HESM
Hess Midstream LP
NYSEUSDEQUITY
Energy
DELAYED
Neutral
-6/100
Last price
38.48
▲ 0.07 (0.18%)
MARKET · —
Price
Chart style
Interval
Intraday intervals only cover recent history. The site picks the finest interval the range allows.
Overlays
Session levels
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Both series are rebased to 0% at the left edge, so the lines show relative performance rather than price.
Tool
1D
—
H —
L —
Range —
Vol —
vs
Drag pan · Pinch zoom · Hold crosshair · pick a tool then drag to draw
Open
38.30
Prev close
38.41
Day high
38.85
Day low
38.05
Volume
938.03K
Market cap
$7.98B
P/E (TTM)
13.34
52W range
31.63 – 41.44
Day trading desk
Gap from prior close
-0.29%
Prior close 38.41
VWAP
38.64
-0.42% from price
Relative volume
1.27×
Normal
Session range
2.10%
38.05 – 38.85
Position in range
54%
Mid range
ATR (14D)
0.84
2.20% of price
Prior day high
38.60
PDH
Prior day low
37.74
PDL
Bid / ask spread
—
Quote not published
Session volume
1.56M
Avg 1.23M
VWAP and the session figures are computed from the delayed intraday series on this page, so they lag the live tape and will not match a broker's real-time VWAP exactly. Turn on Prior day H/L/C, Opening range and Volume profile in the chart's Studies menu to see these levels drawn on price.
Trailing performance
Returnvs SPY
1W
+2.82%
+0.9%
1M
-3.06%
-4.2%
3M
-0.77%
-5.3%
6M
-1.68%
-19.9%
YTD
+12.14%
-2.1%
1Y
+12.44%
-4.0%
3Y
+32.82%
-49.4%
5Y
—
—
Price return only. Dividends are not reinvested, so total return on a dividend payer will be higher than shown.
Unusual options activity
Nothing crossed the thresholds in the expiries we scanned.
That is the normal state — most contracts trade well inside their existing open interest.
That is the normal state — most contracts trade well inside their existing open interest.
Contracts trading at or above their open interest, ranked by notional and where the print landed.
Free account
5 more panels on HESM open with an account.
Options chains and analytics, valuation ratios, insider filings, analyst targets and ownership. No card, no trial, nothing to cancel.
Insider net activity
Net shares
0
Net selling
Buy transactions
0
0 shares
Sell transactions
0
—
Net transactions
0
Buys less sells
Sell : buy shares
—
Not enough filings
Insider-held shares
1.10M
Total on file
Insider transactions
| Date | Insider | Action | Shares | Value | Held |
|---|---|---|---|---|---|
| Mar 6, 26 | NIEMIEC DAVID W Director |
— | 1.61K | — | Direct |
| Mar 6, 26 | REDDY JOHN PATRICK Director |
— | 1.61K | — | Direct |
| Mar 6, 26 | STEIN JONATHAN C Chief Executive Officer |
— | 2.07K | — | Direct |
| Mar 6, 26 | LETWIN STEPHEN J J Director |
— | 1.61K | — | Direct |
| Mar 6, 26 | BAST MICHAEL President |
— | 3.44K | — | Direct |
| Sep 26, 25 | GATLING JOHN A President |
— | 13.90K | — | Direct |
| Aug 12, 25 | GATLING JOHN A President |
SELL | 62.46K | $2.60M | Direct |
| Jun 9, 25 | SCHOONMAN GEURT G Director |
SELL | 3.25K | $127.06K | Direct |
| May 30, 25 | BLACKROCK PORTFOLIO MANAGEMENT LLC Beneficial Owner of more than 10% of a Class of Security |
SELL | 15.02M | $553.73M | Indirect |
| May 30, 25 | BLACKROCK PORTFOLIO MANAGEMENT LLC Beneficial Owner of more than 10% of a Class of Security |
— | 14.57M | — | Indirect |
| Mar 11, 25 | GATLING JOHN A President |
SELL | 2.09K | $84.73K | Direct |
| Mar 7, 25 | NIEMIEC DAVID W Director |
— | 1.85K | — | Direct |
| Mar 7, 25 | REDDY JOHN PATRICK Director |
— | 1.85K | — | Direct |
| Mar 7, 25 | GATLING JOHN A President |
— | 7.81K | — | Direct |
What this is, and what it is not
These are SEC Form 4 filings — officers, directors and 10% owners reporting their own trades in the company's stock. Filing is due within two business days of the transaction, so this lags reality by days, and the provider adds its own lag on top.
