Hess Midstream LP (NYSE:HESM) Major Shareholder Blackrock Portfolio Management Sells 11,000,000 Shares

Hess Midstream LP (NYSE:HESM) major shareholder Blackrock Portfolio Management sold 11,000,000 shares of the company’s stock in a transaction on Wednesday, February 12th. The shares were 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 Securities & Exchange Commission, which is accessible through the SEC website. Major shareholders that own more than 10% of a company’s stock are required to disclose their transactions with the SEC.

Hess Midstream Trading Up 0.6 %

Shares of HESM stock opened at $39.83 on Friday. The firm has a market cap of $8.68 billion, a P/E ratio of 16.00 and a beta of 1.53. Hess Midstream LP has a 1-year low of $32.73 and a 1-year high of $42.15. 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 firm’s 50-day simple moving average is $38.70 and its 200-day simple moving average is $36.97.

Hess Midstream (NYSE:HESM) last posted 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%. As a group, equities analysts forecast that Hess Midstream LP will post 2.5 EPS for the current year.

Hess Midstream Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, February 14th. Stockholders of record on Thursday, February 6th were paid a dividend of $0.7012 per share. The ex-dividend date of this dividend was Thursday, February 6th. This represents a $2.80 dividend on an annualized basis and a dividend yield of 7.04%. This is a positive change from Hess Midstream’s previous quarterly dividend of $0.68. Hess Midstream’s dividend payout ratio (DPR) is currently 112.45%.

Institutional Trading of Hess Midstream

Hedge funds have recently made changes to their positions in the stock. Steward Partners Investment Advisory LLC grew its position in shares of Hess Midstream by 77.2% during the fourth quarter. Steward Partners Investment Advisory LLC now owns 1,329 shares of the company’s stock worth $49,000 after buying an additional 579 shares in the last quarter. Tompkins Financial Corp acquired a new position in shares of Hess Midstream during the third quarter valued at $71,000. US Bancorp DE raised its stake in shares of Hess Midstream by 34.0% during the fourth quarter. US Bancorp DE now owns 2,010 shares of the company’s stock valued at $74,000 after purchasing an additional 510 shares in the last quarter. KBC Group NV raised its stake in shares of Hess Midstream by 83.9% during the third quarter. KBC Group NV now owns 2,803 shares of the company’s stock valued at $99,000 after purchasing an additional 1,279 shares in the last quarter. Finally, Millburn Ridgefield Corp bought a new stake in shares of Hess Midstream during the third quarter valued at about $100,000. Institutional investors and hedge funds own 98.97% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms recently commented on HESM. Wells Fargo & Company upped their price target on shares of Hess Midstream from $40.00 to $42.00 and gave the company an “equal weight” rating in a research report on Tuesday, February 4th. Raymond James raised their price target on shares of Hess Midstream from $42.00 to $45.00 and gave the stock an “outperform” rating in a research note on Tuesday, January 28th.

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.