Swiss National Bank Raises Stock Holdings in Hess Midstream LP (NYSE:HESM)

Swiss National Bank boosted its stake in shares of Hess Midstream LP (NYSE:HESM) by 13.1% during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 200,000 shares of the company’s stock after purchasing an additional 23,100 shares during the quarter. Swiss National Bank owned about 0.09% of Hess Midstream worth $7,054,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds also recently added to or reduced their stakes in HESM. Tortoise Capital Advisors L.L.C. increased its position in shares of Hess Midstream by 12.4% during the second quarter. Tortoise Capital Advisors L.L.C. now owns 7,428,262 shares of the company’s stock worth $270,686,000 after purchasing an additional 822,311 shares in the last quarter. TD Asset Management Inc raised its stake in Hess Midstream by 10.4% in the second quarter. TD Asset Management Inc now owns 3,431,555 shares of the company’s stock valued at $125,046,000 after buying an additional 322,479 shares during the last quarter. Epoch Investment Partners Inc. boosted its holdings in Hess Midstream by 23.5% in the second quarter. Epoch Investment Partners Inc. now owns 2,953,324 shares of the company’s stock worth $107,619,000 after acquiring an additional 562,688 shares in the last quarter. Westwood Holdings Group Inc. boosted its holdings in Hess Midstream by 126.8% in the second 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 in the last quarter. Finally, CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT grew its stake in shares of Hess Midstream by 3.8% during the third quarter. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT now owns 1,323,803 shares of the company’s stock worth $46,691,000 after acquiring an additional 49,003 shares during the last quarter. Hedge funds and other institutional investors own 92.41% of the company’s stock.

Insider Activity

In related news, Director Infrastructure Investor Global sold 12,650,000 shares of Hess Midstream stock in a transaction that occurred 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 sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Jonathan C. Stein sold 7,923 shares of the business’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 of the company’s stock, valued at $2,117,257.40. The trade was a 11.67 % decrease in their ownership of the stock. The disclosure for this sale can be found here.

Hess Midstream Price Performance

NYSE HESM opened at $37.18 on Wednesday. The company has a market cap of $8.11 billion, a price-to-earnings ratio of 15.73 and a beta of 1.51. The company has a debt-to-equity ratio of 7.85, a current ratio of 0.70 and a quick ratio of 0.70. The stock’s fifty day moving average price is $35.61 and its 200 day moving average price is $36.05. Hess Midstream LP has a 1 year low of $30.08 and a 1 year high of $39.11.

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

Hess Midstream Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, November 14th. Shareholders of record on Thursday, November 7th were paid a dividend of $0.6846 per share. This represents a $2.74 annualized dividend and a yield of 7.37%. This is a boost from Hess Midstream’s previous quarterly dividend of $0.67. The ex-dividend date of this dividend was Thursday, November 7th. Hess Midstream’s payout ratio is presently 116.10%.

Wall Street Analyst Weigh In

Separately, JPMorgan Chase & Co. increased their price objective on shares of Hess Midstream from $38.00 to $39.00 and gave the company a “neutral” rating in a research report on Wednesday, August 21st.

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.