Hess Midstream LP
boothcheck covers Hess Midstream LP (HESM) but does not put one priced-in number on it: here the defensible answer is the evidence rather than a point estimate. boothcheck publishes no house fair value, target price, or buy/sell rating. Narrative composed July 26, 2026.
• Hess Midstream is a Bakken gathering and processing operator whose revenue is largely fee-based and protected by minimum-volume commitments from its sponsor, now Chevron, which the company cites as providing cash-flow stability and downside protection. [Source: HESM FY2025 10-K] • The defining risk is the capital structure: as a master limited partnership built to distribute almost all its cash, it carries about $3.8 billion of net debt at roughly 3.7 times operating income and relies on conti
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280 institutional managers reported holding HESM in 13F filings for the quarter ended 2026-03-31. Together they hold about 55% of the company; the top 10 hold 36%. 55 opened new positions that quarter. Held by Goldman Sachs, Blackstone, Invesco, among others. On the short side, 7.5M shares were sold short as of the 2026-06-15 count, about 4% of shares outstanding (6.5 days of typical volume to cover).
Quarterly 13F filings arrive up to 45 days after quarter end, so the picture is never current (filed through 2026-05-29). Nothing here is investment advice.
No open-market insider buys on file at HESM over the trailing three years. Absence is a fact about the company, not a signal. 18 officers and directors are on file.
Code P open-market purchases from SEC Form 4 filings, non-derivative, excluding scheduled 10b5-1 plans. Nothing here is investment advice.
HESM's recent reports: the day-one move, then what the following quarter actually did.
| report | day one | next quarter |
|---|---|---|
| 2023-08-04 | -2.4% | -7.0% |
| 2023-11-03 | -0.8% | +3.8% |
| 2024-03-01 | -1.1% | -1.1% |
| 2024-05-08 | -2.0% | +7.0% |
Day-one is the close-to-close move around the filing. Nothing here is investment advice.
HESM's latest 8-K filings: 2026-05-04 (items 2.02, 9.01); 2026-03-04 (items 1.01, 7.01, 8.01, 9.01); 2026-02-02 (items 2.02, 9.01); 2026-01-30 (items 5.03, 8.01, 9.01); 2025-12-09 (items 5.02).
Item codes are the SEC's own classification of what each report discloses. Dates link to the filing on EDGAR. Nothing here is investment advice.
Model solve date: 2026-Q2
Narrative composed: July 26, 2026
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For informational and research purposes only. Not investment advice. Not a recommendation to buy, sell, or hold any security. boothcheck is not a registered investment adviser. Past performance does not guarantee future results.