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: 2026-08-03 (items 2.02, 9.01); 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).
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.