Symbols / HESM Stock $37.73 +1.92% Hess Midstream LP

Energy • Oil & Gas Midstream • United States • NYQ
HESM (Stock) Chart
O: — H: — L: — C: — V: —
SMA 20: — SMA 50: — SMA 200: —
Stock Fundamentals
Scroll to Statements
Index EQUITY
Sector Energy
Industry Oil & Gas Midstream
CEO Mr. Jonathan C. Stein
Exch · Country NYQ · United States
Market Cap 4.88B
Enterprise Value 8.43B
Income 352.90M
Sales 1.62B
FCF (ttm) 409.76M
Book/sh 4.39
Cash/sh 0.01
Employees —
Insider 10d —
IPO Apr 05, 2017
Div forward ($/yr)
Div TTM ($/yr)
Dividend Yield
Ex-Div Date
5Y Avg Yield
Yield vs 5Y Avg
Payout 101.50%
P/E 13.19
Forward P/E 12.30
PEG —
P/S 3.01
P/B 8.59
P/C —
EV/EBITDA 6.90
EV/Sales 5.20
Quick Ratio 0.81
Current Ratio 0.85
Debt/Eq 861.38
LT Debt/Eq —
EPS (ttm) 2.86
EPS next Y 3.07
EPS Growth 9.20%
Revenue Growth 2.10%
EPS Gr Q/Q 32.50%
Rev Gr Q/Q —
Earnings (next) 2026-05-04
Earnings (prior) 2026-02-02
ROA 14.76%
ROE 151.59%
ROIC —
Gross Margin 77.14%
Oper. Margin 62.25%
Profit Margin 21.77%
Shs Outstand 129.40M
Shs Float 128.73M
Insider Own 0.85%
Instit Own 96.07%
Short Float 7.67%
Short Ratio 5.11
Short Interest 7.55M
52W High 44.14
vs 52W High -14.52%
52W Low 31.63
vs 52W Low 19.29%
Beta 0.55
Impl. Vol. 34.86%
Rel Volume 0.87
Avg Volume 1.61M
Volume 1.41M
Target (mean) $37.50
Tgt Median $37.00
Tgt Low $32.00
Tgt High $42.00
# Analysts 6
Recom Hold
Prev Close $37.02
Price $37.73
Change 1.92%
About

Hess Midstream LP acquires, owns, operates, and develops midstream assets and provide fee-based services to sponsor, its subsidiaries, and third-party customers in the United States. It operates through three segments: Gathering; Processing and Storage; and Terminaling and Export. The Gathering segment owns natural gas gathering and compression systems; crude oil gathering systems; and produced water gathering and disposal facilities. Its gathering system consists of approximately 1,430 miles of high- and low-pressure natural gas and natural gas liquids gathering pipelines with capacity of approximately 685 million cubic feet per day; crude oil gathering system comprises approximately 615 miles of crude oil gathering pipelines; and produces water gathering system that includes approximately 360 miles of pipelines in gathering systems. The Processing and Storage segment comprises Tioga Gas Plant, a natural gas processing and fractionation plant located in Tioga, North Dakota; Mentor Storage Terminal, a propane storage cavern and rail, and truck loading and unloading facility located in Mentor, Minnesota; and Terminaling and Export segment that owns Ramberg terminal facility, the Tioga rail terminal, crude oil rail cars, and other Dakota access pipeline connections, as well as Johnson's Corner Header System, a crude oil pipeline header system; and other DAPL connections. Hess Midstream LP was formerly known as Hess Midstream Partners LP and changed its name to Hess Midstream LP in December 2019. Hess Midstream LP was founded in 2014 and is based in Houston, Texas.

Valuation Models

Price estimates from analyst targets and simple models.

