Hess Midstream Raises Quarterly Cash Distribution From $0.6677 To $0.6846 Per Class A Share
Portfolio Pulse from Benzinga Newsdesk
Hess Midstream has increased its quarterly cash distribution from $0.6677 to $0.6846 per Class A share, driven by excess free cash flow and a recent $100 million unit repurchase. This reflects an over 10% annualized growth expected in 2024.
October 28, 2024 | 8:23 pm
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Hess Midstream has raised its quarterly cash distribution, indicating strong financial health and commitment to returning value to shareholders. The increase is supported by excess free cash flow and a $100 million unit repurchase.
The increase in cash distribution suggests Hess Midstream is in a strong financial position, with sufficient free cash flow to support higher payouts. The $100 million unit repurchase further indicates confidence in the company's future performance. These actions are likely to positively impact the stock price in the short term as they reflect a commitment to shareholder returns and financial stability.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100