Hess Midstream LP owns, develops, operates, and acquires midstream assets. The company operates through three segments: Gathering; Processing and Storage; and Terminaling and Export. The Gathering segment owns natural gas gathering and crude oil gathering systems; and produced water gathering and disposal facilities. Its gathering systems consists of approximately 1,350 miles of high and low pressure natural gas and natural gas liquids gathering pipelines with capacity of approximately 450 million cubic feet per day; and crude oil gathering system comprises approximately 550 miles of crude oil gathering pipelines. The Processing and Storage segment comprises Tioga Gas Plant, a natural gas processing and fractionation plant located in Tioga, North Dakota; a 50% interest in the Little Missouri 4 gas processing plant located in south of the Missouri River in McKenzie County, North Dakota; and Mentor Storage Terminal, a propane storage cavern and rail, and truck loading and unloading facility located in Mentor, Minnesota. The Terminaling and Export segment owns Ramberg terminal facility; Tioga rail terminal; and crude oil rail cars, as well as Johnson's Corner Header System, a crude oil pipeline header system. Hess Midstream LP was founded in 2014 and is based in Houston, Texas.
IPO Year: 2017
Exchange: NYSE
Website: hessmidstream.com
| Date | Price Target | Rating | Analyst |
|---|---|---|---|
| 3/8/2024 | $37.00 | Overweight → Neutral | JP Morgan |
| 10/6/2023 | $32.00 | Buy | Goldman |
| 5/10/2023 | $37.00 | Buy | UBS |
| 4/21/2023 | $35.00 | Outperform | Raymond James |
| 12/9/2022 | $34.00 | Buy | Citigroup |
| 3/10/2022 | $33.00 | Overweight → Equal-Weight | Wells Fargo |
| 1/7/2022 | $32.00 | Overweight → Equal-Weight | Morgan Stanley |
| 12/16/2021 | $30.00 → $31.00 | Overweight | Wells Fargo |
| 10/15/2021 | $25.00 → $27.00 | Neutral | Credit Suisse |
| 10/1/2021 | $29.00 | Buy → Neutral | UBS |
SCHEDULE 13G/A - Hess Midstream LP (0001789832) (Subject)
SCHEDULE 13D/A - Hess Midstream LP (0001789832) (Subject)
8-K - Hess Midstream LP (0001789832) (Filer)
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424B7 - Hess Midstream LP (0001789832) (Filer)
8-K - Hess Midstream LP (0001789832) (Filer)
SCHEDULE 13D/A - Hess Midstream LP (0001789832) (Subject)
SCHEDULE 13D/A - Hess Midstream LP (0001789832) (Subject)
8-K - Hess Midstream LP (0001789832) (Filer)
144 - Hess Midstream LP (0001789832) (Subject)
Hess Midstream Operations LP (the "Issuer"), a consolidated subsidiary of Hess Midstream LP (NYSE:HESM) ("HESM" and, together with the Issuer, "Hess Midstream"), today announced that it has priced $800 million aggregate principal amount of 5.875% senior unsecured notes due 2028 (the "Notes") at par in a private offering. Hess Midstream intends to use the net proceeds from the offering, along with borrowings under its revolving credit facility, to redeem its outstanding 5.625% senior notes due 2026. Hess Midstream delivered a notice of redemption in respect of its 5.625% senior notes due 2026 on February 3, 2025. The private offering of the Notes is expected to close on February 12, 2025, su
Hess Midstream Operations LP (the "Issuer"), a consolidated subsidiary of Hess Midstream LP (NYSE:HESM) ("HESM" and, together with the Issuer, "Hess Midstream"), today announced that it intends to offer $800 million aggregate principal amount of senior unsecured notes due 2028 (the "Notes") in a private offering. Hess Midstream intends to use the net proceeds from the offering, along with borrowings under its revolving credit facility, to redeem its outstanding 5.625% senior notes due 2026 (the "2026 Notes"). This is not a notice of redemption for the 2026 Notes. The Notes are being sold only to persons reasonably believed to be "qualified institutional buyers" pursuant to Rule 144A and
2025 and Long-Term Throughput Volumes Guidance Hess Midstream LP expects throughput volumes in 2025 to increase by approximately 10% across oil and gas systems compared with 2024. Hess Midstream LP expects continued growth in oil and gas throughput volumes beyond 2025 with approximately 10% growth in gas throughput volumes in 2026, followed by approximately 5% growth in 2027, and approximately 5% growth in oil throughput volumes in each of 2026 and 2027. 2025 Financial Guidance Hess Midstream LP expects $715 - $765 million of net income and $1,235 - $1,285 million of Adjusted EBITDA1 in 2025, representing an approximate 11% increase in Adjusted EBITDA, at the midpoint of guidanc
