HESM

Over the past six months, Hess Midstream LP's stock (HESM) was up 6.75% and 23.25% year-to-date as of September 12, 2026, trading between a 52-week high of $41.44 and a low of $31.63. Key events include a strong Q2 2026 earnings beat, with an EPS of $0.75 topping estimates by $0.08 due to higher tariffs and lower costs. The company consistently increased its dividend, marking its seventh consecutive quarterly hike to $0.7888 per Class A unit in July 2026, targeting 5% annualized growth through 2028. HESM is transitioning into a capital-lighter phase, with 2026 expenditures expected around $105 million, down from $247.5 million in 2025, which is projected to support higher adjusted free cash flow for distributions, buybacks, and debt reduction. While the stock has shown positive returns, some valuation models flagged units as being above their estimated intrinsic value, with analyst recommendations in September 2026 showing 71.4% hold and 28.6% sell ratings. HESM's fee-based model and minimum-volume contracts provide insulation from direct commodity price swings, though broader energy sector sentiment and rising oil prices due to geopolitical events have improved the medium-term outlook, mitigating earlier concerns about Chevron slowing drilling activity in the Bakken shale.