1. Analyst consensus
$37.50
Mean price target
2. Current target
$37.73
Latest analyst target
3. DCF / Fair value
$57.00
Simplified: (Free Cash Flow ÷ Shares) × 18 (P/FCF multiple). Not a …
Ratings
Current target
$37.73
Low
$32.00
High
$42.00
Mean
$37.50

Latest analyst rating changes

Date Action Analyst Rating Change Price Target
2026-04-20 down Goldman Sachs Neutral → Sell $32
2026-03-13 main Wells Fargo Equal-Weight → Equal-Weight $40
2026-01-05 down Raymond James Outperform → Market Perform —
2025-10-24 reit Raymond James Outperform → Outperform $35
2025-09-23 main Citigroup Neutral → Neutral $37
2025-09-19 down Wells Fargo Overweight → Equal-Weight $39
2025-09-11 down Citigroup Buy → Neutral $41
2025-09-10 down UBS Buy → Neutral $43
2025-08-22 main JP Morgan Neutral → Neutral $46
2025-08-01 main Wells Fargo Overweight → Overweight $48
2025-07-25 up Wells Fargo Equal-Weight → Overweight $47
2025-05-01 main Wells Fargo Equal-Weight → Equal-Weight $41
2025-03-27 main JP Morgan Neutral → Neutral $44
2025-02-18 main Citigroup Buy → Buy $44
2025-02-04 main Wells Fargo Equal-Weight → Equal-Weight $42
2025-01-30 reit Raymond James Outperform → Outperform $48
2025-01-28 main Raymond James Outperform → Outperform $45
2024-08-21 main JP Morgan Neutral → Neutral $39
2024-07-03 main UBS Buy → Buy $40
2024-04-29 main Wells Fargo Equal-Weight → Equal-Weight $37
News
RSS: Latest HESM news
Insider Transactions
Filed Date Insider Relationship Transaction Shares Price Value SEC
2026-03-06 NIEMIEC DAVID W Director — 1,612 — —
2026-03-06 REDDY JOHN PATRICK Director — 1,612 — —
2026-03-06 STEIN JONATHAN C Chief Executive Officer — 2,066 — —
2026-03-06 LETWIN STEPHEN J J Director — 1,612 — —
2026-03-06 BAST MICHAEL President — 3,445 — —
2025-09-26 GATLING JOHN A President — 13,904 — —
2025-08-12 GATLING JOHN A President — 62,457 $41.59 $2,597,593
2025-06-09 SCHOONMAN GEURT G Director — 3,249 $39.10 $127,055
2025-05-30 BLACKROCK PORTFOLIO MANAGEMENT LLC Beneficial Owner of more than 10% of a Class of Security — 15,022,517 $36.86 $553,729,977
2025-05-30 BLACKROCK PORTFOLIO MANAGEMENT LLC Beneficial Owner of more than 10% of a Class of Security — 14,573,517 — —
Financials
Statement View
Amounts in millions (2 decimals, no suffix) • EPS per share (2 decimals) • Trend = period evolution • YoY Growth = previous period %
Line Item Trend 2025-12-31 2024-12-31 2023-12-31 2022-12-31
Total Revenue
1,617.20
+8.40%
1,491.90
+10.83%
1,346.10
+5.73%
1,273.20
Operating Revenue
1,617.20
+8.40%
1,491.90
+10.83%
1,346.10
+5.73%
1,273.20
Cost Of Revenue
214.10
+5.42%
203.10
+5.51%
192.50
+6.18%
181.30
Reconciled Cost Of Revenue
214.10
+5.42%
203.10
+5.51%
192.50
+6.18%
181.30
Gross Profit
1,403.10
+8.87%
1,288.80
