GraniteShares Advisors LLC Makes New $2.46 Million Investment in Hess Midstream LP (NYSE:HESM)

GraniteShares Advisors LLC bought a new position in shares of Hess Midstream LP (NYSE:HESM) during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor bought 66,346 shares of the company’s stock, valued at approximately $2,457,000.

A number of other hedge funds also recently added to or reduced their stakes in the business. IFP Advisors Inc lifted its holdings in Hess Midstream by 33.3% during the 4th quarter. IFP Advisors Inc now owns 2,934 shares of the company’s stock worth $109,000 after buying an additional 733 shares in the last quarter. Y Intercept Hong Kong Ltd lifted its holdings in Hess Midstream by 115.1% during the 4th quarter. Y Intercept Hong Kong Ltd now owns 34,791 shares of the company’s stock worth $1,288,000 after buying an additional 18,615 shares in the last quarter. Navellier & Associates Inc. acquired a new stake in Hess Midstream during the 4th quarter worth approximately $251,000. ING Groep NV acquired a new stake in Hess Midstream during the 4th quarter worth approximately $4,036,000. Finally, Hardy Reed LLC lifted its holdings in Hess Midstream by 5.3% during the 4th quarter. Hardy Reed LLC now owns 8,990 shares of the company’s stock worth $333,000 after buying an additional 450 shares in the last quarter. 98.97% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at Hess Midstream

In related news, major shareholder Blackrock Portfolio Management sold 11,000,000 shares of the stock in a transaction on Wednesday, February 12th. The shares were sold at an average price of $39.11, for a total value of $430,210,000.00. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website.

Hess Midstream Price Performance

Shares of HESM opened at $39.98 on Wednesday. Hess Midstream LP has a twelve month low of $32.75 and a twelve month high of $42.15. The firm’s fifty day simple moving average is $39.33 and its 200-day simple moving average is $37.19. The firm has a market capitalization of $8.72 billion, a price-to-earnings ratio of 16.06 and a beta of 1.53. The company has a current ratio of 0.70, a quick ratio of 0.70 and a debt-to-equity ratio of 7.85.

Hess Midstream (NYSE:HESM) last posted its earnings results on Wednesday, January 29th. The company reported $0.68 EPS for the quarter, beating analysts’ consensus estimates of $0.65 by $0.03. Hess Midstream had a net margin of 14.92% and a return on equity of 54.59%. Equities analysts forecast that Hess Midstream LP will post 2.5 EPS for the current fiscal year.

Hess Midstream Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, February 14th. Investors of record on Thursday, February 6th were given a $0.7012 dividend. This represents a $2.80 dividend on an annualized basis and a dividend yield of 7.02%. This is an increase from Hess Midstream’s previous quarterly dividend of $0.68. The ex-dividend date was Thursday, February 6th. Hess Midstream’s dividend payout ratio (DPR) is 112.45%.

Analyst Ratings Changes

A number of equities research analysts have recently weighed in on the stock. Citigroup raised their price objective on shares of Hess Midstream from $41.00 to $44.00 and gave the company a “buy” rating in a report on Tuesday, February 18th. Raymond James raised their price objective on shares of Hess Midstream from $42.00 to $45.00 and gave the company an “outperform” rating in a report on Tuesday, January 28th. Finally, Wells Fargo & Company raised their price objective on shares of Hess Midstream from $40.00 to $42.00 and gave the company an “equal weight” rating in a report on Tuesday, February 4th. Two research analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $42.00.

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.