Hess Midstream LP (NYSE:HESM) Announces Quarterly Dividend of $0.70

Hess Midstream LP (NYSE:HESM) declared a quarterly dividend on Tuesday, January 28th,Wall Street Journal reports. Shareholders of record on Thursday, February 6th will be given a dividend of 0.7012 per share on Friday, February 14th. This represents a $2.80 dividend on an annualized basis and a dividend yield of 6.85%. The ex-dividend date is Thursday, February 6th. This is a positive change from Hess Midstream’s previous quarterly dividend of $0.68.

Hess Midstream has raised its dividend by an average of 11.3% annually over the last three years. Hess Midstream has a dividend payout ratio of 77.8% meaning its dividend is currently covered by earnings, but may not be in the future if the company’s earnings tumble. Equities research analysts expect Hess Midstream to earn $2.67 per share next year, which means the company may not be able to cover its $2.74 annual dividend with an expected future payout ratio of 102.6%.

Hess Midstream Stock Up 1.9 %

Shares of NYSE HESM traded up $0.78 during midday trading on Tuesday, hitting $40.97. 801,420 shares of the stock traded hands, compared to its average volume of 846,364. The company has a market cap of $8.93 billion, a PE ratio of 17.36 and a beta of 1.52. The business has a 50 day moving average price of $37.71 and a two-hundred day moving average price of $36.71. Hess Midstream has a one year low of $32.15 and a one year high of $41.61. The company has a debt-to-equity ratio of 7.85, a quick ratio of 0.70 and a current ratio of 0.70.

Hess Midstream (NYSE:HESM) last issued its quarterly earnings results on Wednesday, October 30th. The company reported $0.63 EPS for the quarter, beating analysts’ consensus estimates of $0.58 by $0.05. The firm had revenue of $378.50 million for the quarter, compared to analysts’ expectations of $376.98 million. Hess Midstream had a return on equity of 47.87% and a net margin of 13.06%. The business’s revenue for the quarter was up 4.2% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.57 EPS. On average, equities analysts predict that Hess Midstream will post 2.41 EPS for the current year.

Insider Activity

In related news, CFO Jonathan C. Stein sold 7,923 shares of the firm’s stock in a transaction that occurred on Monday, November 11th. The stock was 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 of the company’s stock, valued at approximately $2,117,257.40. This trade represents a 11.67 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink.

Analysts Set New Price Targets

Separately, Raymond James upped their price target on shares of Hess Midstream from $42.00 to $45.00 and gave the company an “outperform” rating in a research report on Tuesday.

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.