South Street Advisors LLC Invests $211,000 in Hess Midstream LP (NYSE:HESM)

South Street Advisors LLC purchased a new position in Hess Midstream LP (NYSE:HESM) during the second quarter, according to the company in its most recent Form 13F filing with the SEC. The firm purchased 5,800 shares of the company’s stock, valued at approximately $211,000.

Other large investors have also made changes to their positions in the company. TD Asset Management Inc increased its stake in Hess Midstream by 190.8% in the 4th quarter. TD Asset Management Inc now owns 2,335,957 shares of the company’s stock valued at $73,886,000 after buying an additional 1,532,700 shares during the period. Tortoise Capital Advisors L.L.C. boosted its stake in shares of Hess Midstream by 12.4% during the 2nd quarter. Tortoise Capital Advisors L.L.C. now owns 7,428,262 shares of the company’s stock worth $270,686,000 after acquiring an additional 822,311 shares in the last quarter. Epoch Investment Partners Inc. raised its stake in shares of Hess Midstream by 82.8% in the 4th quarter. Epoch Investment Partners Inc. now owns 1,792,886 shares of the company’s stock valued at $56,709,000 after acquiring an additional 811,976 shares in the last quarter. BROOKFIELD Corp ON raised its position in shares of Hess Midstream by 434.8% in the first quarter. BROOKFIELD Corp ON now owns 843,577 shares of the company’s stock valued at $30,478,000 after purchasing an additional 685,847 shares during the period. Finally, Kayne Anderson Capital Advisors LP grew its stake in Hess Midstream by 55.8% in the 1st quarter. Kayne Anderson Capital Advisors LP now owns 1,305,561 shares of the company’s stock valued at $47,170,000 after buying an additional 467,601 shares during the last quarter. Institutional investors and hedge funds own 92.41% of the company’s stock.

Hess Midstream Stock Performance

NYSE:HESM opened at $35.75 on Wednesday. Hess Midstream LP has a 12-month low of $27.57 and a 12-month high of $39.11. The firm has a market capitalization of $7.89 billion, a PE ratio of 16.18 and a beta of 1.52. The firm has a 50-day moving average price of $36.90 and a 200 day moving average price of $35.86. The company has a quick ratio of 1.11, a current ratio of 1.11 and a debt-to-equity ratio of 8.55.

Hess Midstream (NYSE:HESM) last issued its quarterly earnings data on Wednesday, July 31st. The company reported $0.59 earnings per share (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 company had revenue of $365.50 million during the quarter, compared to analysts’ expectations of $365.16 million. During the same period last year, the business earned $0.50 earnings per share. The business’s revenue was up 12.8% on a year-over-year basis. Research analysts anticipate that Hess Midstream LP will post 2.09 earnings per share for the current fiscal year.

Hess Midstream Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, August 14th. Stockholders of record on Thursday, August 8th were issued a $0.6677 dividend. This is an increase from Hess Midstream’s previous quarterly dividend of $0.65. This represents a $2.67 annualized dividend and a dividend yield of 7.47%. The ex-dividend date was Thursday, August 8th. Hess Midstream’s payout ratio is presently 120.81%.

Wall Street Analyst Weigh In

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

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.