Kovitz Investment Group Partners LLC Buys Shares of 51,883 Hess Midstream LP (NYSE:HESM)

Kovitz Investment Group Partners LLC purchased a new position in shares of Hess Midstream LP (NYSE:HESM) in the 3rd quarter, according to the company in its most recent filing with the SEC. The institutional investor purchased 51,883 shares of the company’s stock, valued at approximately $1,830,000.

A number of other hedge funds have also made changes to their positions in the stock. Soros Fund Management LLC acquired a new position in Hess Midstream in the 3rd quarter valued at $14,108,000. State Street Corp grew its position in shares of Hess Midstream by 70.0% in the third quarter. State Street Corp now owns 323,747 shares of the company’s stock valued at $11,419,000 after purchasing an additional 133,330 shares during the last quarter. Stifel Financial Corp increased its stake in shares of Hess Midstream by 37.7% in the third quarter. Stifel Financial Corp now owns 11,490 shares of the company’s stock worth $405,000 after purchasing an additional 3,148 shares during the period. Maven Securities LTD acquired a new position in shares of Hess Midstream during the 3rd quarter worth about $3,527,000. Finally, Millburn Ridgefield Corp bought a new stake in Hess Midstream during the 3rd quarter valued at approximately $100,000. Institutional investors and hedge funds own 98.97% of the company’s stock.

Insiders Place Their Bets

In other Hess Midstream news, CFO Jonathan C. Stein sold 7,923 shares of the firm’s stock in a transaction dated Monday, November 11th. The shares were sold at an average price of $35.32, for a total transaction of $279,840.36. Following the completion of the transaction, the chief financial officer now owns 59,945 shares in the company, valued at $2,117,257.40. This trade represents a 11.67 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Infrastructure Investor Global sold 12,650,000 shares of the company’s stock in a transaction that occurred on 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 Stock Performance

NYSE:HESM opened at $35.95 on Wednesday. The firm’s 50-day moving average is $35.91 and its 200-day moving average is $36.18. The company has a market cap of $7.84 billion, a price-to-earnings ratio of 15.23 and a beta of 1.53. 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 52-week low of $30.08 and a 52-week high of $39.11.

Hess Midstream (NYSE:HESM) last issued its quarterly 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 return on equity of 47.87% and a net margin of 13.06%. The firm had revenue of $378.50 million for the quarter, compared to analyst estimates of $376.98 million. During the same period in the previous year, the company posted $0.57 earnings per share. The company’s quarterly revenue was up 4.2% compared to the same quarter last year. Equities research analysts anticipate that Hess Midstream LP will post 2.41 earnings per share for the current year.

Hess Midstream Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, November 14th. Investors of record on Thursday, November 7th were given a $0.6846 dividend. This is a boost from Hess Midstream’s previous quarterly dividend of $0.67. This represents a $2.74 annualized dividend and a yield of 7.62%. The ex-dividend date was Thursday, November 7th. Hess Midstream’s dividend payout ratio (DPR) is 116.10%.

Wall Street Analyst Weigh In

Separately, JPMorgan Chase & Co. lifted their price target on Hess Midstream from $38.00 to $39.00 and gave the stock 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.