Insider Selling: Hess Midstream LP (NYSE:HESM) Director Sells $444,268,000.00 in Stock

23 Sep 2024, 04:08 by Renee Jackson · The Cerbat Gem

Hess Midstream LP (NYSE:HESM – Get Free Report) Director Infrastructure Investor Global sold 12,650,000 shares of the firm’s stock in a transaction dated Friday, September 20th. The shares were sold at an average price of $35.12, for a total value of $444,268,000.00. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website.

Hess Midstream Stock Down 0.3 %

HESM stock opened at $35.57 on Monday. Hess Midstream LP has a 52-week low of $27.57 and a 52-week high of $39.11. The company has a debt-to-equity ratio of 8.55, a current ratio of 1.11 and a quick ratio of 1.11. The firm has a market capitalization of $7.95 billion, a P/E ratio of 16.10 and a beta of 1.52. The company’s 50 day simple moving average is $36.73 and its 200-day simple moving average is $35.97.

Hess Midstream (NYSE:HESM – Get Free Report) last announced its quarterly earnings results on Wednesday, July 31st. The company reported $0.59 EPS for the quarter, beating the consensus estimate of $0.54 by $0.05. Hess Midstream had a return on equity of 41.91% and a net margin of 11.59%. The company had revenue of $365.50 million for the quarter, compared to the consensus estimate of $365.16 million. During the same quarter last year, the company posted $0.50 earnings per share. The company’s revenue for the quarter was up 12.8% compared to the same quarter last year. As a group, equities research analysts anticipate that Hess Midstream LP will post 2.36 EPS for the current 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 paid a $0.6677 dividend. The ex-dividend date was Thursday, August 8th. This represents a $2.67 dividend on an annualized basis and a yield of 7.51%. This is a positive change from Hess Midstream’s previous quarterly dividend of $0.65. Hess Midstream’s payout ratio is currently 120.81%.

Institutional Trading of Hess Midstream

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Allspring Global Investments Holdings LLC bought a new position in shares of Hess Midstream during the first quarter worth $30,000. Clear Point Advisors Inc. bought a new position in shares of Hess Midstream in the 1st quarter valued at about $49,000. Geneos Wealth Management Inc. increased its holdings in shares of Hess Midstream by 31.3% during the 1st quarter. Geneos Wealth Management Inc. now owns 2,100 shares of the company’s stock worth $76,000 after acquiring an additional 500 shares during the last quarter. Comerica Bank raised its holdings in Hess Midstream by 7.4% in the 1st quarter. Comerica Bank now owns 5,553 shares of the company’s stock valued at $201,000 after acquiring an additional 385 shares during the period. Finally, South Street Advisors LLC bought a new position in Hess Midstream during the second quarter worth about $211,000. 92.41% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several analysts have commented on the company. UBS Group upped their price objective on Hess Midstream from $38.00 to $40.00 and gave the company a “buy” rating in a research note on Wednesday, July 3rd. JPMorgan Chase & Co. boosted their price objective on shares of Hess Midstream from $38.00 to $39.00 and gave the company a “neutral” rating in a research report on Wednesday, August 21st. Two research analysts have rated the stock with a hold rating and three have given a buy rating to the company. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $37.20.

View Our Latest Analysis on HESM

Hess Midstream Company Profile

(Get Free Report)