Van ECK Associates Corp Has $481,000 Position in Hess Midstream LP (NYSE:HESM)

Van ECK Associates Corp lessened its holdings in shares of Hess Midstream LP (NYSE:HESM) by 18.8% during the 3rd quarter, HoldingsChannel reports. The firm owned 13,554 shares of the company’s stock after selling 3,140 shares during the period. Van ECK Associates Corp’s holdings in Hess Midstream were worth $481,000 as of its most recent SEC filing.

A number of other large investors have also bought and sold shares of the business. Allspring Global Investments Holdings LLC bought a new position in Hess Midstream in the first quarter valued at approximately $30,000. Clear Point Advisors Inc. acquired a new position in Hess Midstream in the 1st quarter worth $49,000. Comerica Bank increased its holdings in Hess Midstream by 7.4% during the 1st quarter. Comerica Bank now owns 5,553 shares of the company’s stock worth $201,000 after purchasing an additional 385 shares in the last quarter. South Street Advisors LLC acquired a new stake in shares of Hess Midstream in the 2nd quarter valued at about $211,000. Finally, ProShare Advisors LLC lifted its holdings in shares of Hess Midstream by 5.2% in the first quarter. ProShare Advisors LLC now owns 6,746 shares of the company’s stock valued at $244,000 after purchasing an additional 332 shares in the last quarter. 92.41% of the stock is owned by institutional investors.

Analyst Ratings Changes

Separately, JPMorgan Chase & Co. increased their price objective on Hess Midstream from $38.00 to $39.00 and gave the stock a “neutral” rating in a report on Wednesday, August 21st.

Hess Midstream Stock Down 1.1 %

Hess Midstream stock opened at $34.79 on Wednesday. The company has a fifty day simple moving average of $35.65 and a 200 day simple moving average of $35.96. The company has a current ratio of 0.70, a quick ratio of 1.11 and a debt-to-equity ratio of 7.85. Hess Midstream LP has a 1-year low of $29.40 and a 1-year high of $39.11. The company has a market cap of $7.68 billion, a P/E ratio of 14.74 and a beta of 1.51.

Hess Midstream (NYSE:HESM) last released its earnings results on Wednesday, October 30th. The company reported $0.63 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.58 by $0.05. The business had revenue of $378.50 million for the quarter, compared to analyst estimates of $376.98 million. Hess Midstream had a return on equity of 47.87% and a net margin of 13.06%. Hess Midstream’s revenue was up 4.2% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.57 earnings per share. Research analysts anticipate that Hess Midstream LP will post 2.45 earnings per share for the current fiscal year.

Hess Midstream Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, November 14th. Investors of record on Thursday, November 7th will be paid a $0.6846 dividend. The ex-dividend date of this dividend is Thursday, November 7th. This is a boost from Hess Midstream’s previous quarterly dividend of $0.67. This represents a $2.74 annualized dividend and a dividend yield of 7.87%. Hess Midstream’s dividend payout ratio (DPR) is currently 116.10%.

Insiders Place Their Bets

In related 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 directly owns 59,945 shares in the company, valued at approximately $2,117,257.40. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. In other Hess Midstream news, CFO Jonathan C. Stein sold 7,923 shares of Hess Midstream stock in a transaction 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 directly owns 59,945 shares of the company’s stock, valued at $2,117,257.40. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Infrastructure Investor Global sold 12,650,000 shares of the stock in a transaction dated Friday, September 20th. The shares were sold at an average price of $35.12, for a total transaction of $444,268,000.00. The disclosure for this sale can be found here.

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.