Hess Midstream (NYSE:HESM) Trading Down 2.7% – Here’s What Happened

Hess Midstream LP (NYSE:HESM)’s share price fell 2.7% on Thursday . The company traded as low as $36.25 and last traded at $36.29. 446,042 shares were traded during mid-day trading, a decline of 50% from the average session volume of 892,336 shares. The stock had previously closed at $37.30.

Hess Midstream Trading Down 2.4 %

The company’s 50 day simple moving average is $35.98 and its 200-day simple moving average is $36.29. The firm has a market cap of $7.94 billion, a P/E ratio of 15.42 and a beta of 1.53. 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 posted its quarterly earnings data on Wednesday, October 30th. The company reported $0.63 earnings per share (EPS) 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 company had revenue of $378.50 million during the quarter, compared to analysts’ expectations of $376.98 million. During the same quarter in the previous year, the business earned $0.57 EPS. Hess Midstream’s revenue was up 4.2% compared to the same quarter last year. As a group, research analysts predict that Hess Midstream LP will post 2.41 earnings per share for the current fiscal year.

Hess Midstream Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, November 14th. Investors of record on Thursday, November 7th were paid a $0.6846 dividend. This represents a $2.74 annualized dividend and a yield of 7.52%. The ex-dividend date was Thursday, November 7th. This is an increase from Hess Midstream’s previous quarterly dividend of $0.67. Hess Midstream’s dividend payout ratio (DPR) is currently 115.68%.

Insider Buying and Selling at Hess Midstream

In other Hess Midstream news, CFO Jonathan C. Stein sold 7,923 shares of the 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 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 position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website.

Institutional Investors Weigh In On Hess Midstream

Several hedge funds have recently modified their holdings of HESM. Cambridge Investment Research Advisors Inc. boosted its position in Hess Midstream by 15.4% during the second quarter. Cambridge Investment Research Advisors Inc. now owns 88,295 shares of the company’s stock valued at $3,217,000 after purchasing an additional 11,788 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank grew its position in shares of Hess Midstream by 47.3% in the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 24,618 shares of the company’s stock worth $897,000 after buying an additional 7,907 shares during the last quarter. Maryland State Retirement & Pension System raised its stake in shares of Hess Midstream by 12.5% during the 2nd quarter. Maryland State Retirement & Pension System now owns 76,782 shares of the company’s stock worth $2,798,000 after acquiring an additional 8,543 shares in the last quarter. Commonwealth Equity Services LLC lifted its position in Hess Midstream by 28.4% during the second quarter. Commonwealth Equity Services LLC now owns 11,709 shares of the company’s stock valued at $427,000 after acquiring an additional 2,589 shares during the last quarter. Finally, TD Asset Management Inc lifted its position in Hess Midstream by 10.4% during the second quarter. TD Asset Management Inc now owns 3,431,555 shares of the company’s stock valued at $125,046,000 after acquiring an additional 322,479 shares during the last quarter. Hedge funds and other institutional investors own 98.97% of the company’s stock.

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.