+11.72%
1,153.60
+5.65%
1,091.90
Operating Expense
395.00
+6.81%
369.80
+9.83%
336.70
+11.97%
300.70
Selling General And Administration
28.50
+9.20%
26.10
-0.38%
26.20
+13.42%
23.10
General And Administrative Expense
28.50
+9.20%
26.10
-0.38%
26.20
+13.42%
23.10
Other Gand A
28.50
+9.20%
26.10
-0.38%
26.20
+13.42%
23.10
Other Operating Expenses
-4.10
-13.89%
-3.60
-44.00%
-2.50
-25.00%
-2.00
Total Expenses
609.10
+6.32%
572.90
+8.26%
529.20
+9.79%
482.00
Operating Income
1,008.10
+9.70%
919.00
+12.50%
816.90
+3.25%
791.20
Total Operating Income As Reported
1,008.10
+9.70%
919.00
+12.50%
816.90
+3.25%
791.20
EBITDA
1,238.10
+8.98%
1,136.10
+11.70%
1,017.10
+4.02%
977.80
Normalized EBITDA
1,222.20
+8.92%
1,122.10
+11.17%
1,009.40
+3.79%
972.50
Reconciled Depreciation
214.10
+5.42%
203.10
+5.51%
192.50
+6.18%
181.30
EBIT
1,024.00
+9.75%
933.00
+13.15%
824.60
+3.53%
796.50
Total Unusual Items
15.90
+13.57%
14.00
+81.82%
7.70
+45.28%
5.30
Total Unusual Items Excluding Goodwill
15.90
+13.57%
14.00
+81.82%
7.70
+45.28%
5.30
Special Income Charges
—
—
—
0.00
Net Income
352.90
+58.18%
223.10
+88.11%
118.60
+41.36%
83.90
Pretax Income
798.40
+9.25%
730.80
+13.20%
645.60
-0.25%
647.20
Net Non Operating Interest Income Expense
-225.60
-11.57%
-202.20
-12.96%
-179.00
-19.89%
-149.30
Interest Expense Non Operating
225.60
+11.57%
202.20
+12.96%
179.00
+19.89%
149.30
Net Interest Income
-225.60
-11.57%
-202.20
-12.96%
-179.00
-19.89%
-149.30
Interest Expense
225.60
+11.57%
202.20
+12.96%
179.00
+19.89%
149.30
Other Income Expense
15.90
+13.57%
14.00
+81.82%
7.70
+45.28%
5.30
Gain On Sale Of Security
15.90
+13.57%
14.00
+81.82%
7.70
+45.28%
5.30
Tax Provision
113.80
+58.50%
71.80
+89.45%
37.90
+42.48%
26.60
Tax Rate For Calcs
0.00
+44.44%
0.00
+67.80%
0.00
+43.90%
0.00
Tax Effect Of Unusual Items
2.27
+64.05%
1.39
+205.08%
0.45
+109.07%
0.22
Net Income Including Noncontrolling Interests
684.60
+3.88%
659.00
+8.44%
607.70
-2.08%
620.60
Net Income From Continuing Operation Net Minority Interest
352.90
+58.18%
223.10
+88.11%
118.60
+41.36%
83.90
Net Income From Continuing And Discontinued Operation
352.90
+58.18%
223.10
+88.11%
118.60
+41.36%
83.90
Net Income Continuous Operations
684.60
+3.88%
659.00
+8.44%
607.70
-2.08%
620.60
Minority Interests
-331.70
+23.90%
-435.90
+10.88%
-489.10
+8.87%
-536.70
Normalized Income
339.27
+61.19%
210.49
+89.02%
111.35
+41.28%
78.82
Net Income Common Stockholders
352.90
+58.18%
223.10
+88.11%
118.60
+41.36%
83.90
Diluted EPS
2.86
+14.86%
2.49
+19.71%
2.08
+3.48%
2.01
Basic EPS
2.87
+14.34%
2.51
+18.96%
2.11
+3.94%
2.03
Basic Average Shares
123.10
+38.31%
89.00
+58.36%
56.20
+36.08%
41.30
Diluted Average Shares
123.10
+38.31%
89.00
+58.08%
56.30
+35.99%
