Bank of New York Mellon Corp Sells 7,557 Shares of Hess Midstream LP (NYSE:HESM)

Bank of New York Mellon Corp lowered its position in shares of Hess Midstream LP (NYSE:HESM) by 1.1% in the second quarter, HoldingsChannel reports. The fund owned 683,333 shares of the company’s stock after selling 7,557 shares during the period. Bank of New York Mellon Corp’s holdings in Hess Midstream were worth $24,901,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently made changes to their positions in the company. TD Asset Management Inc grew its stake in shares of Hess Midstream by 190.8% during the fourth quarter. TD Asset Management Inc now owns 2,335,957 shares of the company’s stock worth $73,886,000 after purchasing an additional 1,532,700 shares during the period. Epoch Investment Partners Inc. grew its stake in Hess Midstream by 82.8% in the fourth quarter. Epoch Investment Partners Inc. now owns 1,792,886 shares of the company’s stock valued at $56,709,000 after acquiring an additional 811,976 shares during the period. BROOKFIELD Corp ON grew its stake in Hess Midstream by 434.8% in the first quarter. BROOKFIELD Corp ON now owns 843,577 shares of the company’s stock valued at $30,478,000 after acquiring an additional 685,847 shares during the period. Kayne Anderson Capital Advisors LP grew its stake in Hess Midstream by 55.8% in the first quarter. Kayne Anderson Capital Advisors LP now owns 1,305,561 shares of the company’s stock valued at $47,170,000 after acquiring an additional 467,601 shares during the period. Finally, Artemis Investment Management LLP grew its stake in Hess Midstream by 220.0% in the first quarter. Artemis Investment Management LLP now owns 585,961 shares of the company’s stock valued at $21,160,000 after acquiring an additional 402,875 shares during the period. Institutional investors own 92.41% of the company’s stock.

Analyst Ratings Changes

A number of research analysts have issued reports on HESM shares. JPMorgan Chase & Co. boosted their target price on Hess Midstream from $38.00 to $39.00 and gave the company a “neutral” rating in a research note on Wednesday, August 21st. UBS Group boosted their target price on Hess Midstream from $38.00 to $40.00 and gave the company a “buy” rating in a research note on Wednesday, July 3rd. Two investment analysts have rated the stock with a hold rating and three have issued a buy rating to the company. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $37.20.

Hess Midstream Stock Performance

Shares of Hess Midstream stock opened at $36.33 on Thursday. The firm has a market cap of $8.12 billion, a price-to-earnings ratio of 16.44 and a beta of 1.52. The stock’s 50-day moving average is $36.96 and its 200-day moving average is $35.80. Hess Midstream LP has a one year low of $27.57 and a one year high of $39.11. The company has a debt-to-equity ratio of 8.55, a current ratio of 1.11 and a quick ratio of 1.11.

Hess Midstream (NYSE:HESM) last issued its quarterly earnings results on Wednesday, July 31st. The company reported $0.59 EPS for the quarter, beating analysts’ consensus estimates of $0.54 by $0.05. The company had revenue of $365.50 million for the quarter, compared to analyst estimates of $365.16 million. Hess Midstream had a return on equity of 41.91% and a net margin of 11.59%. The company’s quarterly revenue was up 12.8% compared to the same quarter last year. During the same period in the previous year, the company posted $0.50 earnings per share. Equities analysts predict that Hess Midstream LP will post 2.09 earnings per share for the current fiscal year.

Hess Midstream Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Wednesday, August 14th. Stockholders of record on Thursday, August 8th were issued a $0.6677 dividend. This represents a $2.67 dividend on an annualized basis and a dividend yield of 7.35%. This is a positive change from Hess Midstream’s previous quarterly dividend of $0.65. The ex-dividend date of this dividend was Thursday, August 8th. Hess Midstream’s payout ratio is 120.81%.

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.