Key Developments: Completed accretive $100 million repurchase of Class B units of Hess Midstream Operations LP in January 2025. Increased quarterly cash distribution to $0.7012 per Class A share for the fourth quarter of 2024, an increase of $0.0166 per Class A share for the fourth quarter of 2024 compared with the third quarter of 2024. This increase is supported by excess Adjusted Free Cash Flow after distributions from the reduction in total units following the accretive $100 million unit repurchase. Fourth Quarter 2024 Highlights: Net income was $172.1 million. Net cash provided by operating activities was $258.5 million. Net income attributable to Hess Midstream LP was $
Hess Midstream LP (NYSE:HESM) ("Hess Midstream"), today announced that the Board of Directors of its general partner declared a quarterly cash distribution of $0.7012 per Class A share for the quarter ended December 31, 2024, an increase of $0.0166 per Class A share as compared with the third quarter of 2024. This increase is supported by excess adjusted free cash flow after distributions from the reduction in total units following Hess Midstream's accretive $100 million unit repurchase in January 2025 and, on an annualized basis, is significantly above Hess Midstream's targeted 5% growth in annual distributions per Class A share through 2026. "We continue to execute on our differentiated
Hess Midstream LP (NYSE:HESM) ("Hess Midstream") announced today that it will hold a conference call on Wednesday, January 29, 2025, at 12:00 p.m. Eastern Time to discuss its fourth quarter 2024 earnings release. To phone into the conference call, participants should register in advance using this link to receive a unique PIN and dial-in number. This conference call and subsequent replay will also be accessible by webcast (audio only) on Hess Midstream's website at www.hessmidstream.com. About Hess Midstream Hess Midstream is a fee-based, growth-oriented, midstream company that owns, operates, develops and acquires a diverse set of midstream assets to provide services to Hess and thir
Hess Midstream LP (NYSE:HESM) ("Hess Midstream"), today announced the execution of a definitive agreement providing for the repurchase of approximately $100 million of Class B units by its subsidiary, Hess Midstream Operations LP, from affiliates of Hess Corporation and Global Infrastructure Partners, a part of BlackRock, Hess Midstream's sponsors (the "Sponsors"). The terms of the proposed unit repurchase transaction were unanimously approved by the Board of Directors of Hess Midstream's general partner, based on the unanimous approval and recommendation of its conflicts committee composed solely of independent directors. "We continue to execute unit repurchase transactions as part of ou
Hess Midstream LP (NYSE:HESM) today announced publication of its 2023 Sustainability Report as part of its commitment to transparency about environmental, social and governance plans and performance. The report is available on the Hess Midstream website. Leading sustainability reporting frameworks were used to develop the Hess Midstream Sustainability Report including the Energy Infrastructure Council and GPA Midstream Association Environment, Social and Governance Reporting Template; the Sustainability Accounting Standards Board standard for oil and gas – midstream; the Taskforce for Climate-Related Financial Disclosures; and the Global Reporting Initiative Standards. About Hess Midstr
Third Quarter 2024 Highlights: Net income was $164.7 million. Net cash provided by operating activities was $224.9 million. Net income attributable to Hess Midstream LP was $58.6 million, or $0.63 basic earnings per Class A share, after deduction for noncontrolling interests. Adjusted EBITDA1 was $286.9 million and Adjusted Free Cash Flow1 was $141.4 million. Completed accretive $100 million repurchase of Class B units of Hess Midstream Operations LP in September 2024. Increased quarterly cash distribution to $0.6846 per Class A share for the third quarter of 2024, an increase of $0.0169 per Class A share for the third quarter of 2024 compared with the second quarter of 2024; this
