Hess Midstream LP Class A (HESM)

In the past six months, Hess Midstream LP's stock price has been impacted by several events. The company reported estimated results for Q4 2025 and announced its Q1 2026 earnings conference call. Hess Midstream LP announced a distribution per share level increase. The company announced the filing of its 2025 Annual Report on Form 10-K. Hess Midstream LP announced the signing of an accretive $60 million repurchase. Wells Fargo maintained its rating while raising the price target for HESM. The stock price has shown various movements, including falling below its 50-day moving average and rising above its 15-day moving average. The share price as of April 2, 2026, was $38.81, representing a 7.45% increase from April 7, 2025. Over the past 52 weeks, HESM has traded between a low of $31.63 and a high of $44.14.

Hess Midstream LP's revenue generation is primarily based on long-term, fee-based contracts that include volume commitments. The company's commercial agreements for crude oil gathering, terminaling, storage, gas processing, and gas gathering with Hess have been extended through December 31, 2033. Hess Midstream expects continued growth in throughput volumes across its gas, oil, and water systems, implying approximately 10% annualized growth from 2023 to 2025.

Hess Midstream LP (HESM) is a fee-based, growth-oriented midstream company in the Energy sector, specifically the Oil & Gas Midstream industry. It acquires, owns, operates, and develops midstream assets, providing services primarily to Hess Corporation, its subsidiaries, and third-party customers in the United States. The company operates through three segments: Gathering, which includes natural gas, crude oil, and produced water gathering systems; Processing and Storage, encompassing the Tioga Gas Plant and the Mentor Storage Terminal; and Terminaling and Export, including the Ramberg terminal facility and other connections. Hess Midstream generates revenue by charging fees for services such as gathering, compressing, and processing natural gas, fractionating NGLs, gathering, terminaling, and transporting crude oil and NGLs, storing propane, and gathering and disposing of produced water.

Hess Midstream's oil, gas, and produced water handling assets are primarily concentrated in the Bakken and Three Forks Shale plays within the Williston Basin area of North Dakota. Its processing and storage operations include the Mentor Storage Terminal in Mentor, Minnesota.

Hess Midstream LP's reputation is characterized by its strong financial performance and commitment to shareholder returns. The company has been noted for its strong cash flow and resilient financials. Hess Midstream has announced increases in its distribution per share, with a target of 5% distribution growth through 2028. The company has pivoted from a capital expenditure-intensive cycle to focusing on capital returns and balance sheet improvements. The company has generally beaten EPS expectations, indicating efficient operations.

Hess Midstream LP has a significant institutional ownership presence, with 280 institutional owners and shareholders holding a total of 119,707,155 shares as of April 9, 2026. Gip II Blue Holding LP is the largest individual shareholder, owning 114.13 million shares, representing 54.95% of the company. Hess Corp also holds a significant stake of 47.37%, or 98.37 million shares. Global Infrastructure Partners (GIP) completed a full exit of its position in Hess Midstream, resulting in ownership of approximately 62.2% for the public and 37.8% for Hess Corporation.