Raymond James Issues Positive Forecast for Hess Midstream (NYSE:HESM) Stock Price

Hess Midstream (NYSE:HESM) had its price objective raised by Raymond James from $42.00 to $45.00 in a research note issued to investors on Tuesday morning,Benzinga reports. They currently have an outperform rating on the stock.

Hess Midstream Price Performance

Hess Midstream stock opened at $40.97 on Tuesday. The firm has a market capitalization of $8.93 billion, a P/E ratio of 17.36 and a beta of 1.52. Hess Midstream has a one year low of $32.15 and a one year high of $41.61. The company has a debt-to-equity ratio of 7.85, a current ratio of 0.70 and a quick ratio of 0.70. The business has a fifty day moving average price of $37.81 and a 200-day moving average price of $36.73.

Hess Midstream (NYSE:HESM) last issued its earnings results on Wednesday, October 30th. The company reported $0.63 EPS for the quarter, topping the consensus estimate of $0.58 by $0.05. Hess Midstream had a return on equity of 47.87% and a net margin of 13.06%. The business had revenue of $378.50 million during the quarter, compared to the consensus estimate of $376.98 million. During the same quarter last year, the company earned $0.57 EPS. The firm’s revenue was up 4.2% compared to the same quarter last year. As a group, equities research analysts forecast that Hess Midstream will post 2.41 EPS for the current year.

Hess Midstream Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, February 14th. Investors of record on Thursday, February 6th will be paid a dividend of $0.7012 per share. The ex-dividend date is Thursday, February 6th. This represents a $2.80 annualized dividend and a yield of 6.85%. This is a boost from Hess Midstream’s previous quarterly dividend of $0.68. Hess Midstream’s payout ratio is currently 116.10%.

Insiders Place Their Bets

In other Hess Midstream news, CFO Jonathan C. Stein sold 7,923 shares of the company’s stock in a transaction dated Monday, November 11th. The stock was sold at an average price of $35.32, for a total value of $279,840.36. Following the transaction, the chief financial officer now directly owns 59,945 shares in the company, valued at $2,117,257.40. This represents a 11.67 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of HESM. Tompkins Financial Corp bought a new stake in Hess Midstream during the third quarter valued at approximately $71,000. KBC Group NV raised its position in shares of Hess Midstream by 83.9% during 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 in the last quarter. Millburn Ridgefield Corp purchased a new position in Hess Midstream in the third quarter worth $100,000. Icon Wealth Advisors LLC increased its stake in Hess Midstream by 11.1% in the third quarter. Icon Wealth Advisors LLC now owns 3,288 shares of the company’s stock valued at $116,000 after acquiring an additional 329 shares during the last quarter. Finally, Brown Brothers Harriman & Co. raised its position in Hess Midstream by 487.4% during the third quarter. Brown Brothers Harriman & Co. now owns 3,366 shares of the company’s stock valued at $119,000 after purchasing an additional 2,793 shares in the last quarter. Hedge funds and other institutional investors own 98.97% of the company’s stock.

About Hess Midstream

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.