Ghisallo Capital Management LLC Has $12.96 Million Position in Hess Midstream LP (NYSE:HESM)

Ghisallo Capital Management LLC lessened its position in Hess Midstream LP (NYSE:HESM) by 50.0% in the 4th quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 350,000 shares of the company’s stock after selling 350,000 shares during the period. Hess Midstream makes up about 0.8% of Ghisallo Capital Management LLC’s investment portfolio, making the stock its 26th biggest holding. Ghisallo Capital Management LLC owned about 0.16% of Hess Midstream worth $12,960,000 at the end of the most recent reporting period.

Several other hedge funds also recently bought and sold shares of the company. Steward Partners Investment Advisory LLC increased its position in shares of Hess Midstream by 77.2% in the 4th quarter. Steward Partners Investment Advisory LLC now owns 1,329 shares of the company’s stock valued at $49,000 after buying an additional 579 shares in the last quarter. US Bancorp DE grew its stake in Hess Midstream by 34.0% in the fourth quarter. US Bancorp DE now owns 2,010 shares of the company’s stock valued at $74,000 after acquiring an additional 510 shares during the period. IFP Advisors Inc increased its holdings in shares of Hess Midstream by 33.3% in the fourth quarter. IFP Advisors Inc now owns 2,934 shares of the company’s stock worth $109,000 after acquiring an additional 733 shares in the last quarter. Virtus ETF Advisers LLC raised its position in shares of Hess Midstream by 9.5% during the fourth quarter. Virtus ETF Advisers LLC now owns 4,972 shares of the company’s stock worth $184,000 after purchasing an additional 432 shares during the period. Finally, KBC Group NV lifted its holdings in shares of Hess Midstream by 80.0% during the 4th quarter. KBC Group NV now owns 5,046 shares of the company’s stock valued at $187,000 after purchasing an additional 2,243 shares in the last quarter. 98.97% of the stock is currently owned by institutional investors and hedge funds.

Hess Midstream Price Performance

Shares of HESM opened at $38.85 on Friday. The company has a 50 day moving average of $39.91 and a 200-day moving average of $38.31. 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 stock has a market capitalization of $8.47 billion, a P/E ratio of 15.60 and a beta of 1.14. Hess Midstream LP has a twelve month low of $32.75 and a twelve month high of $44.05.

Hess Midstream (NYSE:HESM) last issued its quarterly earnings results on Wednesday, January 29th. The company reported $0.68 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.65 by $0.03. Hess Midstream had a net margin of 14.92% and a return on equity of 54.59%. As a group, equities research analysts forecast that Hess Midstream LP will post 2.5 EPS for the current fiscal year.

Hess Midstream Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, February 14th. Investors of record on Thursday, February 6th were issued a dividend of $0.7012 per share. This represents a $2.80 annualized dividend and a yield of 7.22%. The ex-dividend date was Thursday, February 6th. This is a positive change from Hess Midstream’s previous quarterly dividend of $0.68. Hess Midstream’s dividend payout ratio is presently 112.45%.

Wall Street Analysts Forecast Growth

A number of analysts recently issued reports on HESM shares. Raymond James increased their target price on Hess Midstream from $42.00 to $45.00 and gave the stock an “outperform” rating in a research note on Tuesday, January 28th. Wells Fargo & Company increased their price objective on shares of Hess Midstream from $40.00 to $42.00 and gave the stock an “equal weight” rating in a research report on Tuesday, February 4th. JPMorgan Chase & Co. raised their price objective on shares of Hess Midstream from $39.00 to $44.00 and gave the stock a “neutral” rating in a report on Thursday, March 27th. Finally, Citigroup upped their target price 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 analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $43.00.

Insider Activity at Hess Midstream

In other Hess Midstream news, major shareholder Blackrock Portfolio Management sold 11,000,000 shares of the stock in a transaction on Wednesday, February 12th. The shares were sold at an average price of $39.11, for a total value of $430,210,000.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link.

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.