Basso Capital Management L.P. Increases Holdings in Hess Midstream LP (NYSE:HESM)

Basso Capital Management L.P. raised its holdings in shares of Hess Midstream LP (NYSE:HESM) by 53.3% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 23,000 shares of the company’s stock after purchasing an additional 8,000 shares during the period. Hess Midstream accounts for about 0.7% of Basso Capital Management L.P.’s holdings, making the stock its 24th largest holding. Basso Capital Management L.P.’s holdings in Hess Midstream were worth $852,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also bought and sold shares of the company. Steward Partners Investment Advisory LLC increased its position in shares of Hess Midstream by 77.2% during the fourth quarter. Steward Partners Investment Advisory LLC now owns 1,329 shares of the company’s stock valued at $49,000 after buying an additional 579 shares during the period. US Bancorp DE grew its holdings in shares of Hess Midstream by 34.0% during the 4th quarter. US Bancorp DE now owns 2,010 shares of the company’s stock worth $74,000 after acquiring an additional 510 shares during the period. KBC Group NV raised its position in shares of Hess Midstream by 83.9% in the 3rd quarter. KBC Group NV now owns 2,803 shares of the company’s stock worth $99,000 after acquiring an additional 1,279 shares in the last quarter. Millburn Ridgefield Corp purchased a new position in shares of Hess Midstream in the 3rd quarter valued at approximately $100,000. Finally, IFP Advisors Inc boosted its position in shares of Hess Midstream by 33.3% during the fourth quarter. IFP Advisors Inc now owns 2,934 shares of the company’s stock valued at $109,000 after purchasing an additional 733 shares in the last quarter. Hedge funds and other institutional investors own 98.97% of the company’s stock.

Hess Midstream Stock Up 3.5 %

HESM opened at $42.10 on Monday. The firm’s 50 day simple moving average is $40.36 and its two-hundred day simple moving average is $37.60. The company has a market capitalization of $9.18 billion, a PE ratio of 16.91 and a beta of 1.48. Hess Midstream LP has a 1-year low of $32.75 and a 1-year high of $42.31. The company has a current ratio of 0.70, a quick ratio of 0.70 and a debt-to-equity ratio of 7.85.

Hess Midstream (NYSE:HESM) last announced its earnings results on Wednesday, January 29th. The company reported $0.68 EPS for the quarter, topping analysts’ consensus estimates of $0.65 by $0.03. Hess Midstream had a return on equity of 54.59% and a net margin of 14.92%. As a group, equities analysts forecast that Hess Midstream LP will post 2.5 EPS for the current year.

Hess Midstream Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, February 14th. Stockholders of record on Thursday, February 6th were given a dividend of $0.7012 per share. This is a boost from Hess Midstream’s previous quarterly dividend of $0.68. This represents a $2.80 dividend on an annualized basis and a dividend yield of 6.66%. The ex-dividend date of this dividend was Thursday, February 6th. Hess Midstream’s payout ratio is presently 112.45%.

Analyst Ratings Changes

Several brokerages have commented on HESM. Raymond James raised their price objective on Hess Midstream from $42.00 to $45.00 and gave the company an “outperform” rating in a research report on Tuesday, January 28th. Citigroup lifted their price target on shares of Hess Midstream from $41.00 to $44.00 and gave the company a “buy” rating in a research report on Tuesday, February 18th. Finally, Wells Fargo & Company upped their price objective on shares of Hess Midstream from $40.00 to $42.00 and gave the stock an “equal weight” rating in a report on Tuesday, February 4th. Two investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $42.00.

Insider Activity at Hess Midstream

In related news, major shareholder Blackrock Portfolio Management sold 11,000,000 shares of Hess Midstream stock in a transaction on Wednesday, February 12th. The shares were sold at an average price of $39.11, for a total transaction of $430,210,000.00. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website.

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.