CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT Sells 28,944 Shares of Hess Midstream LP (NYSE:HESM)

CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT lowered its position in shares of Hess Midstream LP (NYSE:HESM) by 2.2% during the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 1,294,859 shares of the company’s stock after selling 28,944 shares during the quarter. Hess Midstream accounts for approximately 3.2% of CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT’s investment portfolio, making the stock its 14th biggest holding. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT owned 0.59% of Hess Midstream worth $47,949,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the business. Tompkins Financial Corp bought a new position in Hess Midstream during the third quarter valued at $71,000. KBC Group NV grew its stake in shares of Hess Midstream by 83.9% during 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 during the period. Millburn Ridgefield Corp purchased a new stake in Hess Midstream in the 3rd quarter worth about $100,000. Icon Wealth Advisors LLC raised its stake in Hess Midstream by 11.1% in the 3rd quarter. Icon Wealth Advisors LLC now owns 3,288 shares of the company’s stock valued at $116,000 after acquiring an additional 329 shares during the period. Finally, Brown Brothers Harriman & Co. lifted its holdings in Hess Midstream by 487.4% during the third quarter. Brown Brothers Harriman & Co. now owns 3,366 shares of the company’s stock valued at $119,000 after purchasing an additional 2,793 shares during the last quarter. Hedge funds and other institutional investors own 98.97% of the company’s stock.

Insider Activity

In other news, CFO Jonathan C. Stein sold 7,923 shares of the stock in a transaction dated Monday, November 11th. The stock was sold at an average price of $35.32, for a total transaction of $279,840.36. Following the transaction, the chief financial officer now directly owns 59,945 shares in the company, valued at approximately $2,117,257.40. This represents a 11.67 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link.

Hess Midstream Price Performance

HESM opened at $41.38 on Friday. The firm has a 50-day moving average price of $37.63 and a 200-day moving average price of $36.70. Hess Midstream LP has a twelve month low of $32.15 and a twelve month high of $41.61. The company has a quick ratio of 0.70, a current ratio of 0.70 and a debt-to-equity ratio of 7.85. The company has a market capitalization of $9.02 billion, a price-to-earnings ratio of 17.53 and a beta of 1.52.

Hess Midstream (NYSE:HESM) last released its quarterly earnings data on Wednesday, October 30th. The company reported $0.63 earnings per share for the quarter, beating analysts’ consensus estimates of $0.58 by $0.05. The business had revenue of $378.50 million during the quarter, compared to analyst estimates of $376.98 million. Hess Midstream had a net margin of 13.06% and a return on equity of 47.87%. Hess Midstream’s revenue was up 4.2% compared to the same quarter last year. During the same period in the previous year, the business earned $0.57 EPS. Equities analysts expect that Hess Midstream LP will post 2.41 EPS for the current year.

Hess Midstream Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, November 14th. Shareholders of record on Thursday, November 7th were issued a $0.6846 dividend. This represents a $2.74 annualized dividend and a yield of 6.62%. This is an increase from Hess Midstream’s previous quarterly dividend of $0.67. The ex-dividend date was Thursday, November 7th. Hess Midstream’s dividend payout ratio (DPR) is presently 116.10%.

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.