Cubist Systematic Strategies LLC Sells 237,879 Shares of Hess Midstream LP (NYSE:HESM)

Cubist Systematic Strategies LLC cut its stake in Hess Midstream LP (NYSE:HESM) by 98.5% during the fourth quarter, HoldingsChannel reports. The firm owned 3,682 shares of the company’s stock after selling 237,879 shares during the period. Cubist Systematic Strategies LLC’s holdings in Hess Midstream were worth $136,000 at the end of the most recent quarter.

A number of other hedge funds have also recently made changes to their positions in the stock. Tortoise Capital Advisors L.L.C. grew its holdings in shares of Hess Midstream by 1.1% in the fourth quarter. Tortoise Capital Advisors L.L.C. now owns 7,581,106 shares of the company’s stock worth $280,728,000 after purchasing an additional 83,943 shares during the last quarter. Invesco Ltd. grew its holdings in shares of Hess Midstream by 4.9% in the fourth quarter. Invesco Ltd. now owns 4,091,011 shares of the company’s stock worth $151,490,000 after purchasing an additional 191,175 shares during the last quarter. Epoch Investment Partners Inc. grew its holdings in shares of Hess Midstream by 5.3% in the fourth quarter. Epoch Investment Partners Inc. now owns 3,309,547 shares of the company’s stock worth $122,553,000 after purchasing an additional 165,933 shares during the last quarter. Clearbridge Investments LLC grew its holdings in shares of Hess Midstream by 11.8% in the fourth quarter. Clearbridge Investments LLC now owns 1,751,875 shares of the company’s stock worth $64,872,000 after purchasing an additional 184,290 shares during the last quarter. Finally, BROOKFIELD Corp ON grew its holdings in shares of Hess Midstream by 14.9% in the fourth quarter. BROOKFIELD Corp ON now owns 1,270,612 shares of the company’s stock worth $47,051,000 after purchasing an additional 165,067 shares during the last quarter. 98.97% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of research firms have recently commented on HESM. Raymond James upped their price target on shares of Hess Midstream from $42.00 to $45.00 and gave the stock an “outperform” rating in a report on Tuesday, January 28th. JPMorgan Chase & Co. upped their price objective on shares of Hess Midstream from $39.00 to $44.00 and gave the stock a “neutral” rating in a research note on Thursday, March 27th. Wells Fargo & Company lowered their price objective on shares of Hess Midstream from $42.00 to $41.00 and set an “equal weight” rating for the company in a research note on Thursday, May 1st. Finally, Citigroup upped their price objective on shares of Hess Midstream from $41.00 to $44.00 and gave the stock a “buy” rating in a research note on Tuesday, February 18th. Two research analysts have rated the stock with a hold rating and three have issued a buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $42.80.

Hess Midstream Stock Up 0.1%

NYSE:HESM opened at $38.88 on Monday. Hess Midstream LP has a 1-year low of $33.59 and a 1-year high of $44.05. The company has a 50-day moving average of $39.07 and a 200 day moving average of $38.59. The firm has a market cap of $8.48 billion, a PE ratio of 15.61 and a beta of 0.67. The company has a debt-to-equity ratio of 7.85, a current ratio of 0.70 and a quick ratio of 0.70.

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

Hess Midstream Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, May 14th. Investors of record on Thursday, May 8th were given a $0.7098 dividend. This is a positive change from Hess Midstream’s previous quarterly dividend of $0.70. This represents a $2.84 annualized dividend and a dividend yield of 7.30%. The ex-dividend date was Thursday, May 8th. Hess Midstream’s dividend payout ratio (DPR) is presently 110.98%.

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.