Vestcor Inc Acquires Shares of 9,283 Hess Midstream LP (NYSE:HESM)

Vestcor Inc bought a new position in Hess Midstream LP (NYSE:HESM) during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm bought 9,283 shares of the company’s stock, valued at approximately $344,000.

Other institutional investors and hedge funds have also made changes to their positions in the company. Steward Partners Investment Advisory LLC grew its holdings in shares of Hess Midstream by 77.2% in the fourth quarter. Steward Partners Investment Advisory LLC now owns 1,329 shares of the company’s stock worth $49,000 after purchasing an additional 579 shares during the last quarter. US Bancorp DE boosted its position in Hess Midstream by 34.0% in the 4th quarter. US Bancorp DE now owns 2,010 shares of the company’s stock valued at $74,000 after buying an additional 510 shares during the period. KBC Group NV grew its stake in Hess Midstream by 83.9% in the 3rd quarter. KBC Group NV now owns 2,803 shares of the company’s stock worth $99,000 after acquiring an additional 1,279 shares in the last quarter. Millburn Ridgefield Corp purchased a new position in shares of Hess Midstream during the third quarter worth approximately $100,000. Finally, IFP Advisors Inc raised its stake in shares of Hess Midstream by 33.3% during the fourth quarter. IFP Advisors Inc now owns 2,934 shares of the company’s stock valued at $109,000 after acquiring an additional 733 shares in the last quarter. 98.97% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several brokerages recently issued reports on HESM. Raymond James increased their price objective on Hess Midstream from $42.00 to $45.00 and gave the stock an “outperform” rating in a research note on Tuesday, January 28th. Citigroup raised their price target on Hess Midstream from $41.00 to $44.00 and gave the company a “buy” rating in a research note on Tuesday, February 18th. Finally, Wells Fargo & Company upped their price objective on shares of Hess Midstream from $40.00 to $42.00 and gave the stock an “equal weight” rating in a research note on Tuesday, February 4th. Two research analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. Based on data from MarketBeat, Hess Midstream currently has an average rating of “Moderate Buy” and a consensus target price of $42.00.

Insider Transactions at Hess Midstream

In other news, major shareholder Blackrock Portfolio Management sold 11,000,000 shares of the business’s stock in a transaction dated Wednesday, February 12th. The stock was sold at an average price of $39.11, for a total transaction of $430,210,000.00. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink.

Hess Midstream Trading Up 2.6 %

Shares of NYSE HESM opened at $43.19 on Tuesday. Hess Midstream LP has a 1-year low of $32.75 and a 1-year high of $43.42. The business has a fifty day moving average price of $40.47 and a 200 day moving average price of $37.64. The stock has a market capitalization of $9.42 billion, a P/E ratio of 17.35 and a beta of 1.48. The company has a debt-to-equity ratio of 7.85, a current ratio of 0.70 and a quick ratio of 0.70.

Hess Midstream (NYSE:HESM) last released its quarterly earnings results on Wednesday, January 29th. The company reported $0.68 EPS for the quarter, beating the consensus estimate of $0.65 by $0.03. Hess Midstream had a net margin of 14.92% and a return on equity of 54.59%. Equities research analysts expect that Hess Midstream LP will post 2.5 EPS for the current fiscal year.

Hess Midstream Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, February 14th. Shareholders of record on Thursday, February 6th were issued a $0.7012 dividend. This is a positive change from Hess Midstream’s previous quarterly dividend of $0.68. This represents a $2.80 annualized dividend and a yield of 6.49%. The ex-dividend date of this dividend was Thursday, February 6th. Hess Midstream’s payout ratio is currently 112.45%.

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.