CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT Cuts Stock Holdings in Hess Midstream LP (NYSE:HESM)

CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT lowered its stake in Hess Midstream LP (NYSE:HESM) by 2.2% during the 4th quarter, Holdings Channel reports. The institutional investor owned 1,294,859 shares of the company’s stock after selling 28,944 shares during the period. Hess Midstream makes up approximately 3.2% of CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT’s portfolio, making the stock its 14th biggest holding. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT’s holdings in Hess Midstream were worth $47,949,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Yaupon Capital Management LP bought a new stake in Hess Midstream in the 3rd quarter worth $44,088,000. Soros Fund Management LLC bought a new stake in shares of Hess Midstream in the third quarter worth about $14,108,000. Kayne Anderson Capital Advisors LP increased its holdings in Hess Midstream by 7.9% during the 3rd quarter. Kayne Anderson Capital Advisors LP now owns 2,640,514 shares of the company’s stock valued at $93,131,000 after purchasing an additional 194,154 shares during the period. Seven Grand Managers LLC bought a new position in Hess Midstream during the 3rd quarter valued at approximately $6,349,000. Finally, Nordea Investment Management AB lifted its holdings in Hess Midstream by 98.0% in the 4th quarter. Nordea Investment Management AB now owns 271,051 shares of the company’s stock worth $10,118,000 after buying an additional 134,171 shares during the period. Institutional investors own 98.97% of the company’s stock.

Insider Buying and Selling at Hess Midstream

In other Hess Midstream news, CFO Jonathan C. Stein sold 7,923 shares of the firm’s stock in a transaction that occurred on Monday, November 11th. The shares were sold at an average price of $35.32, for a total transaction of $279,840.36. Following the completion of the transaction, the chief financial officer now owns 59,945 shares of the company’s stock, valued at approximately $2,117,257.40. This trade represents a 11.67 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link.

Hess Midstream Price Performance

Shares of HESM stock opened at $41.38 on Friday. 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 firm has a market cap of $9.02 billion, a P/E ratio of 17.53 and a beta of 1.52. The business’s 50 day moving average price is $37.63 and its 200-day moving average price is $36.70. Hess Midstream LP has a fifty-two week low of $32.15 and a fifty-two week high of $41.61.

Hess Midstream (NYSE:HESM) last issued 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 net margin of 13.06% and a return on equity of 47.87%. The business had revenue of $378.50 million for the quarter, compared to the consensus estimate of $376.98 million. During the same period in the previous year, the firm earned $0.57 EPS. The company’s quarterly revenue was up 4.2% compared to the same quarter last year. On average, equities research analysts anticipate that Hess Midstream LP will post 2.41 earnings per share for the current year.

Hess Midstream Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, November 14th. Shareholders of record on Thursday, November 7th were issued a $0.6846 dividend. The ex-dividend date was Thursday, November 7th. This is a positive change from Hess Midstream’s previous quarterly dividend of $0.67. This represents a $2.74 annualized dividend and a yield of 6.62%. Hess Midstream’s dividend payout ratio (DPR) is 116.10%.

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.