Empowered Funds LLC Raises Position in Hess Midstream LP (NYSE:HESM)

Empowered Funds LLC grew its holdings in shares of Hess Midstream LP (NYSE:HESM) by 21.7% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 72,199 shares of the company’s stock after purchasing an additional 12,888 shares during the period. Empowered Funds LLC’s holdings in Hess Midstream were worth $2,546,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Westwood Holdings Group Inc. raised its stake in Hess Midstream by 126.8% in the 2nd quarter. Westwood Holdings Group Inc. now owns 1,936,522 shares of the company’s stock worth $70,567,000 after acquiring an additional 1,082,840 shares during the last quarter. Tortoise Capital Advisors L.L.C. raised its stake in Hess Midstream by 12.4% in 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 during the last quarter. BROOKFIELD Corp ON raised its stake in Hess Midstream by 434.8% in the 1st quarter. BROOKFIELD Corp ON now owns 843,577 shares of the company’s stock worth $30,478,000 after acquiring an additional 685,847 shares during the last quarter. Epoch Investment Partners Inc. raised its stake in Hess Midstream by 33.3% in the 1st quarter. Epoch Investment Partners Inc. now owns 2,390,636 shares of the company’s stock worth $86,374,000 after acquiring an additional 597,750 shares during the last quarter. Finally, TD Asset Management Inc raised its stake in Hess Midstream by 10.4% in the 2nd quarter. TD Asset Management Inc now owns 3,431,555 shares of the company’s stock worth $125,046,000 after acquiring an additional 322,479 shares during the last quarter. Hedge funds and other institutional investors own 92.41% of the company’s stock.

Insiders Place Their Bets

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

Hess Midstream Price Performance

Shares of HESM opened at $36.31 on Wednesday. The business’s 50-day moving average is $35.60 and its two-hundred day moving average is $36.00. The company has a market capitalization of $7.92 billion, a P/E ratio of 15.39 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 fifty-two week low of $30.08 and a fifty-two week high of $39.11.

Hess Midstream (NYSE:HESM) last announced its quarterly earnings results on Wednesday, October 30th. The company reported $0.63 earnings per share for the quarter, topping the consensus estimate of $0.58 by $0.05. The company had revenue of $378.50 million for the quarter, compared to the consensus estimate of $376.98 million. Hess Midstream had a return on equity of 47.87% and a net margin of 13.06%. The firm’s revenue for the quarter was up 4.2% compared to the same quarter last year. During the same period last year, the firm earned $0.57 EPS. Research analysts predict 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. Shareholders of record on Thursday, November 7th were given a dividend of $0.6846 per share. This is an increase from Hess Midstream’s previous quarterly dividend of $0.67. This represents a $2.74 annualized dividend and a yield of 7.54%. The ex-dividend date of this dividend was Thursday, November 7th. Hess Midstream’s dividend payout ratio (DPR) is currently 116.10%.

Wall Street Analysts Forecast Growth

Separately, JPMorgan Chase & Co. raised their target price on Hess Midstream from $38.00 to $39.00 and gave the stock a “neutral” rating in a research note 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.