Norges Bank Buys Shares of 190,900 Hess Midstream LP (NYSE:HESM)

Norges Bank purchased a new stake in Hess Midstream LP (NYSE:HESM) during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor purchased 190,900 shares of the company’s stock, valued at approximately $7,069,000. Norges Bank owned 0.09% of Hess Midstream as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also made changes to their positions in HESM. FMR LLC lifted its stake in Hess Midstream by 4.6% in the third quarter. FMR LLC now owns 539,518 shares of the company’s stock valued at $19,029,000 after buying an additional 23,700 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its position in shares of Hess Midstream by 9.4% in the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 201,106 shares of the company’s stock valued at $7,093,000 after acquiring an additional 17,261 shares during the period. Rockefeller Capital Management L.P. bought a new position in Hess Midstream during the 3rd quarter worth approximately $759,000. HighTower Advisors LLC grew its holdings in Hess Midstream by 67.7% during the third quarter. HighTower Advisors LLC now owns 23,587 shares of the company’s stock valued at $830,000 after purchasing an additional 9,526 shares during the period. Finally, Janus Henderson Group PLC increased its stake in Hess Midstream by 25.9% in the third quarter. Janus Henderson Group PLC now owns 45,104 shares of the company’s stock valued at $1,591,000 after purchasing an additional 9,269 shares in the last quarter. 98.97% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of equities analysts have recently weighed in on HESM shares. Citigroup lifted their price target on shares of Hess Midstream from $41.00 to $44.00 and gave the stock a “buy” rating in a research report on Tuesday, February 18th. Raymond James raised 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. Wells Fargo & Company boosted their target price on Hess Midstream from $40.00 to $42.00 and gave the company an “equal weight” rating in a research note on Tuesday, February 4th. Finally, JPMorgan Chase & Co. raised their price target on Hess Midstream from $39.00 to $44.00 and gave the stock a “neutral” rating in a research report on Thursday, March 27th. Two equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $43.00.

Hess Midstream Trading Down 2.5 %

Shares of NYSE:HESM opened at $35.23 on Wednesday. The firm has a market cap of $7.68 billion, a price-to-earnings ratio of 14.15 and a beta of 1.14. Hess Midstream LP has a 12 month low of $32.75 and a 12 month high of $44.05. The company’s fifty day simple moving average is $40.85 and its 200 day simple moving average is $38.21. The company has a quick ratio of 0.70, a current ratio of 0.70 and a debt-to-equity ratio of 7.85.

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

Hess Midstream Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, February 14th. Shareholders of record on Thursday, February 6th were paid a $0.7012 dividend. This is a boost from Hess Midstream’s previous quarterly dividend of $0.68. The ex-dividend date of this dividend was Thursday, February 6th. This represents a $2.80 annualized dividend and a yield of 7.96%. Hess Midstream’s payout ratio is presently 112.45%.

Insiders Place Their Bets

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

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.