41.40
Diluted NI Availto Com Stockholders
352.90
+58.18%
223.10
+88.11%
118.60
+41.36%
83.90
Earnings From Equity Interest
—
—
7.70
+45.28%
5.30
Gain On Sale Of PPE
—
—
—
0.00
Line Item Trend 2025-12-31 2024-12-31 2023-12-31 2022-12-31
Total Assets
4,388.30
+5.72%
4,151.00
+9.54%
3,789.50
+5.61%
3,588.20
Current Assets
159.00
+6.43%
149.40
+9.21%
136.80
+3.40%
132.30
Cash Cash Equivalents And Short Term Investments
1.90
-55.81%
4.30
-20.37%
5.40
+74.19%
3.10
Cash And Cash Equivalents
1.90
-55.81%
4.30
-20.37%
5.40
+74.19%
3.10
Receivables
150.20
+8.14%
138.90
+11.66%
124.40
+1.14%
123.00
Accounts Receivable
150.20
+8.14%
138.90
+11.66%
124.40
+1.14%
123.00
Other Current Assets
6.90
+11.29%
6.20
-11.43%
7.00
+12.90%
6.20
Total Non Current Assets
4,229.30
+5.69%
4,001.60
+9.55%
3,652.70
+5.69%
3,455.90
Net PPE
3,369.80
+1.34%
3,325.40
+2.98%
3,229.20
+1.78%
3,172.80
Gross PPE
5,374.60
+5.03%
5,117.20
+6.19%
4,818.70
+5.43%
4,570.50
Accumulated Depreciation
-2,004.80
-11.89%
-1,791.80
-12.73%
-1,589.50
-13.72%
-1,397.70
Buildings And Improvements
182.30
+0.00%
182.30
+0.00%
182.30
+0.00%
182.30
Machinery Furniture Equipment
876.30
+1.21%
865.80
+1.41%
853.80
+3.69%
823.40
Construction In Progress
233.60
-6.60%
250.10
+83.49%
136.30
+0.00%
136.30
Other Properties
4,082.40
+6.90%
3,819.00
+4.74%
3,646.30
+6.35%
3,428.50
Investments And Advances
81.50
-6.32%
87.00
-3.55%
90.20
-3.94%
93.90
Long Term Equity Investment
81.50
-6.32%
87.00
-3.55%
90.20
-3.94%
93.90
Non Current Accounts Receivable
—
0.20
-33.33%
0.30
-57.14%
0.70
Non Current Deferred Assets
773.90
+32.84%
582.60
+79.59%
324.40
+83.07%
177.20
Non Current Deferred Taxes Assets
773.90
+32.84%
582.60
+79.59%
324.40
+83.07%
177.20
Other Non Current Assets
4.10
-35.94%
6.40
-25.58%
8.60
-23.89%
11.30
Total Liabilities Net Minority Interest
3,950.40
+7.18%
3,685.70
+7.57%
3,426.30
+12.00%
3,059.20
Current Liabilities
187.80
-14.36%
219.30
+4.33%
210.20
+31.79%
159.50
Payables And Accrued Expenses
155.10
-21.11%
196.60
-0.25%
197.10
+26.10%
156.30
Payables
65.70
-36.09%
102.80
+12.72%
91.20
+24.25%
73.40
Accounts Payable
24.90
-55.46%
55.90
+45.19%
38.50
+10.00%
35.00
Current Accrued Expenses
89.40
-4.69%
93.80
-11.43%
105.90
+27.74%
82.90
Total Tax Payable
13.90
+3.73%
13.40
+16.52%
11.50
+7.48%
10.70
Current Debt And Capital Lease Obligation
32.50
+44.44%
22.50
+80.00%
12.50
+400.00%
2.50
Current Debt
32.50
+44.44%
22.50
+80.00%
12.50
+400.00%
2.50
Other Current Liabilities
0.20
+0.00%
0.20
-66.67%
0.60
-14.29%
0.70
Total Non Current Liabilities Net Minority Interest
3,762.60
+8.54%
3,466.40
+7.78%
3,216.10
+10.91%
2,899.70
Long Term Debt And Capital Lease Obligation
3,739.50
+8.41%
3,449.40
+7.83%
3,198.90
+10.95%
2,883.10
