Hess Midstream LP (NYSE:HESM) Short Interest Up 6.6% in October

Hess Midstream LP (NYSE:HESM) was the recipient of a significant increase in short interest in the month of October. As of October 31st, there was short interest totalling 4,500,000 shares, an increase of 6.6% from the October 15th total of 4,220,000 shares. Based on an average daily volume of 860,300 shares, the days-to-cover ratio is presently 5.2 days.

Analysts Set New Price Targets

Separately, JPMorgan Chase & Co. increased their price target on Hess Midstream from $38.00 to $39.00 and gave the company a “neutral” rating in a research note on Wednesday, August 21st.

Hess Midstream Trading Up 0.7 %

Shares of HESM stock traded up $0.24 during mid-day trading on Tuesday, hitting $36.14. The company’s stock had a trading volume of 297,263 shares, compared to its average volume of 890,318. The company has a market cap of $7.88 billion, a PE ratio of 15.21 and a beta of 1.51. The company has a debt-to-equity ratio of 7.85, a quick ratio of 0.70 and a current ratio of 0.70. The company’s fifty day simple moving average is $35.59 and its 200-day simple moving average is $35.99. Hess Midstream has a 52 week low of $30.08 and a 52 week high of $39.11.

Hess Midstream (NYSE:HESM) last announced its quarterly earnings results on Wednesday, October 30th. The company reported $0.63 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.58 by $0.05. The business had revenue of $378.50 million for the quarter, compared to analyst estimates of $376.98 million. Hess Midstream had a return on equity of 47.87% and a net margin of 13.06%. The company’s quarterly revenue was up 4.2% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.57 earnings per share. As a group, equities research analysts expect that Hess Midstream will post 2.45 earnings per share for the current fiscal year.

Hess Midstream Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, November 14th. Stockholders of record on Thursday, November 7th were issued a $0.6846 dividend. This represents a $2.74 dividend on an annualized basis and a dividend yield of 7.58%. The ex-dividend date was Thursday, November 7th. This is a positive change from Hess Midstream’s previous quarterly dividend of $0.67. Hess Midstream’s dividend payout ratio (DPR) is currently 116.10%.

Insiders Place Their Bets

In other news, Director Infrastructure Investor Global sold 12,650,000 shares of Hess Midstream stock in a transaction on Friday, September 20th. The stock was sold at an average price of $35.12, for a total transaction of $444,268,000.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Jonathan C. Stein sold 7,923 shares of Hess Midstream stock in a transaction dated Monday, November 11th. The stock was sold at an average price of $35.32, for a total transaction of $279,840.36. Following the completion of the sale, the chief financial officer now owns 59,945 shares of the company’s stock, valued at $2,117,257.40. This trade represents a 11.67 % decrease in their position. The disclosure for this sale can be found here.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the stock. Allspring Global Investments Holdings LLC purchased a new position in Hess Midstream during the 1st quarter worth $30,000. Clear Point Advisors Inc. purchased a new position in Hess Midstream during the first quarter worth about $49,000. Tompkins Financial Corp bought a new stake in Hess Midstream in the 3rd quarter worth about $71,000. KBC Group NV increased its stake in Hess Midstream by 83.9% in the 3rd quarter. KBC Group NV now owns 2,803 shares of the company’s stock valued at $99,000 after buying an additional 1,279 shares during the last quarter. Finally, Millburn Ridgefield Corp bought a new position in shares of Hess Midstream during the 3rd quarter worth approximately $100,000. Hedge funds and other institutional investors own 92.41% 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.