Millburn Ridgefield Corp Acquires New Holdings in Hess Midstream LP (NYSE:HESM)

Millburn Ridgefield Corp bought a new stake in shares of Hess Midstream LP (NYSE:HESM) during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm bought 2,827 shares of the company’s stock, valued at approximately $100,000.

Other hedge funds and other institutional investors have also bought and sold shares of the company. SG Americas Securities LLC acquired a new stake in Hess Midstream in the second quarter valued at approximately $6,410,000. Vanguard Group Inc. boosted its position in shares of Hess Midstream by 13.6% in the 1st quarter. Vanguard Group Inc. now owns 456,607 shares of the company’s stock worth $16,497,000 after purchasing an additional 54,769 shares in the last quarter. Connor Clark & Lunn Investment Management Ltd. grew its stake in Hess Midstream by 51.0% during the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 379,071 shares of the company’s stock worth $13,370,000 after buying an additional 128,009 shares during the last quarter. MGO One Seven LLC increased its position in Hess Midstream by 20.3% during the 2nd quarter. MGO One Seven LLC now owns 174,476 shares of the company’s stock valued at $6,358,000 after buying an additional 29,434 shares in the last quarter. Finally, Raymond James & Associates raised its stake in Hess Midstream by 230.7% in the third quarter. Raymond James & Associates now owns 119,488 shares of the company’s stock valued at $4,214,000 after buying an additional 83,358 shares during the last quarter. Institutional investors own 92.41% of the company’s stock.

Insider Buying and Selling

In related news, Director Infrastructure Investor Global sold 12,650,000 shares of the firm’s stock in a transaction on Friday, September 20th. The shares were sold at an average price of $35.12, for a total transaction of $444,268,000.00. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, 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 transaction of $279,840.36. Following the completion of the transaction, the chief financial officer now owns 59,945 shares of the company’s stock, valued at approximately $2,117,257.40. This trade represents a 11.67 % decrease in their position. The disclosure for this sale can be found here.

Wall Street Analysts Forecast Growth

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

Hess Midstream Stock Performance

Shares of HESM stock opened at $37.66 on Wednesday. The business has a fifty day moving average of $35.73 and a 200 day moving average of $36.13. Hess Midstream LP has a 1 year low of $30.08 and a 1 year high of $39.11. 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 firm has a market capitalization of $8.21 billion, a price-to-earnings ratio of 15.96 and a beta of 1.53.

Hess Midstream (NYSE:HESM) last announced its quarterly earnings data 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. Hess Midstream had a return on equity of 47.87% and a net margin of 13.06%. The firm had revenue of $378.50 million during the quarter, compared to analysts’ expectations of $376.98 million. During the same period last year, the business posted $0.57 earnings per share. The company’s revenue for the quarter was up 4.2% compared to the same quarter last year. As a group, research analysts expect that Hess Midstream LP will post 2.45 earnings per share for the current year.

Hess Midstream Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, November 14th. Stockholders of record on Thursday, November 7th were paid a $0.6846 dividend. The ex-dividend date was Thursday, November 7th. This represents a $2.74 dividend on an annualized basis and a dividend yield of 7.27%. This is a positive change from Hess Midstream’s previous quarterly dividend of $0.67. Hess Midstream’s dividend payout ratio is presently 116.10%.

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.