Short Interest in Hess Midstream LP (NYSE:HESM) Grows By 6.6%

Hess Midstream LP (NYSE:HESM) saw a large increase in short interest during the month of October. As of October 31st, there was short interest totalling 4,500,000 shares, an increase of 6.6% from the October 15th total of 4,220,000 shares. Based on an average daily volume of 860,300 shares, the days-to-cover ratio is currently 5.2 days.

Wall Street Analyst Weigh In

Separately, JPMorgan Chase & Co. raised their price objective on shares of Hess Midstream from $38.00 to $39.00 and gave the stock a “neutral” rating in a report on Wednesday, August 21st.

Insider Transactions at Hess Midstream

In other Hess Midstream news, Director Infrastructure Investor Global sold 12,650,000 shares of the firm’s stock in a transaction that occurred 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 document filed with the SEC, which is accessible through the SEC website. Also, CFO Jonathan C. Stein sold 7,923 shares of the business’s 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 owns 59,945 shares in the company, valued at approximately $2,117,257.40. The trade was a 11.67 % decrease in their position. The disclosure for this sale can be found here.

Institutional Trading of Hess Midstream

A number of large investors have recently bought and sold shares of the business. Allspring Global Investments Holdings LLC acquired a new stake in Hess Midstream in the 1st quarter valued at $30,000. Swiss National Bank raised its holdings in Hess Midstream by 14.8% during the first quarter. Swiss National Bank now owns 154,600 shares of the company’s stock worth $5,586,000 after acquiring an additional 19,900 shares in the last quarter. ProShare Advisors LLC boosted its position in Hess Midstream by 5.2% during the first quarter. ProShare Advisors LLC now owns 6,746 shares of the company’s stock valued at $244,000 after purchasing an additional 332 shares during the last quarter. Vanguard Group Inc. increased its position in shares of Hess Midstream by 13.6% during the 1st quarter. Vanguard Group Inc. now owns 456,607 shares of the company’s stock worth $16,497,000 after purchasing an additional 54,769 shares during the last quarter. Finally, Basso Capital Management L.P. increased its position in shares of Hess Midstream by 12.5% during the 1st quarter. Basso Capital Management L.P. now owns 13,500 shares of the company’s stock worth $488,000 after purchasing an additional 1,500 shares during the last quarter. 92.41% of the stock is owned by institutional investors.

Hess Midstream Price Performance

Shares of HESM traded up $0.24 during trading hours on Tuesday, hitting $36.14. The stock had a trading volume of 297,263 shares, compared to its average volume of 890,318. The stock has a market capitalization of $7.88 billion, a price-to-earnings ratio of 15.21 and a beta of 1.51. Hess Midstream has a 52 week low of $30.08 and a 52 week high of $39.11. The company has a debt-to-equity ratio of 7.85, a current ratio of 0.70 and a quick ratio of 0.70. The company’s fifty day moving average is $35.59 and its two-hundred day moving average is $35.99.

Hess Midstream (NYSE:HESM) last released its earnings results on Wednesday, October 30th. The company reported $0.63 EPS for the quarter, beating the consensus estimate of $0.58 by $0.05. Hess Midstream had a return on equity of 47.87% and a net margin of 13.06%. The company had revenue of $378.50 million during the quarter, compared to analysts’ expectations of $376.98 million. During the same period last year, the firm earned $0.57 EPS. The business’s revenue for the quarter was up 4.2% on a year-over-year basis. On average, analysts anticipate that Hess Midstream will post 2.45 EPS for the current year.

Hess Midstream Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, November 14th. Stockholders of record on Thursday, November 7th were issued a $0.6846 dividend. This is a positive change from Hess Midstream’s previous quarterly dividend of $0.67. The ex-dividend date was Thursday, November 7th. This represents a $2.74 annualized dividend and a dividend yield of 7.58%. Hess Midstream’s payout ratio is 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.