Empowered Funds LLC Acquires 12,888 Shares of Hess Midstream LP (NYSE:HESM)

Empowered Funds LLC grew its holdings in shares of Hess Midstream LP (NYSE:HESM) by 21.7% during the third quarter, according to the company in its most recent disclosure with the SEC. The fund owned 72,199 shares of the company’s stock after buying an additional 12,888 shares during the quarter. Empowered Funds LLC’s holdings in Hess Midstream were worth $2,546,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently modified their holdings of HESM. Westwood Holdings Group Inc. grew its stake in shares of Hess Midstream by 126.8% during the second quarter. Westwood Holdings Group Inc. now owns 1,936,522 shares of the company’s stock valued at $70,567,000 after buying an additional 1,082,840 shares during the last quarter. Tortoise Capital Advisors L.L.C. grew its stake in shares of Hess Midstream by 12.4% during the second quarter. Tortoise Capital Advisors L.L.C. now owns 7,428,262 shares of the company’s stock valued at $270,686,000 after buying an additional 822,311 shares during the last quarter. BROOKFIELD Corp ON grew its stake in Hess Midstream by 434.8% in the first quarter. BROOKFIELD Corp ON now owns 843,577 shares of the company’s stock worth $30,478,000 after purchasing an additional 685,847 shares in the last quarter. Epoch Investment Partners Inc. grew its stake in Hess Midstream by 33.3% in the first quarter. Epoch Investment Partners Inc. now owns 2,390,636 shares of the company’s stock worth $86,374,000 after purchasing an additional 597,750 shares in the last quarter. Finally, TD Asset Management Inc grew its stake in Hess Midstream by 10.4% in the second quarter. TD Asset Management Inc now owns 3,431,555 shares of the company’s stock worth $125,046,000 after purchasing an additional 322,479 shares in the last quarter. Institutional investors own 92.41% of the company’s stock.

Insiders Place Their Bets

In other news, Director Infrastructure Investor Global sold 12,650,000 shares of the stock in a transaction 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 document filed with the Securities & Exchange Commission, which is available at this link. Also, CFO Jonathan C. Stein sold 7,923 shares of the stock in a transaction on Monday, November 11th. The shares were sold at an average price of $35.32, for a total value of $279,840.36. Following the sale, the chief financial officer now owns 59,945 shares of the company’s stock, valued at approximately $2,117,257.40. This represents a 11.67 % decrease in their position. The disclosure for this sale can be found here.

Hess Midstream Stock Up 1.1 %

Shares of NYSE:HESM opened at $36.31 on Wednesday. Hess Midstream LP has a 52-week low of $30.08 and a 52-week high of $39.11. The stock has a market cap of $7.92 billion, a P/E ratio of 15.39 and a beta of 1.51. The business’s 50 day moving average is $35.60 and its 200 day moving average is $36.00. The company has a quick ratio of 0.70, a current ratio of 0.70 and a debt-to-equity ratio of 7.85.

Hess Midstream (NYSE:HESM) last posted its earnings results on Wednesday, October 30th. The company reported $0.63 earnings per share for the quarter, topping analysts’ consensus estimates of $0.58 by $0.05. The company had revenue of $378.50 million during the quarter, compared to analyst estimates of $376.98 million. Hess Midstream had a return on equity of 47.87% and a net margin of 13.06%. Hess Midstream’s revenue was up 4.2% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.57 earnings per share. Sell-side analysts predict that Hess Midstream LP will post 2.45 EPS for the current year.

Hess Midstream Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, November 14th. Shareholders of record on Thursday, November 7th were issued a dividend of $0.6846 per share. The ex-dividend date of this dividend was Thursday, November 7th. This represents a $2.74 dividend on an annualized basis and a yield of 7.54%. This is a positive change from Hess Midstream’s previous quarterly dividend of $0.67. Hess Midstream’s dividend payout ratio is currently 116.10%.

Wall Street Analysts Forecast Growth

Separately, JPMorgan Chase & Co. increased their price objective on Hess Midstream from $38.00 to $39.00 and gave the stock a “neutral” rating in a research note on Wednesday, August 21st.

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.