Hess Midstream LP (NYSE:HESM) ("Hess Midstream"), today announced that the Board of Directors of its general partner declared a quarterly cash distribution of $0.6846 per Class A share for the quarter ended September 30, 2024, an increase of $0.0169 per Class A share as compared with the second quarter of 2024. This quarterly increase includes incremental distribution per Class A share growth utilizing excess adjusted free cash flow available for distributions following Hess Midstream's accretive $100 million unit repurchase in September 2024 and, on an annualized basis, is significantly above Hess Midstream's targeted 5% growth in annual distributions per Class A share through 2026. "We c
Hess Midstream LP (NYSE:HESM) ("HESM") today announced the upsizing and pricing of the previously announced underwritten public offering of an aggregate 11,000,000 Class A shares representing limited partner interests in HESM by an affiliate of Global Infrastructure Partners, a part of BlackRock (the "Selling Shareholder"), at a public offering price of $39.45 per Class A share. The offering was upsized from the previously announced offering of 10,000,000 Class A shares. The Selling Shareholder has granted the underwriter a 30-day option to purchase up to 1,650,000 additional Class A shares. The gross proceeds from the sale of Class A shares by the Selling Shareholder are expected to be $
Hess Midstream LP (NYSE:HESM) ("HESM") today announced the commencement of an underwritten public offering of an aggregate of 10,000,000 Class A shares representing limited partner interests in HESM by an affiliate of Global Infrastructure Partners, a part of BlackRock (the "Selling Shareholder"). The Selling Shareholder intends to grant the underwriters a 30-day option to purchase up to 1,500,000 additional Class A shares. HESM will not receive any proceeds from the sale of Class A shares in the offering. Goldman Sachs & Co. LLC is acting as the bookrunning manager of the offering. The offering of these securities is being made only by means of the prospectus supplement and accompanyin
Hess Midstream Operations LP (the "Issuer"), a consolidated subsidiary of Hess Midstream LP (NYSE:HESM) ("HESM" and, together with the Issuer, "Hess Midstream"), today announced that it has priced $800 million aggregate principal amount of 5.875% senior unsecured notes due 2028 (the "Notes") at par in a private offering. Hess Midstream intends to use the net proceeds from the offering, along with borrowings under its revolving credit facility, to redeem its outstanding 5.625% senior notes due 2026. Hess Midstream delivered a notice of redemption in respect of its 5.625% senior notes due 2026 on February 3, 2025. The private offering of the Notes is expected to close on February 12, 2025, su
Hess Midstream Operations LP (the "Issuer"), a consolidated subsidiary of Hess Midstream LP (NYSE:HESM) ("HESM" and, together with the Issuer, "Hess Midstream"), today announced that it intends to offer $800 million aggregate principal amount of senior unsecured notes due 2028 (the "Notes") in a private offering. Hess Midstream intends to use the net proceeds from the offering, along with borrowings under its revolving credit facility, to redeem its outstanding 5.625% senior notes due 2026 (the "2026 Notes"). This is not a notice of redemption for the 2026 Notes. The Notes are being sold only to persons reasonably believed to be "qualified institutional buyers" pursuant to Rule 144A and
2025 and Long-Term Throughput Volumes Guidance Hess Midstream LP expects throughput volumes in 2025 to increase by approximately 10% across oil and gas systems compared with 2024. Hess Midstream LP expects continued growth in oil and gas throughput volumes beyond 2025 with approximately 10% growth in gas throughput volumes in 2026, followed by approximately 5% growth in 2027, and approximately 5% growth in oil throughput volumes in each of 2026 and 2027. 2025 Financial Guidance Hess Midstream LP expects $715 - $765 million of net income and $1,235 - $1,285 million of Adjusted EBITDA1 in 2025, representing an approximate 11% increase in Adjusted EBITDA, at the midpoint of guidanc
