Brown Brothers Harriman & Co. Raises Position in Hess Midstream LP (NYSE:HESM)

Brown Brothers Harriman & Co. grew its position in shares of Hess Midstream LP (NYSE:HESM) by 487.4% during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 3,366 shares of the company’s stock after buying an additional 2,793 shares during the quarter. Brown Brothers Harriman & Co.’s holdings in Hess Midstream were worth $119,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Tompkins Financial Corp bought a new stake in Hess Midstream in the 3rd quarter worth about $71,000. KBC Group NV grew its stake in shares of Hess Midstream by 83.9% in the third quarter. KBC Group NV now owns 2,803 shares of the company’s stock worth $99,000 after acquiring an additional 1,279 shares during the period. Comerica Bank raised its holdings in shares of Hess Midstream by 7.4% during the first quarter. Comerica Bank now owns 5,553 shares of the company’s stock valued at $201,000 after purchasing an additional 385 shares during the last quarter. Seelaus Asset Management LLC lifted its position in Hess Midstream by 5.5% during the third quarter. Seelaus Asset Management LLC now owns 5,800 shares of the company’s stock valued at $205,000 after purchasing an additional 300 shares during the period. Finally, South Street Advisors LLC purchased a new stake in Hess Midstream in the second quarter worth approximately $211,000. Institutional investors own 92.41% of the company’s stock.

Analyst Upgrades and Downgrades

Separately, JPMorgan Chase & Co. boosted 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.

Hess Midstream Price Performance

NYSE HESM opened at $37.31 on Friday. The company has a 50-day moving average price of $35.62 and a 200-day moving average price of $36.07. Hess Midstream LP has a 52 week low of $30.08 and a 52 week high of $39.11. The company has a quick ratio of 0.70, a current ratio of 0.70 and a debt-to-equity ratio of 7.85. The firm has a market capitalization of $8.13 billion, a P/E ratio of 15.82 and a beta of 1.51.

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

Hess Midstream Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, November 14th. Stockholders of record on Thursday, November 7th were paid a $0.6846 dividend. This represents a $2.74 annualized dividend and a dividend yield of 7.34%. This is a positive change from Hess Midstream’s previous quarterly dividend of $0.67. The ex-dividend date was Thursday, November 7th. Hess Midstream’s dividend payout ratio is 115.68%.

Insider Buying and Selling

In other Hess Midstream 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 value 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 ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, 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 disclosure for this sale can be found here.

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.