Long Term Debt
3,739.50
+8.41%
3,449.40
+7.83%
3,198.90
+10.95%
2,883.10
Non Current Deferred Liabilities
0.50
+0.00%
0.50
+0.00%
0.50
+0.00%
0.50
Non Current Deferred Taxes Liabilities
0.50
+0.00%
0.50
+0.00%
0.50
+0.00%
0.50
Other Non Current Liabilities
22.60
+36.97%
16.50
-1.20%
16.70
+3.73%
16.10
Stockholders Equity
0.00
0.00
0.00
0.00
Common Stock Equity
568.30
+7.08%
530.70
+56.00%
340.20
+38.80%
245.10
Share Issued
129.40
+24.32%
104.09
+52.25%
68.37
+55.37%
44.00
Ordinary Shares Number
129.40
+24.32%
104.09
+52.25%
68.37
+55.37%
44.00
Gains Losses Not Affecting Retained Earnings
—
—
—
0.00
Minority Interest
-130.40
-99.39%
-65.40
-384.35%
23.00
-91.90%
283.90
Total Equity Gross Minority Interest
437.90
-5.89%
465.30
+28.11%
363.20
-31.34%
529.00
Total Capitalization
4,307.80
+8.23%
3,980.10
+12.46%
3,539.10
+13.14%
3,128.20
Working Capital
-28.80
+58.80%
-69.90
+4.77%
-73.40
-169.85%
-27.20
Invested Capital
4,340.30
+8.44%
4,002.60
+12.70%
3,551.60
+13.44%
3,130.70
Total Debt
3,772.00
+8.64%
3,471.90
+8.11%
3,211.40
+11.29%
2,885.60
Net Debt
3,770.10
+8.72%
3,467.60
+8.16%
3,206.00
+11.22%
2,882.50
Net Tangible Assets
0.00
0.00
0.00
0.00
Tangible Book Value
568.30
+7.08%
530.70
+56.00%
340.20
+38.80%
245.10
Duefrom Related Parties Non Current
0.00
-100.00%
0.20
-33.33%
0.30
-57.14%
0.70
Dueto Related Parties Current
26.90
-19.70%
33.50
-18.69%
41.20
+48.74%
27.70
Interest Payable
37.80
-2.07%
38.60
+7.82%
35.80
+1.13%
35.40
Limited Partnership Capital
568.30
+7.08%
530.70
+56.00%
340.20
+38.80%
245.10
Total Partnership Capital
568.30
+7.08%
530.70
+56.00%
340.20
+38.80%
245.10
Line Item Trend 2025-12-31 2024-12-31 2023-12-31 2022-12-31
Operating Cash Flow
983.80
+4.63%
940.30
+8.53%
866.40
+0.62%
861.10
Cash Flow From Continuing Operating Activities
983.80
+4.63%
940.30
+8.53%
866.40
+0.62%
861.10
Net Income From Continuing Operations
684.60
+3.88%
659.00
+8.44%
607.70
-2.08%
620.60
Depreciation Amortization Depletion
214.10
+5.42%
203.10
+5.51%
192.50
+6.18%
181.30
Depreciation
214.10
+5.42%
203.10
+5.51%
192.50
+6.18%
181.30
Depreciation And Amortization
214.10
+5.42%
203.10
+5.51%
192.50
+6.18%
181.30
Other Non Cash Items
14.10
+46.88%
9.60
+14.29%
8.40
-4.55%
8.80
Stock Based Compensation
1.60
-11.11%
1.80
+5.88%
1.70
+6.25%
1.60
Deferred Tax
113.70
+58.80%
71.60
+88.92%
37.90
+42.48%
26.60
Deferred Income Tax
113.70
+58.80%
71.60
+88.92%
37.90
+42.48%
26.60
Operating Gains Losses
-15.90
-13.57%
-14.00
-81.82%
-7.70
-45.28%
-5.30
Gain Loss On Sale Of PPE
—
—
—
0.00
Change In Working Capital
-49.80
-522.50%
-8.00
-155.17%
14.50
+0.00%
14.50
Change In Receivables
-11.10
+22.92%
-14.40
-1340.00%
-1.00
+61.54%
-2.60
Changes In Account Receivables
-11.10
+22.92%
-14.40
