Allspring Global Investments Holdings LLC, a major shareholder, has reduced its position in Hess Co. (NYSE:HES) by 21.3% during the second quarter [d4029f6f]. The fund owned 41,588 shares of the oil and gas producer's stock after selling 11,256 shares during the quarter. Allspring Global Investments Holdings LLC's holdings in Hess were worth $5,654,000 as of its most recent SEC filing [d4029f6f].
Additionally, Allspring Global Investments Holdings LLC reduced its holdings in Morgan Stanley (NYSE:MS) by 29.8% during the second quarter [c5f35df1]. The fund owned 106,653 shares of the financial services provider's stock after selling 45,241 shares during the period. Allspring Global Investments Holdings LLC's holdings in Morgan Stanley were worth $9,108,000 at the end of the quarter [c5f35df1].
These reductions in positions highlight the changing investment strategy of Allspring Global Investments Holdings LLC and provide insights into the performance and market sentiment towards both Hess Co. and Morgan Stanley.
In other news, Hess Midstream LP (NYSE:HESM) reached a new 52-week high after UBS Group raised their price target on the stock from $35.00 to $38.00. The stock traded as high as $34.88 and last traded at $34.87 [53bd2e8c].
Director Infrastructure Investor Global sold 11,500,000 shares of Hess Midstream LP stock in a transaction that occurred on Thursday, February 8th. The shares were sold at an average price of $32.83, for a total transaction of $377,545,000.00 [53bd2e8c].
Several hedge funds have recently bought and sold shares of Hess Midstream LP. Tower Research Capital LLC TRC bought a new stake in shares of Hess Midstream during the third quarter worth $32,000. Lee Financial Co lifted its stake in shares of Hess Midstream by 299.7% during the 2nd quarter. Lee Financial Co now owns 1,339 shares of the company's stock worth $41,000 after buying an additional 1,004 shares during the last quarter. DekaBank Deutsche Girozentrale acquired a new stake in Hess Midstream in the 3rd quarter worth about $41,000. Great West Life Assurance Co. Can raised its stake in Hess Midstream by 83.9% in the 1st quarter. Great West Life Assurance Co. Can now owns 1,762 shares of the company's stock worth $56,000 after purchasing an additional 804 shares in the last quarter. Finally, First Horizon Advisors Inc. raised its stake in Hess Midstream by 183.4% in the 4th quarter. First Horizon Advisors Inc. now owns 1,791 shares of the company's stock worth $57,000 after purchasing an additional 1,159 shares in the last quarter [53bd2e8c].
Hess Midstream LP's 50-day simple moving average is $32.83 and its two-hundred day simple moving average is $31.08. The firm has a market cap of $7.99 billion, a price-to-earnings ratio of 16.63, and a beta of 1.51. The company has a current ratio of 0.79, a quick ratio of 0.79, and a debt-to-equity ratio of 7.05. Hess Midstream last announced its quarterly earnings results on Wednesday, January 31st. The company reported $0.55 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.60 by ($0.05). The company had revenue of $356.50 million for the quarter, compared to the consensus estimate of $358.86 million. Hess Midstream had a net margin of 8.79% and a return on equity of 26.98%. The company's revenue for the quarter was up 13.3% compared to the same quarter last year. The firm also recently announced a quarterly dividend, which was paid on Wednesday, February 14th. Shareholders of record on Thursday, February 8th were issued a dividend of $0.6343 per share. This represents a $2.54 dividend on an annualized basis and a yield of 7.29%. This is a positive change from Hess Midstream's previous quarterly dividend of $0.62. The ex-dividend date was Wednesday, February 7th. Hess Midstream's payout ratio is presently 121.53% [53bd2e8c].
These recent developments in the holdings of Allspring Global Investments Holdings LLC and the analyst upgrade for Hess Midstream LP indicate changing market sentiments and potential opportunities for investors in the oil and gas industry and financial services sector [d4029f6f] [c5f35df1] [53bd2e8c].
Western Midstream Partners (NYSE:WES) was downgraded by equities researchers at StockNews.com from a "strong-buy" rating to a "buy" rating. Other research reports have also been issued for WES, including a target price increase by Stifel Nicolaus from $35.00 to $36.00 and a target price increase by Mizuho from $34.00 to $39.00. The company reported $1.47 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.85 by $0.62. Western Midstream Partners had a net margin of 42.50% and a return on equity of 44.76%. The firm had revenue of $887.73 million during the quarter, compared to analyst estimates of $868.22 million. Western Midstream Partners's quarterly revenue was up 20.9% on a year-over-year basis. The stock is currently trading at $38.04 with a 52-week low of $25.04 and a 52-week high of $38.34. The consensus rating for Western Midstream Partners is "Hold" with a consensus price target of $31.09. Insider activity includes Director Kenneth F. Owen purchasing 7,000 shares of the company's stock and Director Lisa A. Stewart purchasing 2,500 shares. Hedge funds and other institutional investors own 42.94% of the stock.