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 |
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) ("Hess Midstream") announced today that it will hold a conference call on Wednesday, October 30, 2024, at 12:00 p.m. Eastern Time to discuss its third 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 third-pa
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 (the "Selling Shareholder"). 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. HESM will not receive any proceeds from the sale of Class A shares in the offering. The offering is expected to close on September 20, 2024, subject to customary closing condit
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 (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. Citigroup is acting as the bookrunning manager of the offering. The underwriter intends to offer the Class A shares from time to time for sale in one or more transactions on the New York Stock Exchange, in t
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, 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 our unique financial str
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 Barclays Annual CEO Energy-Power Conference on September 3, 2024. 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 Midstream owns oil, gas and produced water handling assets that are primarily located in
Second Quarter 2024 Highlights: Throughput volumes increased 17% for gas processing, 17% for oil terminaling and 43% for water gathering compared with the prior-year quarter, primarily due to higher production, higher gas capture and higher system utilization. Net income was $160.3 million. Net cash provided by operating activities was $271.6 million. Net income attributable to Hess Midstream LP was $49.5 million, or $0.59 basic earnings per Class A share, after deduction for noncontrolling interests. Adjusted EBITDA1 was $276.5 million and Adjusted Free Cash Flow1 was $156.4 million. Completed accretive $100 million repurchase of Class B units of Hess Midstream Operations LP
Hess Midstream LP (NYSE:HESM) ("Hess Midstream"), today announced that the Board of Directors of its general partner declared a quarterly cash distribution of $0.6677 per Class A share for the quarter ended June 30, 2024, an increase of $0.0161 per Class A share as compared with the first 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 June 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 continue to
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 Raymond James Industrial & Energy Showcase on August 8, 2024, and at the Citi Midstream and Infrastructure Conference on August 13-14, 2024. A presentation will be 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 Midstream owns
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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) ("Hess Midstream") announced today that it will hold a conference call on Wednesday, October 30, 2024, at 12:00 p.m. Eastern Time to discuss its third 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 third-pa
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, 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 our unique financial str
Second Quarter 2024 Highlights: Throughput volumes increased 17% for gas processing, 17% for oil terminaling and 43% for water gathering compared with the prior-year quarter, primarily due to higher production, higher gas capture and higher system utilization. Net income was $160.3 million. Net cash provided by operating activities was $271.6 million. Net income attributable to Hess Midstream LP was $49.5 million, or $0.59 basic earnings per Class A share, after deduction for noncontrolling interests. Adjusted EBITDA1 was $276.5 million and Adjusted Free Cash Flow1 was $156.4 million. Completed accretive $100 million repurchase of Class B units of Hess Midstream Operations LP
Hess Midstream LP (NYSE:HESM) ("Hess Midstream"), today announced that the Board of Directors of its general partner declared a quarterly cash distribution of $0.6677 per Class A share for the quarter ended June 30, 2024, an increase of $0.0161 per Class A share as compared with the first 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 June 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 continue to
Hess Midstream LP (NYSE:HESM) ("Hess Midstream") announced today that it will hold a conference call on Wednesday, July 31, 2024, at 12:00 p.m. Eastern Time to discuss its second 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 third-p
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, 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 our unique financial str
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 $600 million aggregate principal amount of 6.500% senior unsecured notes due 2029 (the "Notes") at par in a private offering. The aggregate principal amount of the offering was increased from the previously announced offering size of $500 million. Hess Midstream intends to use the net proceeds from the offering to reduce indebtedness outstanding under its revolving credit facility and any remaining net proceeds for general corporate purposes. The private offering of the Notes is expected to close
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 $500 million aggregate principal amount of senior unsecured notes due 2029 (the "Notes") in a private offering. Hess Midstream intends to use the net proceeds from the offering to reduce indebtedness outstanding under its revolving credit facility and any remaining net proceeds for general corporate purposes. The Notes are being sold only to persons reasonably believed to be "qualified institutional buyers" in the United States pursuant to Rule 144A and outside the United States to non-U
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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UBS analyst Brian Reynolds maintains Hess Midstream (NYSE:HESM) with a Buy and raises the price target from $38 to $40.
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, 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.
Hess Midstream LP (NYSE:HESM) shares are trading lower by 3.83% to $34.44 during Thursday’s session after the company announced a 10 million share offering by a selling shareholder. The public offering aims to generate $343 million in gross proceeds. The underwriter, J.P. Morgan, has a 30-day option to buy up to 1.5 million additional shares. Hess Midstream will not receive any proceeds from this sale. The offering is set to close on May 31, pending customary conditions. The shares will be sold on the NYSE, over-the-counter, or through negotiated transactions at market or negotiated prices. See Also: Kohl’s Q1 Earnings: Revenue And Profit Miss, Outlook Cut, Stock Tumbles How To
HESM will not receive any proceeds from the sale of Class A shares in the offering. The offering is expected to close on May 31, 2024, subject to customary closing conditions.
Wells Fargo analyst Praneeth Satish maintains Hess Midstream (NYSE:HESM) with a Equal-Weight and raises the price target from $36 to $37.