8.55, a current ratio of 1.11 and a quick ratio of 1.11. The business’s 50 day moving average price is $36.13 and its 200-day moving average price is $36.00. The firm has a market capitalization of $8.05 billion, a PE ratio of 16.29 and a beta of 1.51. Hess Midstream LP has a 1 year low of $29.20 and a 1 year high of $39.11.

Hess Midstream (NYSE:HESM) last issued its quarterly earnings results on Wednesday, July 31st. The company reported $0.59 earnings per share (EPS) for the quarter, topping 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 for the quarter, compared to analyst estimates of $365.16 million. During the same period in the previous year, the company posted $0.50 earnings per share. The business’s revenue was up 12.8% on a year-over-year basis. As a group, equities research analysts expect that Hess Midstream LP will post 2.36 earnings per share for the current fiscal year.

Hess Midstream Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, August 14th. Investors of record on Thursday, August 8th were given a dividend of $0.6677 per share. This is an increase from Hess Midstream’s previous quarterly dividend of $0.65. The ex-dividend date of this dividend was Thursday, August 8th. This represents a $2.67 dividend on an annualized basis and a yield of 7.42%. Hess Midstream’s dividend payout ratio (DPR) is presently 120.81%.

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.