Hess Midstream LP (NYSE:HESM) Shares Sold by GoodHaven Capital Management LLC

GoodHaven Capital Management LLC decreased its position in shares of Hess Midstream LP (NYSE:HESM) by 5.4% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 134,375 shares of the company’s stock after selling 7,738 shares during the period. Hess Midstream comprises approximately 1.9% of GoodHaven Capital Management LLC’s holdings, making the stock its 14th biggest holding. GoodHaven Capital Management LLC owned about 0.06% of Hess Midstream worth $5,683,000 at the end of the most recent quarter.

Other institutional investors have also recently added to or reduced their stakes in the company. Oppenheimer Asset Management Inc. grew its position in shares of Hess Midstream by 2.6% during the fourth quarter. Oppenheimer Asset Management Inc. now owns 11,857 shares of the company’s stock worth $439,000 after buying an additional 298 shares in the last quarter. ProShare Advisors LLC raised its holdings in Hess Midstream by 5.7% in the fourth quarter. ProShare Advisors LLC now owns 7,935 shares of the company’s stock valued at $294,000 after acquiring an additional 429 shares in the last quarter. Virtus ETF Advisers LLC boosted its stake in Hess Midstream by 9.5% during the 4th quarter. Virtus ETF Advisers LLC now owns 4,972 shares of the company’s stock valued at $184,000 after acquiring an additional 432 shares during the last quarter. WBI Investments LLC grew its holdings in Hess Midstream by 2.5% during the 4th quarter. WBI Investments LLC now owns 18,309 shares of the company’s stock worth $678,000 after acquiring an additional 446 shares in the last quarter. Finally, Hardy Reed LLC grew its holdings in Hess Midstream by 5.3% during the 4th quarter. Hardy Reed LLC now owns 8,990 shares of the company’s stock worth $333,000 after acquiring an additional 450 shares in the last quarter. Institutional investors and hedge funds own 98.97% of the company’s stock.

Insider Activity at Hess Midstream

In related news, major shareholder Blackrock Portfolio Management sold 15,022,517 shares of Hess Midstream stock in a transaction dated Friday, May 30th. The shares were sold at an average price of $36.86, for a total value of $553,729,976.62. The sale was disclosed in a filing with the SEC, which can be accessed through this link.

Analyst Upgrades and Downgrades

A number of brokerages have recently issued reports on HESM. Citigroup upped their target price on shares of Hess Midstream from $41.00 to $44.00 and gave the company a “buy” rating in a research note on Tuesday, February 18th. Wells Fargo & Company cut their price objective on Hess Midstream from $42.00 to $41.00 and set an “equal weight” rating on the stock in a research note on Thursday, May 1st. Finally, JPMorgan Chase & Co. lifted their target price on Hess Midstream from $39.00 to $44.00 and gave the stock a “neutral” rating in a research report on Thursday, March 27th. Two equities research analysts have rated the stock with a hold rating and three have given a buy rating to the stock. According to MarketBeat, Hess Midstream presently has an average rating of “Moderate Buy” and an average price target of $42.80.

Hess Midstream Trading Up 1.6%

Hess Midstream stock opened at $38.97 on Monday. Hess Midstream LP has a 1 year low of $33.59 and a 1 year high of $44.05. The firm’s 50-day moving average is $37.72 and its 200-day moving average is $38.88. The company has a debt-to-equity ratio of 7.85, a quick ratio of 0.70 and a current ratio of 0.70. The company has a market cap of $8.40 billion, a P/E ratio of 15.65 and a beta of 0.63.

Hess Midstream (NYSE:HESM) last released its quarterly earnings data on Wednesday, April 30th. The company reported $0.65 earnings per share for the quarter, topping the consensus estimate of $0.63 by $0.02. Hess Midstream had a net margin of 14.92% and a return on equity of 54.59%. The firm had revenue of $382.00 million for the quarter, compared to analyst estimates of $384.28 million. During the same quarter in the prior year, the business earned $0.60 earnings per share. Hess Midstream’s quarterly revenue was up 7.4% on a year-over-year basis. On average, equities analysts expect that Hess Midstream LP will post 2.5 earnings per share for the current year.

Hess Midstream Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, May 14th. Investors of record on Thursday, May 8th were issued a $0.7098 dividend. This is an increase from Hess Midstream’s previous quarterly dividend of $0.70. The ex-dividend date of this dividend was Thursday, May 8th. This represents a $2.84 annualized dividend and a dividend yield of 7.29%. Hess Midstream’s dividend payout ratio (DPR) is 110.98%.

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.