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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POSITIVE IMPACT
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