Hess Midstream (HESM)
Operates oil, gas, and produced-water infrastructure in the Bakken.
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Owns and operates fee-based oil, gas, and produced-water infrastructure for Chevron, its subsidiaries, and third parties. Operations span Gathering, Processing and Storage, and Terminaling and Export, with assets concentrated in North Dakota's Bakken and Three Forks plays.
Operates fee-based infrastructure for oil, natural gas, and produced water across the Bakken and Three Forks plays in North Dakota. Services are provided to Chevron, Chevron subsidiaries, and third-party customers. The business owns, operates, develops, and acquires assets across the network.
Operations are organized into Gathering, Processing and Storage, and Terminaling and Export. Together, those segments support oil, gas, and produced-water handling across the Bakken footprint.
Assets are concentrated in the Williston Basin. Personnel are supplied through Chevron and affiliate secondment arrangements; Hess Midstream and its subsidiaries have no direct employees.
Company facts
Target rangeAs of Sep 22, 2026
Latest analyst notes
| Date | Firm | Action | Prior | Current |
|---|---|---|---|---|
| Jul 21, 2026 | Morgan Stanley | Reiterate | Rating: —Target: $38 | Target: $39 |
| Jun 10, 2026 | Morgan Stanley | Downgrade | ||
| May 12, 2026 | Morgan Stanley | Reiterate | Rating: —Target: $48 | Target: $38 |
| Apr 20, 2026 | Goldman Sachs | Downgrade | ||
| Apr 19, 2026 | Goldman Sachs | Target | Target: $36 | Target: $32 |
EPSReportedEstimate
RevenueReportedEstimate
Balance sheet, Jun 30, 2026Cash & short-term investments $5.0M · Total debt $3.68B · Total assets $4.26B · Shareholders' equity $514.6M
- Revenue
- $399.0M
- Operating income
- $253.2M
- Net income
- $96.4M
HistoryDividendAnnual yield
| Institutions | 55.45% | 114.58M shares | |
|---|---|---|---|
| 295 holders · as of Jun 30, 2026 | |||
| Insiders | 0.09% | 185.8K shares | |
| 7 holders · as of Mar 10, 2026 | |||
| Strategic holders | 17.48% | 36.12M shares | |
| 4 holders · as of Mar 4, 2026 | |||
| Other | 26.98% | 55.74M shares | |
| remainder | |||
206.63M company shares as of Sep 5, 2026 · institutions as of Jun 30, 2026 · holders as of their latest filing
Two share counts disagree (128.35M in the company's Sep 22, 2026 report, 206.63M elsewhere); stakes use the report.
Top shareholders13F · 13D/G · Form 4
| Holder | Stake | Shares | Date |
|---|---|---|---|
Alps Advisors IncInstitution | 14.16% | 29.25M | as of Jun 30, 2026 |
BlackRock Portfolio Management LLC1Strategic10 percent owner | 7.05% | 14.57M | filed May 30, 2025 |
Hess CorpStrategicdirector, 10 percent owner | 7.05% | 14.57M | filed May 12, 2025 |
Goldman Sachs Group IncInstitution | 4.06% | 8.39M | as of Jun 30, 2026 |
Goldman Sachs Asset Management, L.P.Institution | 4.03% | 8.33M | filed Nov 13, 2025 |
- Reported at 0.30% on May 30, 2025, under the 5% line, so no further filing is required.
Insider tradesForm 4
No open-market trades in the last 12 months.
- ONEOK
Largest Williston gas gatherer and processor
- Energy Transfer
Williston gas, crude and water-gathering alternative
- Targa Resources
Williston Basin gas and crude gathering and processing provider
- Kinder Morgan
Expanded Bakken gas gathering and processing through Hiland
CompareAfter hours
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| Hess Midstream | $39.00 | −0.45% | $8.18B | 13.6 | 13.3 | 5.1 | −3.5% |
| ONEOK | $90.09 | −0.03% | $57.85B | 15.8 | 15.2 | 1.5 | +52.8% |
| Energy Transfer | $20.48 | +0.10% | $71.92B | 13.0 | 12.5 | 0.7 | +78.4% |
| Targa Resources | $282.15 | −0.04% | $62.11B | 27.6 | 25.1 | 3.7 | +10.3% |
| Kinder Morgan | $31.27 | −0.02% | $70.63B | 20.3 | 21.2 | 3.9 | +10.8% |
| Median | 18.1 | 18.2 | 2.6 | +31.8% |