HESM
Hess Midstream
October 13, 2026 · market open
- Rarity
- 1.63
- Peak move
- −3.89%
- Float cap
- $4.2B
Hess Midstream is a fee-based midstream limited partnership that owns, operates and develops oil, gas and produced water handling assets, primarily in the Bakken and Three Forks Shale plays of the Williston Basin in North Dakota. It gathers and processes natural gas, gathers, terminales and transports crude oil, stores propane, and gathers and disposes of produced water under long-term contracts with Chevron and third-party customers. Operations are reported in three segments: gathering, processing and storage, and terminaling and export.
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What we found
8 events · 0 from SEC or newswire · 0 timed with the moveanalyst_ratingUBS lowered its price target on Hess Midstream LP (HESM) to $34 from $37 while keeping a Neutral rating on the shares.
analyst_ratingMorgan Stanley cut its price target on Hess Midstream LP (HESM) to $30.00 from $39.00 on October 12, 2026, maintaining an Underweight/Sell rating, citing growth concerns.
executive_appointmentHess Midstream disclosed an offer letter with CEO Jonathan C. Stein effective at the transaction's closing, providing target annual compensation of at least $6.5 million including a base salary of no less than $800,000, a target annual cash bonus of at least 150% of base salary and an initial long-term incentive grant of $4.5 million.
insider_saleChevron director John B. Hess bought 457,596 Hess Midstream LP Class A shares at $33.0612 per share on Oct 7, about $15.1 million, disclosed in a Schedule 13D/A filed with the SEC on Oct 8.
acquisition_acquirerHess Midstream agreed to acquire Chevron's DJ Basin crude oil and gas gathering and storage assets, including ~400,000 bbl/d oil gathering, 300 MMcf/d gas gathering, ~420,000 bbl storage, a 20% Saddlehorn pipeline stake and ~670,000 dedicated acres, for $200M cash plus extended Bakken contracts, closing by year-end 2026.
guidance_changeHess Midstream updated FY2026 guidance to net income of $650-675M, adjusted EBITDA of $1,225-1,250M and adjusted free cash flow of $910-935M, and issued preliminary FY2027 guidance of $850-950M adjusted EBITDA and $525-625M adjusted free cash flow on ~$125M capex, with Bakken throughput down ~5% in 2027.
dividend_changeHess Midstream targets at least 5% per-Class-A-share distribution growth in the second half of 2026 and plans to hold quarterly distributions at the Q4 2026 level throughout 2027, funded by adjusted free cash flow.
board_changeAt closing of the Chevron transaction, all Chevron-affiliated Hess Midstream GP board members will resign; CEO Jonathan C. Stein joins the board, John P. Reddy becomes Chair, and shareholders gain the right to elect directors in 2028.