Hess Midstream (NYSE:HESM) Trading Down 2.7% – Here’s Why

Hess Midstream LP (NYSE:HESM) shares dropped 2.7% on Thursday . The stock traded as low as $36.25 and last traded at $36.29. Approximately 446,042 shares were traded during trading, a decline of 50% from the average daily volume of 892,336 shares. The stock had previously closed at $37.30.

Hess Midstream Stock Performance

The business has a fifty day simple moving average of $35.98 and a two-hundred day simple moving average of $36.29. The company has a market cap of $7.94 billion, a P/E ratio of 15.42 and a beta of 1.53. The company has a quick ratio of 0.70, a current ratio of 0.70 and a debt-to-equity ratio of 7.85.

Hess Midstream (NYSE:HESM) last released its quarterly earnings results on Wednesday, October 30th. The company reported $0.63 earnings per share for the quarter, topping the consensus estimate of $0.58 by $0.05. Hess Midstream had a net margin of 13.06% and a return on equity of 47.87%. The business had revenue of $378.50 million for the quarter, compared to the consensus estimate of $376.98 million. During the same period last year, the firm earned $0.57 earnings per share. The company’s quarterly revenue was up 4.2% on a year-over-year basis. On average, sell-side analysts anticipate that Hess Midstream LP will post 2.41 EPS for the current year.

Hess Midstream Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, November 14th. Shareholders of record on Thursday, November 7th were paid a dividend of $0.6846 per share. This is a boost from Hess Midstream’s previous quarterly dividend of $0.67. The ex-dividend date was Thursday, November 7th. This represents a $2.74 dividend on an annualized basis and a yield of 7.52%. Hess Midstream’s dividend payout ratio (DPR) is presently 115.68%.

Insider Transactions at Hess Midstream

In other Hess Midstream news, CFO Jonathan C. Stein sold 7,923 shares of the stock in a transaction that occurred 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 sale, the chief financial officer now directly owns 59,945 shares of the company’s stock, valued at $2,117,257.40. This trade represents a 11.67 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website.

Hedge Funds Weigh In On Hess Midstream

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Tompkins Financial Corp bought a new stake in Hess Midstream during the third quarter worth approximately $71,000. KBC Group NV raised its holdings in 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 during the period. Millburn Ridgefield Corp bought a new stake in Hess Midstream in the third quarter worth $100,000. Icon Wealth Advisors LLC boosted its stake in Hess Midstream by 11.1% during the third quarter. Icon Wealth Advisors LLC now owns 3,288 shares of the company’s stock worth $116,000 after buying an additional 329 shares during the period. Finally, Brown Brothers Harriman & Co. increased 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 acquiring an additional 2,793 shares during the last quarter. 98.97% of the stock is owned by institutional investors.

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.