Hess Midstream
Operates oil, gas, and produced-water infrastructure in the Bakken.
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Profile
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
Categories
Key statistics
Year to date +14.2% · Average volume (30d) 1.2M
Analysts
Ratings
Target range
Latest analyst notes
| Date | Firm | Action | Prior rating | Rating | Prior target | Target |
|---|---|---|---|---|---|---|
| Jul 21, 2026 | Morgan Stanley | Reiterate | Underweight | $38 | $39 | |
| Jun 10, 2026 | Morgan Stanley | Downgrade | Equal Weight | Underweight | ||
| May 12, 2026 | Morgan Stanley | Reiterate | Equal Weight | $48 | $38 | |
| Apr 20, 2026 | Goldman Sachs | Downgrade | Neutral | Sell | ||
| Apr 19, 2026 | Goldman Sachs | Target | $36 | $32 |
Earnings
EPS
Revenue
History
| Report date | EPS est | EPS | Surprise | Revenue est | Revenue | Surprise | Next session |
|---|---|---|---|---|---|---|---|
| Aug 3, 2026Q2 FY26 | $0.67 | $0.75 | +11.6% | $396.0M | $399.0M | +0.8% | −0.15% |
| May 4, 2026Q1 FY26 | $0.65 | $0.68 | +4.6% | $389.5M | $390.1M | +0.2% | −0.86% |
| Feb 2, 2026Q4 FY25 | $0.72 | $0.72 | −0.4% | $419.2M | $404.2M | −3.6% | +0.54% |
| Nov 3, 2025Q3 FY25 | $0.73 | $0.75 | +2.6% | $417.9M | $420.9M | +0.7% | −1.62% |
Financial highlights
| 12 quarters | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | |
|---|---|---|---|---|---|---|---|
| Revenue | $381.0M | $413.5M | $419.6M | $403.1M | $388.7M | $399.0M | |
| Gross profit | $329.5M | $361.7M | $363.0M | $348.9M | $330.2M | $258.7M | |
| Operating income | $237.4M | $260.2M | $258.9M | $251.6M | $238.1M | $253.2M | |
| Net income | $71.6M | $90.3M | $97.7M | $93.3M | $87.6M | $96.4M | |
| Diluted EPS | $0.65 | $0.74 | $0.75 | $0.72 | $0.68 | $0.75 | |
| Gross margin | 86.5% | 87.5% | 86.5% | 86.6% | 84.9% | 64.8% | |
| Operating margin | 62.3% | 62.9% | 61.7% | 62.4% | 61.3% | 63.5% |
Fiscal years (4-quarter sums)FY21 $1.20B · FY22 $1.27B · FY23 $1.35B · FY24 $1.49B · FY25 $1.62B
Revenue by product · Q2 FY26
Balance sheet, Jun 30, 2026Cash & short-term investments $5.0M · Total debt $3.68B · Total assets $4.26B · Shareholders' equity $514.6M
Dividends
Raised for 7 straight years — most recently to $0.7888 from $0.7792 in Aug 2026. To collect a payout, hold shares through the close before the ex-date.
History
| Ex-date | Record | Paid | Amount | Note |
|---|---|---|---|---|
| Aug 6, 2026 | Aug 6 | Aug 14 | $0.7888 | raised from $0.7792 |
| May 7, 2026 | May 7 | May 14 | $0.7792 | raised from $0.7641 |
| Feb 5, 2026 | Feb 5 | Feb 13 | $0.7641 | raised from $0.7548 |
| Nov 6, 2025 | Nov 6 | Nov 14 | $0.7548 | raised from $0.737 |
| Aug 7, 2025 | Aug 7 | Aug 14 | $0.737 | raised from $0.7098 |
| May 8, 2025 | May 8 | May 14 | $0.7098 | raised from $0.7012 |
| Feb 6, 2025 | Feb 6 | Feb 14 | $0.7012 | raised from $0.6846 |
| Nov 7, 2024 | Nov 7 | Nov 14 | $0.6846 | raised from $0.6677 |
Ownership
Shares outstanding 206.63M · Float 204.56M · 99.0% free float
Top shareholders13F · 13D/G · Form 4
| Holder | Shares | % outstanding | Form | Filed |
|---|---|---|---|---|
| Chevron Corporation | 78.28M | 37.80% | 13D | Mar 4, 2026 |
| GIP II Blue Holding, L.P. | 31.23M | 23.20% | 13D | Jan 15, 2025 |
| Alps Advisors Inc | 29.25M | 14.16% | 13F | Jul 29, 2026 |
| Goldman Sachs Group Inc | 8.39M | 4.06% | 13F | Aug 14, 2026 |
| Invesco Ltd. | 7.54M | 3.65% | 13F | Aug 14, 2026 |
Insider tradesForm 4
No open-market trades in the last 12 months.
View detailsPeers
- 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 close
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| Hess Midstream | $39.56 | −0.07% | $8.17B | 13.6 | 13.5 | 5.1 | −3.5% |
| ONEOK | $94.50 | −0.26% | $59.71B | 16.3 | 15.6 | 1.5 | +52.8% |
| Energy Transfer | $21.34 | +0.12% | $73.33B | 13.2 | 12.9 | 0.7 | +78.4% |
| Targa Resources | $287.82 | +0.01% | $61.78B | 27.4 | 25.7 | 3.7 | +10.3% |
| Kinder Morgan | $31.50 | −0.16% | $70.28B | 20.2 | 21.2 | 3.9 | +10.8% |
| Median | 18.3 | 18.4 | 2.6 | +31.8% |