-1340.00%
-1.00
+61.54%
-2.60
Change In Payables And Accrued Expense
-34.00
-326.67%
15.00
-14.77%
17.60
+54.39%
11.40
Change In Accrued Expense
6.40
+82.86%
3.50
-12.50%
4.00
-56.04%
9.10
Change In Payable
-40.40
-451.30%
11.50
-15.44%
13.60
+491.30%
2.30
Change In Account Payable
-40.40
-451.30%
11.50
-15.44%
13.60
+491.30%
2.30
Change In Other Current Assets
-0.40
-144.44%
0.90
+550.00%
-0.20
-105.71%
3.50
Change In Other Current Liabilities
-4.30
+54.74%
-9.50
-400.00%
-1.90
-186.36%
2.20
Investing Cash Flow
-255.60
+16.50%
-306.10
-36.96%
-223.50
+6.17%
-238.20
Cash Flow From Continuing Investing Activities
-255.60
+16.50%
-306.10
-36.96%
-223.50
+6.17%
-238.20
Net PPE Purchase And Sale
-255.60
+16.50%
-306.10
-36.96%
-223.50
+6.17%
-238.20
Purchase Of PPE
-255.60
+16.50%
-306.10
-36.96%
-223.50
+6.17%
-238.20
Sale Of PPE
—
—
—
0.00
Capital Expenditure
-255.60
+16.50%
-306.10
-36.96%
-223.50
+6.17%
-238.20
Net Business Purchase And Sale
—
—
—
—
Purchase Of Business
—
—
—
—
Financing Cash Flow
-730.60
-15.00%
-635.30
+0.83%
-640.60
-2.99%
-622.00
Cash Flow From Continuing Financing Activities
-730.60
-15.00%
-635.30
+0.83%
-640.60
-2.99%
-622.00
Net Issuance Payments Of Debt
300.50
+14.48%
262.50
-17.84%
319.50
-1.39%
324.00
Issuance Of Debt
800.00
+33.33%
600.00
0.00
-100.00%
420.00
Repayment Of Debt
-822.50
-6480.00%
-12.50
-400.00%
-2.50
+75.00%
-10.00
Long Term Debt Issuance
800.00
+33.33%
600.00
0.00
-100.00%
420.00
Long Term Debt Payments
-822.50
-6480.00%
-12.50
-400.00%
-2.50
+75.00%
-10.00
Net Long Term Debt Issuance
-22.50
-103.83%
587.50
+23600.00%
-2.50
-100.61%
410.00
Net Short Term Debt Issuance
323.00
+199.38%
-325.00
-200.93%
322.00
+474.42%
-86.00
Net Common Stock Issuance
-400.00
-33.33%
-300.00
+25.00%
-400.00
+0.00%
-400.00
Common Stock Payments
-400.00
-33.33%
-300.00
+25.00%
-400.00
+0.00%
-400.00
Common Stock Dividend Paid
-350.20
-48.83%
-235.30
-84.55%
-127.50
-40.11%
-91.00
Cash Dividends Paid
-350.20
-48.83%
-235.30
-84.55%
-127.50
-40.11%
-91.00
Repurchase Of Capital Stock
-400.00
-33.33%
-300.00
+25.00%
-400.00
+0.00%
-400.00
Net Other Financing Charges
-280.90
+22.51%
-362.50
+16.20%
-432.60
+4.92%
-455.00
Changes In Cash
-2.40
-118.18%
-1.10
-147.83%
2.30
+155.56%
0.90
Beginning Cash Position
4.30
-20.37%
5.40
+74.19%
3.10
+40.91%
2.20
End Cash Position
1.90
-55.81%
4.30
-20.37%
5.40
+74.19%
3.10
Free Cash Flow
728.20
+14.82%
634.20
-1.35%
642.90
+3.21%
622.90
Dividend Received CFO
21.40
+24.42%
17.20
+50.88%
11.40
-12.31%
13.00
Earnings Losses From Equity Investments
-15.90
-13.57%
-14.00
-81.82%
-7.70
-45.28%
-5.30
SEC Filings

Recent 10-K, 10-Q, 8-K, and Form 4 (insider) filings.

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