Key Developments: Completed accretive $100 million repurchase of Class B units of Hess Midstream Operations LP in January 2025. Increased quarterly cash distribution to $0.7012 per Class A share for the fourth quarter of 2024, an increase of $0.0166 per Class A share for the fourth quarter of 2024 compared with the third quarter of 2024. This increase is supported by excess Adjusted Free Cash Flow after distributions from the reduction in total units following the accretive $100 million unit repurchase. Fourth Quarter 2024 Highlights: Net income was $172.1 million. Net cash provided by operating activities was $258.5 million. Net income attributable to Hess Midstream LP was $
Hess Midstream LP (NYSE:HESM) ("Hess Midstream"), today announced that the Board of Directors of its general partner declared a quarterly cash distribution of $0.7012 per Class A share for the quarter ended December 31, 2024, an increase of $0.0166 per Class A share as compared with the third quarter of 2024. This increase is supported by excess adjusted free cash flow after distributions from the reduction in total units following Hess Midstream's accretive $100 million unit repurchase in January 2025 and, on an annualized basis, is significantly above Hess Midstream's targeted 5% growth in annual distributions per Class A share through 2026. "We continue to execute on our differentiated
Hess Midstream LP (NYSE:HESM) ("Hess Midstream") announced today that it will hold a conference call on Wednesday, January 29, 2025, at 12:00 p.m. Eastern Time to discuss its fourth quarter 2024 earnings release. To phone into the conference call, participants should register in advance using this link to receive a unique PIN and dial-in number. This conference call and subsequent replay will also be accessible by webcast (audio only) on Hess Midstream's website at www.hessmidstream.com. About Hess Midstream Hess Midstream is a fee-based, growth-oriented, midstream company that owns, operates, develops and acquires a diverse set of midstream assets to provide services to Hess and thir
Hess Midstream LP (NYSE:HESM) ("Hess Midstream"), today announced the execution of a definitive agreement providing for the repurchase of approximately $100 million of Class B units by its subsidiary, Hess Midstream Operations LP, from affiliates of Hess Corporation and Global Infrastructure Partners, a part of BlackRock, Hess Midstream's sponsors (the "Sponsors"). The terms of the proposed unit repurchase transaction were unanimously approved by the Board of Directors of Hess Midstream's general partner, based on the unanimous approval and recommendation of its conflicts committee composed solely of independent directors. "We continue to execute unit repurchase transactions as part of ou
Hess Midstream LP (NYSE:HESM) ("Hess Midstream") announced today that Jonathan Stein, Chief Financial Officer, and Jennifer Gordon, Vice President, Investor Relations, will meet with investors at the Goldman Sachs Energy, Clean Tech & Utilities Conference on January 7, 2025, and at the UBS Global Energy & Utilities Conference on January 14, 2025. A presentation has been posted in the "Investors" section of the Hess Midstream website at www.hessmidstream.com. About Hess Midstream Hess Midstream is a fee-based, growth-oriented, midstream company that owns, operates, develops and acquires a diverse set of midstream assets to provide services to Hess and third-party customers. Hess Midstr
JP Morgan downgraded Hess Midstream Partners from Overweight to Neutral and set a new price target of $37.00
Goldman resumed coverage of Hess Midstream Partners with a rating of Buy and set a new price target of $32.00
UBS initiated coverage of Hess Midstream Partners with a rating of Buy and set a new price target of $37.00
Raymond James initiated coverage of Hess Midstream Partners with a rating of Outperform and set a new price target of $35.00
Citigroup initiated coverage of Hess Midstream Partners with a rating of Buy and set a new price target of $34.00
Wells Fargo downgraded Hess Midstream from Overweight to Equal-Weight and set a new price target of $33.00
Morgan Stanley downgraded Hess Midstream from Overweight to Equal-Weight and set a new price target of $32.00
Wells Fargo reiterated coverage of Hess Midstream with a rating of Overweight and set a new price target of $31.00 from $30.00 previously
Credit Suisse reiterated coverage of Hess Midstream with a rating of Neutral and set a new price target of $27.00 from $25.00 previously
UBS downgraded Hess Midstream from Buy to Neutral and set a new price target of $29.00
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