Jennison Associates LLC Raises Stock Holdings in Hess Midstream LP (NYSE:HESM)

Jennison Associates LLC boosted its position in shares of Hess Midstream LP (NYSE:HESM) by 34.7% in the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 587,496 shares of the company’s stock after buying an additional 151,220 shares during the quarter. Jennison Associates LLC owned approximately 0.27% of Hess Midstream worth $21,755,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors have also added to or reduced their stakes in the company. Tompkins Financial Corp bought a new stake in shares of Hess Midstream during the 3rd quarter valued at $71,000. KBC Group NV increased its position in shares of Hess Midstream by 83.9% during the third quarter. KBC Group NV now owns 2,803 shares of the company’s stock valued at $99,000 after acquiring an additional 1,279 shares in the last quarter. Millburn Ridgefield Corp purchased a new position in Hess Midstream in the 3rd quarter worth approximately $100,000. Icon Wealth Advisors LLC lifted its position in Hess Midstream by 11.1% in the 3rd 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 in the last quarter. Finally, Brown Brothers Harriman & Co. boosted its stake in Hess Midstream by 487.4% during the 3rd 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 during the last quarter. Hedge funds and other institutional investors own 98.97% of the company’s stock.

Insiders Place Their Bets

In other Hess Midstream news, CFO Jonathan C. Stein sold 7,923 shares of the firm’s stock in a transaction dated Monday, November 11th. The shares were sold at an average price of $35.32, for a total value 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 ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink.

Hess Midstream Price Performance

NYSE HESM opened at $41.75 on Thursday. The company has a debt-to-equity ratio of 7.85, a current ratio of 0.70 and a quick ratio of 0.70. Hess Midstream LP has a 1-year low of $32.15 and a 1-year high of $42.15. The stock has a market capitalization of $9.10 billion, a price-to-earnings ratio of 16.77 and a beta of 1.53. The business’s fifty day moving average price is $38.34 and its 200-day moving average price is $36.86.

Hess Midstream (NYSE:HESM) last announced its earnings results on Wednesday, January 29th. The company reported $0.68 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.65 by $0.03. Hess Midstream had a return on equity of 54.59% and a net margin of 14.92%. On average, equities analysts predict that Hess Midstream LP will post 2.5 earnings per share for the current year.

Hess Midstream Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, February 14th. Investors of record on Thursday, February 6th will be given a $0.7012 dividend. The ex-dividend date of this dividend is Thursday, February 6th. This is an increase from Hess Midstream’s previous quarterly dividend of $0.68. This represents a $2.80 dividend on an annualized basis and a yield of 6.72%. Hess Midstream’s dividend payout ratio (DPR) is currently 110.04%.

Analyst Upgrades and Downgrades

A number of brokerages have recently issued reports on HESM. Wells Fargo & Company upped their price target on Hess Midstream from $40.00 to $42.00 and gave the company an “equal weight” rating in a report on Tuesday. Raymond James upped their target price on shares of Hess Midstream from $42.00 to $45.00 and gave the company an “outperform” rating in a research note on Tuesday, January 28th.

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.