CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT Boosts Holdings in Hess Midstream LP (NYSE:HESM)

CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT lifted its position in Hess Midstream LP (NYSE:HESM) by 3.8% during the 3rd quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 1,323,803 shares of the company’s stock after purchasing an additional 49,003 shares during the quarter. Hess Midstream comprises approximately 3.4% of CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT’s portfolio, making the stock its 15th largest holding. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT owned approximately 0.59% of Hess Midstream worth $46,691,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Tortoise Capital Advisors L.L.C. lifted its position in Hess Midstream by 12.4% during the second quarter. Tortoise Capital Advisors L.L.C. now owns 7,428,262 shares of the company’s stock valued at $270,686,000 after purchasing an additional 822,311 shares during the last quarter. TD Asset Management Inc grew its position in Hess Midstream by 10.4% in the second quarter. TD Asset Management Inc now owns 3,431,555 shares of the company’s stock worth $125,046,000 after acquiring an additional 322,479 shares in the last quarter. Epoch Investment Partners Inc. increased its stake in Hess Midstream by 23.5% in the second quarter. Epoch Investment Partners Inc. now owns 2,953,324 shares of the company’s stock valued at $107,619,000 after acquiring an additional 562,688 shares during the last quarter. Westwood Holdings Group Inc. raised its position in Hess Midstream by 126.8% during the second quarter. Westwood Holdings Group Inc. now owns 1,936,522 shares of the company’s stock valued at $70,567,000 after purchasing an additional 1,082,840 shares in the last quarter. Finally, Kayne Anderson Capital Advisors LP lifted its stake in Hess Midstream by 55.8% during the first quarter. Kayne Anderson Capital Advisors LP now owns 1,305,561 shares of the company’s stock worth $47,170,000 after purchasing an additional 467,601 shares during the last quarter. Hedge funds and other institutional investors own 92.41% of the company’s stock.

Hess Midstream Trading Up 0.1 %

Shares of NYSE:HESM traded up $0.02 on Tuesday, hitting $35.61. The company had a trading volume of 140,930 shares, compared to its average volume of 904,516. Hess Midstream LP has a 1 year low of $29.20 and a 1 year high of $39.11. The company has a quick ratio of 1.11, a current ratio of 1.11 and a debt-to-equity ratio of 8.55. The firm’s 50-day simple moving average is $36.13 and its two-hundred day simple moving average is $35.99. The firm has a market capitalization of $7.96 billion, a price-to-earnings ratio of 16.15 and a beta of 1.51.

Hess Midstream (NYSE:HESM) last released its quarterly earnings results on Wednesday, July 31st. The company reported $0.59 earnings per share for the quarter, beating the consensus estimate of $0.54 by $0.05. The company had revenue of $365.50 million for the quarter, compared to analyst estimates of $365.16 million. Hess Midstream had a return on equity of 41.91% and a net margin of 11.59%. The firm’s revenue was up 12.8% on a year-over-year basis. During the same period in the previous year, the company posted $0.50 earnings per share. Equities analysts anticipate that Hess Midstream LP will post 2.36 earnings per share for the current fiscal year.

Hess Midstream Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, August 14th. Shareholders of record on Thursday, August 8th were issued a $0.6677 dividend. This represents a $2.67 dividend on an annualized basis and a yield of 7.50%. The ex-dividend date was Thursday, August 8th. This is a boost from Hess Midstream’s previous quarterly dividend of $0.65. Hess Midstream’s dividend payout ratio is 120.81%.

Insider Activity

In other news, Director Infrastructure Investor Global sold 12,650,000 shares of the stock in a transaction on Friday, September 20th. The stock was sold at an average price of $35.12, for a total value of $444,268,000.00. The transaction was disclosed in a legal filing with the SEC, which is available through this link.

Wall Street Analyst Weigh In

Several analysts have issued reports on the company. JPMorgan Chase & Co. upped their target price on Hess Midstream from $38.00 to $39.00 and gave the stock a “neutral” rating in a research note on Wednesday, August 21st. UBS Group upped their price target on Hess Midstream from $38.00 to $40.00 and gave the company a “buy” rating in a research report on Wednesday, July 3rd.

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.