Short Interest in Hess Midstream LP (NYSE:HESM) Grows By 6.6%

Hess Midstream LP (NYSE:HESM) was the target of a large increase in short interest during the month of October. As of October 31st, there was short interest totalling 4,500,000 shares, an increase of 6.6% from the October 15th total of 4,220,000 shares. Based on an average daily trading volume, of 860,300 shares, the days-to-cover ratio is currently 5.2 days.

Insider Activity at Hess Midstream

In related news, CFO Jonathan C. Stein sold 7,923 shares of the company’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 sale, the chief financial officer now owns 59,945 shares in the company, valued at $2,117,257.40. This represents a 11.67 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Infrastructure Investor Global sold 12,650,000 shares of Hess Midstream stock in a transaction 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 disclosure for this sale can be found here.

Hedge Funds Weigh In On Hess Midstream

Institutional investors have recently bought and sold shares of the business. Allspring Global Investments Holdings LLC bought a new position in Hess Midstream in the 1st quarter valued at $30,000. Swiss National Bank increased its holdings in shares of Hess Midstream by 14.8% in the first quarter. Swiss National Bank now owns 154,600 shares of the company’s stock valued at $5,586,000 after purchasing an additional 19,900 shares during the period. ProShare Advisors LLC boosted its holdings in shares of Hess Midstream by 5.2% in the 1st quarter. ProShare Advisors LLC now owns 6,746 shares of the company’s stock valued at $244,000 after acquiring an additional 332 shares during the last quarter. Vanguard Group Inc. lifted its holdings 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 valued at $16,497,000 after buying an additional 54,769 shares during the period. Finally, Basso Capital Management L.P. grew its stake in shares of Hess Midstream by 12.5% during the 1st quarter. Basso Capital Management L.P. now owns 13,500 shares of the company’s stock worth $488,000 after purchasing an additional 1,500 shares during the period. Institutional investors own 92.41% of the company’s stock.

Analysts Set New Price Targets

Separately, JPMorgan Chase & Co. increased their target price 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 Up 0.5 %

NYSE:HESM traded up $0.19 on Tuesday, reaching $36.09. 243,339 shares of the stock traded hands, compared to its average volume of 890,223. The company has a market capitalization of $7.87 billion, a price-to-earnings ratio of 15.21 and a beta of 1.51. The company has a current ratio of 0.70, a quick ratio of 0.70 and a debt-to-equity ratio of 7.85. The company’s fifty day simple moving average is $35.59 and its 200 day simple moving average is $35.99. Hess Midstream has a 12 month low of $30.08 and a 12 month high of $39.11.

Hess Midstream (NYSE:HESM) last released its quarterly earnings results on Wednesday, October 30th. The company reported $0.63 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates 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 period in the previous year, the company posted $0.57 EPS. The business’s quarterly revenue was up 4.2% compared to the same quarter last year. Equities analysts predict that Hess Midstream will post 2.45 EPS for the current fiscal year.

Hess Midstream Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, November 14th. Investors of record on Thursday, November 7th were paid a dividend of $0.6846 per share. This represents a $2.74 annualized dividend and a yield of 7.59%. This is a boost from Hess Midstream’s previous quarterly dividend of $0.67. The ex-dividend date was Thursday, November 7th. Hess Midstream’s dividend payout ratio (DPR) 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.