# Hess Midstream LP (HESM)

> Source: Nexqual · https://nexqual.com/HESM · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, Hess Midstream LP (HESM), nexqual.com/HESM" · informational, not investment advice.

**Price:** USD 30.04 (-3.32% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 31.07 · day 29.52–31.2 · 52w 29.52–41.44 · market cap $6.19B · NYQ

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $1.61B, net income $375M (23.2% margin), free cash flow $838M (SEC filings).
- Valuation: P/E 16.5x, EV/EBITDA 8.1x, net debt $3.67B.
- Analysts: Sell (mean 3.57 on a 1–5 scale) (7 analysts), mean target USD 33.67 (range 30–40).
- Total return with dividends: 1Y -3.1% vs S&P 500 +14.9%; 5Y +66.6% vs S&P 500 +80.3%.
- Next earnings: 2026-11-02, EPS estimate USD 0.71, revenue estimate $411M.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $1.20B | $1.28B | $1.35B | $1.50B | $1.62B | $1.61B |
| Operating income | $727M | $791M | $817M | $919M | $1.01B | $1.00B |
| Net income | $46.4M | $83.9M | $119M | $223M | $353M | $375M |
| Free cash flow | $632M | $623M | $643M | $634M | $728M | $838M |
| Operating margin | 60.4% | 62.0% | 60.6% | 61.5% | 62.2% | 62.1% |
| Net margin | 3.9% | 6.6% | 8.8% | 14.9% | 21.8% | 23.2% |
| Revenue growth | +10.2% | +5.9% | +5.8% | +10.9% | +8.4% | — |
| Cash + short-term investments | $2.2M | $3.1M | $5.4M | $4.3M | $1.9M | — |
| Total debt | $2.56B | $2.89B | $3.21B | $3.47B | $3.77B | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/E 16.5x · P/S 3.8x · EV/EBITDA 8.1x · EV/Sales 6.1x · P/FCF 7.4x · FCF yield 13.53% · Earnings yield 6.05% · Buyback yield (TTM) 2.58% · Net debt $3.67B · EV $9.87B

## Analysts
Consensus Sell (mean 3.57 on a 1–5 scale), 7 analysts; mean target USD 33.67 (low 30, high 40).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-23 | Raymond James | Upgrade | Market Perform → Outperform | $32 |
| 2026-10-13 | Citigroup | Target lowered | Neutral | $37 → $33 |
| 2026-10-13 | UBS | Target lowered | Neutral | $37 → $34 |
| 2026-10-13 | Morgan Stanley | Target lowered | Underweight | $39 → $30 |
| 2026-10-02 | JP Morgan | Downgrade | Neutral → Underweight | $39 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | -3.1% | +66.6% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | -3.1% | +10.7% |
| Volatility (annualized) | 26.7% | 26.5% |
| Max drawdown | -26.7% (Sep 2026→Oct 2026) | -25.9% (Aug 2026→Oct 2026) |

## Peers (Oil & Gas Midstream)
PAGP (Plains GP Holdings, L.P.) USD 27.93 +0.04% · SOBO (South Bow Corporation) USD 34.57 -0.52% · INSW (International Seaways, Inc.) USD 108.42 -2.46% · CMBT (CMB.TECH NV) USD 18.08 -1.42% · GLNG (Golar LNG Limited) USD 44.03 -2.13% · KNTK (Kinetik Holdings Inc.) USD 54.64 -1.89%

## More
Full page: https://nexqual.com/HESM · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Revenue by business segment (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Gathering | $209.8M | 52.6% | -5.7% |
| Processing & Storage | $151.3M | 37.9% | -4.2% |
| Terminaling & Export | $37.9M | 9.5% | +11.8% |
| Total revenue | $399.0M | 100% | — |

## Revenue by product line (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Affiliate Services | $379.8M | 95.2% | -6.3% |
| Third Party Services | $17.9M | 4.5% | +118.3% |
| Total revenue | $399.0M | 100% | — |

## Company outlook (8-K filed 2026-08-03)

- "Guidance: • Hess Midstream LP is reaffirming its full year 2026 financial and throughput guidance."

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $0.71 | $0.71 | +0.0% | $410.5M | 4 |
| Next quarter (ends 2026-12-31) | $0.83 | $0.73 | +13.6% | $410.5M | 4 |
| Current fiscal year (ends 2026-12-31) | $3.14 | $2.73 | +14.8% | $1.61B | 2 |
| Next fiscal year (ends 2027-12-31) | $2.80 | $2.91 | -3.7% | $1.45B | 4 |

## Options: expected move (Cboe, 15-min delayed)

Expected move by 2026-11-20 (includes earnings 2026-11-02): ±7.5%; last 8 reports averaged ±2.3%.

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-11-20 | 28 | 30.8% | ±7.5% |
| 2026-12-18 | 56 | 30.3% | ±9.7% |
| 2027-02-19 | 119 | 31.0% | ±14.8% |
| 2027-05-21 | 210 | 29.9% | ±18.6% |