CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT Buys 49,003 Shares of Hess Midstream LP (NYSE:HESM)

CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT lifted its stake in Hess Midstream LP (NYSE:HESM) by 3.8% in the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 1,323,803 shares of the company’s stock after acquiring an additional 49,003 shares during the quarter. Hess Midstream accounts for about 3.4% of CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT’s investment portfolio, making the stock its 15th largest holding. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT’s holdings in Hess Midstream were worth $46,691,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Westwood Holdings Group Inc. increased its holdings in Hess Midstream by 126.8% during the second quarter. Westwood Holdings Group Inc. now owns 1,936,522 shares of the company’s stock valued at $70,567,000 after buying an additional 1,082,840 shares during the last quarter. Tortoise Capital Advisors L.L.C. lifted its position in Hess Midstream by 12.4% during the second quarter. Tortoise Capital Advisors L.L.C. now owns 7,428,262 shares of the company’s stock valued at $270,686,000 after purchasing an additional 822,311 shares in the last quarter. TD Asset Management Inc lifted its position in Hess Midstream by 33.1% during the first quarter. TD Asset Management Inc now owns 3,109,076 shares of the company’s stock valued at $112,331,000 after purchasing an additional 773,119 shares in the last quarter. BROOKFIELD Corp ON grew its holdings in Hess Midstream by 434.8% during the first quarter. BROOKFIELD Corp ON now owns 843,577 shares of the company’s stock valued at $30,478,000 after purchasing an additional 685,847 shares during the period. Finally, Epoch Investment Partners Inc. increased its position in Hess Midstream by 33.3% in the first quarter. Epoch Investment Partners Inc. now owns 2,390,636 shares of the company’s stock worth $86,374,000 after buying an additional 597,750 shares in the last quarter. Hedge funds and other institutional investors own 92.41% of the company’s stock.

Hess Midstream Price Performance

Shares of NYSE:HESM traded up $0.02 during midday trading on Tuesday, reaching $35.61. 140,930 shares of the company were exchanged, compared to its average volume of 904,516. The stock has a market cap of $7.96 billion, a PE ratio of 16.15 and a beta of 1.51. The business’s fifty day moving average is $36.13 and its two-hundred day moving average is $35.99. The company has a current ratio of 1.11, a quick ratio of 1.11 and a debt-to-equity ratio of 8.55. Hess Midstream LP has a one year low of $29.20 and a one year high of $39.11.

Hess Midstream (NYSE:HESM) last posted its earnings results on Wednesday, July 31st. The company reported $0.59 earnings per share for the quarter, beating analysts’ consensus estimates of $0.54 by $0.05. Hess Midstream had a net margin of 11.59% and a return on equity of 41.91%. The firm had revenue of $365.50 million during the quarter, compared to analyst estimates of $365.16 million. During the same period last year, the firm posted $0.50 earnings per share. Hess Midstream’s revenue for the quarter was up 12.8% compared to the same quarter last year. As a group, analysts predict that Hess Midstream LP will post 2.36 earnings per share for the current year.

Hess Midstream Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, August 14th. Stockholders of record on Thursday, August 8th were given a dividend of $0.6677 per share. This represents a $2.67 annualized dividend and a dividend yield of 7.50%. This is a boost from Hess Midstream’s previous quarterly dividend of $0.65. The ex-dividend date was Thursday, August 8th. Hess Midstream’s dividend payout ratio is currently 120.81%.

Insider Buying and Selling

In other Hess Midstream news, Director Infrastructure Investor Global sold 12,650,000 shares of the company’s stock in a transaction that occurred 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 sale was disclosed in a filing with the SEC, which can be accessed through the SEC website.

Analyst Upgrades and Downgrades

A number of research analysts have recently weighed in on HESM shares. UBS Group boosted their price objective on Hess Midstream from $38.00 to $40.00 and gave the company a “buy” rating in a research note on Wednesday, July 3rd. JPMorgan Chase & Co. upped their price target on shares of Hess Midstream from $38.00 to $39.00 and gave the stock a “neutral” rating in a research report on Wednesday, August 21st.

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.