Hess Midstream LP (NYSE:HESM) Declares Quarterly Dividend of $0.65

Hess Midstream LP (NYSE:HESM) announced a quarterly dividend on Monday, April 22nd, Wall Street Journal reports. Stockholders of record on Thursday, May 2nd will be given a dividend of 0.6516 per share on Tuesday, May 14th. This represents a $2.61 dividend on an annualized basis and a dividend yield of 7.47%. The ex-dividend date of this dividend is Wednesday, May 1st. This is a boost from Hess Midstream’s previous quarterly dividend of $0.63.

Hess Midstream has increased its dividend payment by an average of 11.0% annually over the last three years and has raised its dividend annually for the last 7 consecutive years. Hess Midstream has a payout ratio of 78.6% meaning its dividend is currently covered by earnings, but may not be in the future if the company’s earnings decline. Research analysts expect Hess Midstream to earn $2.77 per share next year, which means the company should continue to be able to cover its $2.54 annual dividend with an expected future payout ratio of 91.7%.

Hess Midstream Price Performance

HESM opened at $34.89 on Tuesday. The stock has a fifty day moving average of $35.22 and a 200-day moving average of $32.90. The firm has a market capitalization of $7.90 billion, a P/E ratio of 15.79 and a beta of 1.50. Hess Midstream has a 12-month low of $26.86 and a 12-month high of $36.84. The company has a quick ratio of 0.65, a current ratio of 0.65 and a debt-to-equity ratio of 8.81.

Hess Midstream (NYSE:HESM) last released its earnings results on Wednesday, January 31st. The company reported $0.55 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.60 by ($0.05). The business had revenue of $356.50 million during the quarter, compared to analysts’ expectations of $358.86 million. Hess Midstream had a net margin of 10.18% and a return on equity of 34.38%. Hess Midstream’s revenue for the quarter was up 13.3% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.49 EPS. Equities analysts forecast that Hess Midstream will post 2.42 EPS for the current fiscal year.

Analysts Set New Price Targets

A number of research firms have recently issued reports on HESM. JPMorgan Chase & Co. increased their target price on Hess Midstream from $37.00 to $38.00 and gave the company a “neutral” rating in a report on Tuesday, April 16th. Wells Fargo & Company increased their price objective on Hess Midstream from $36.00 to $37.00 and gave the stock an “equal weight” rating in a report on Monday. Finally, UBS Group increased their price objective on Hess Midstream from $35.00 to $38.00 and gave the stock a “buy” rating in a report on Friday, March 1st. Three equities research analysts have rated the stock with a hold rating and three have given a buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $36.50.

Insider Buying and Selling

In other Hess Midstream news, Director Infrastructure Investor Global sold 11,500,000 shares of the firm’s stock in a transaction dated Thursday, February 8th. The stock was sold at an average price of $32.83, for a total transaction of $377,545,000.00. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website.

Hess Midstream Company 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.