Algert Global LLC Acquires 110,050 Shares of Hess Midstream LP (NYSE:HESM)

Algert Global LLC raised its holdings in Hess Midstream LP (NYSE:HESM) by 1,215.4% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 119,105 shares of the company’s stock after buying an additional 110,050 shares during the period. Algert Global LLC owned 0.05% of Hess Midstream worth $4,201,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in HESM. Clear Point Advisors Inc. bought a new position in Hess Midstream in the first quarter valued at approximately $49,000. Tompkins Financial Corp bought a new position in shares of Hess Midstream in the third quarter valued at $71,000. KBC Group NV increased its holdings in Hess Midstream by 83.9% during the third quarter. KBC Group NV now owns 2,803 shares of the company’s stock worth $99,000 after buying an additional 1,279 shares during the last quarter. Comerica Bank increased its holdings in Hess Midstream by 7.4% during the first quarter. Comerica Bank now owns 5,553 shares of the company’s stock worth $201,000 after buying an additional 385 shares during the last quarter. Finally, Seelaus Asset Management LLC lifted its stake in Hess Midstream by 5.5% in the third quarter. Seelaus Asset Management LLC now owns 5,800 shares of the company’s stock valued at $205,000 after acquiring an additional 300 shares during the last quarter. 92.41% of the stock is currently owned by institutional investors and hedge funds.

Hess Midstream Stock Down 0.1 %

Shares of HESM opened at $36.78 on Monday. The firm has a market cap of $8.02 billion, a P/E ratio of 15.58 and a beta of 1.51. The company has a debt-to-equity ratio of 7.85, a quick ratio of 0.70 and a current ratio of 0.70. Hess Midstream LP has a 52 week low of $30.08 and a 52 week high of $39.11. The firm’s 50-day simple moving average is $35.62 and its 200 day simple moving average is $36.04.

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

Hess Midstream Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, November 14th. Investors of record on Thursday, November 7th were given 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 7.45%. This is an increase from Hess Midstream’s previous quarterly dividend of $0.67. Hess Midstream’s dividend payout ratio is currently 116.10%.

Insiders Place Their Bets

In related news, CFO Jonathan C. Stein sold 7,923 shares of the company’s stock in a transaction that occurred on Monday, November 11th. The shares were sold at an average price of $35.32, for a total transaction of $279,840.36. Following the completion of the transaction, the chief financial officer now directly owns 59,945 shares in the company, valued at $2,117,257.40. This represents a 11.67 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Infrastructure Investor Global sold 12,650,000 shares of the firm’s stock in a transaction that occurred on Friday, September 20th. The shares were sold at an average price of $35.12, for a total transaction of $444,268,000.00. The disclosure for this sale can be found here.

Analyst Upgrades and Downgrades

Separately, 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 report on Wednesday, August 21st.

Hess Midstream 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.