446,832 Shares in Hess Midstream LP (NYSE:HESM) Acquired by Jennison Associates LLC

Jennison Associates LLC bought a new position in Hess Midstream LP (NYSE:HESM) in the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The firm bought 446,832 shares of the company’s stock, valued at approximately $14,133,000. Jennison Associates LLC owned approximately 0.19% of Hess Midstream at the end of the most recent quarter.

Other hedge funds have also recently modified their holdings of the company. DekaBank Deutsche Girozentrale purchased a new stake in Hess Midstream in the third quarter worth approximately $41,000. Avion Wealth boosted its position in Hess Midstream by 66.7% in the third quarter. Avion Wealth now owns 2,500 shares of the company’s stock worth $72,000 after purchasing an additional 1,000 shares during the last quarter. IFP Advisors Inc grew its stake in shares of Hess Midstream by 23.7% during the 3rd quarter. IFP Advisors Inc now owns 2,935 shares of the company’s stock valued at $85,000 after purchasing an additional 562 shares during the period. Fort Washington Investment Advisors Inc. OH purchased a new stake in shares of Hess Midstream during the 3rd quarter valued at about $204,000. Finally, Wealth Alliance bought a new position in shares of Hess Midstream in the 4th quarter worth approximately $207,000. Hedge funds and other institutional investors own 92.41% of the company’s stock.

Hess Midstream Stock Performance

NYSE:HESM opened at $34.93 on Friday. The firm has a market capitalization of $7.91 billion, a PE ratio of 16.71 and a beta of 1.50. The stock’s fifty day moving average is $35.16 and its 200 day moving average is $32.78. Hess Midstream LP has a fifty-two week low of $26.86 and a fifty-two week high of $36.84. The company has a debt-to-equity ratio of 8.81, a quick ratio of 0.65 and a current ratio of 0.65.

Hess Midstream (NYSE:HESM) last announced its earnings results on Wednesday, January 31st. The company reported $0.55 earnings per share for the quarter, missing the consensus estimate of $0.60 by ($0.05). Hess Midstream had a net margin of 8.79% and a return on equity of 28.21%. The firm had revenue of $356.50 million during the quarter, compared to analysts’ expectations of $358.86 million. During the same period in the prior year, the company posted $0.49 EPS. The company’s revenue was up 13.3% compared to the same quarter last year. On average, sell-side analysts anticipate that Hess Midstream LP will post 2.42 earnings per share for the current year.

Hess Midstream Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, May 14th. Shareholders of record on Thursday, May 2nd will be given a dividend of $0.6516 per share. This represents a $2.61 annualized dividend and a dividend yield of 7.46%. The ex-dividend date of this dividend is Wednesday, May 1st. This is a positive change from Hess Midstream’s previous quarterly dividend of $0.63. Hess Midstream’s payout ratio is 121.53%.

Insider Transactions at Hess Midstream

In related news, Director Infrastructure Investor Global sold 11,500,000 shares of the stock in a transaction that occurred on Thursday, February 8th. The stock was sold at an average price of $32.83, for a total value of $377,545,000.00. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website.

Wall Street Analyst Weigh In

Several analysts recently issued reports on the stock. JPMorgan Chase & Co. boosted their target price on shares of Hess Midstream from $37.00 to $38.00 and gave the company a “neutral” rating in a research report on Tuesday, April 16th. UBS Group boosted their price objective on Hess Midstream from $35.00 to $38.00 and gave the company a “buy” rating in a research note on Friday, March 1st. Three investment 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 currently has a consensus rating of “Moderate Buy” and an average price target of $35.67.

Hess Midstream 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.