A sale is not automatically bearish. Executives sell on scheduled 10b5-1 plans, to cover tax on vesting equity, and to diversify. Purchases with cash are generally the more informative signal, and they are far rarer.
This does not include congressional or senate trading. That comes from STOCK Act disclosures filed with the Senate eFD system and the House Clerk, which this data source does not carry.
Officer and director trades in their own stock, straight from Form 4 filings.
Insider holders
| Name | Relation | Shares held | Latest |
|---|---|---|---|
BAST MICHAEL |
President | 3.35K | Conversion of Exercise of derivative security |
BLACKROCK PORTFOLIO MANAGEMENT LLC |
Beneficial Owner of more than 10% of a Class of Security | — | Sale |
GATLING JOHN A |
President | 13.90K | Conversion of Exercise of derivative security |
LETWIN STEPHEN J J |
Director | 32.42K | Conversion of Exercise of derivative security |
NIEMIEC DAVID W |
Director | 50.53K | Conversion of Exercise of derivative security |
REDDY JOHN PATRICK |
Director | 24.44K | Conversion of Exercise of derivative security |
SCHOONMAN GEURT G |
Director | 0 | Sale |
STEIN JONATHAN C |
Chief Executive Officer | 60.96K | Conversion of Exercise of derivative security |
Fundamentals
Market cap$7.98B
Enterprise value$8.51B
Revenue (TTM)$1.61B
Gross profit$1.25B
EBITDA$1.23B
Net income$375.00M
EPS (TTM)$2.90
Free cash flow$499.41M
Total cash$5.00M
Total debt$3.68B
Book value / share$4.01
Shares outstanding128.35M
Float127.59M
Short % of float7.56%
Dividend yield7.98%
Beta (5Y)0.56
Valuation & profitability ratios
Trailing P/E13.34
Forward P/E12.46
PEG ratio—
Price / sales—
Price / book9.65
EV / revenue5.28
EV / EBITDA6.95
Gross margin77.55%
Operating margin63.46%
Profit margin23.23%
Return on equity150.71%
Return on assets14.43%
Debt / equity948.45
Current ratio0.77
Fourteen ratios including P/E, PEG, EV/EBITDA, margins and return on equity.
Financial statements
| Line item | 2025 | 2024 | 2023 | 2022 | YoY |
|---|---|---|---|---|---|
| Total revenue | $1.62B | $1.49B | $1.35B | $1.27B | +8.4% |
| Operating revenue | $1.62B | $1.49B | $1.35B | $1.27B | +8.4% |
| Cost of revenue | $214.10M | $203.10M | $192.50M | $181.30M | +5.4% |
| Gross profit | $1.40B | $1.29B | $1.15B | $1.09B | +8.9% |
| Selling, general & admin | $28.50M | $26.10M | $26.20M | $23.10M | +9.2% |
| Total operating expense | $395.00M | $369.80M | $336.70M | $300.70M | +6.8% |
| Operating income | $1.01B | $919.00M | $816.90M | $791.20M | +9.7% |
| Net interest income | -$225.60M | -$202.20M | -$179.00M | -$149.30M | -11.6% |
| Pre-tax income | $798.40M | $730.80M | $645.60M | $647.20M | +9.3% |
| Tax provision | $113.80M | $71.80M | $37.90M | $26.60M | +58.5% |
| Net income | $352.90M | $223.10M | $118.60M | $83.90M | +58.2% |
| Net income to common | $352.90M | $223.10M | $118.60M | $83.90M | +58.2% |
| Basic EPS | 2.87 | 2.51 | 2.11 | 2.03 | +14.3% |
| Diluted EPS | 2.86 | 2.49 | 2.08 | 2.01 | +14.9% |
| EBIT | $1.02B | $933.00M | $824.60M | $796.50M | +9.8% |
| EBITDA | $1.24B | $1.14B | $1.02B | $977.80M | +9.0% |
| Basic shares | 123.10M | 89.00M | 56.20M | 41.30M | +38.3% |
| Diluted shares | 123.10M | 89.00M | 56.30M | 41.40M | +38.3% |
| Line item | 2025 | 2024 | 2023 | 2022 | YoY |
|---|---|---|---|---|---|
| Cash & equivalents | $1.90M | $4.30M | $5.40M | $3.10M | -55.8% |
| Cash & short-term investments | $1.90M | $4.30M | $5.40M | $3.10M | -55.8% |
| Accounts receivable | $150.20M | $138.90M | $124.40M | $123.00M | +8.1% |
| Total current assets | $159.00M | $149.40M | $136.80M | $132.30M | +6.4% |
| Property, plant & equipment | $3.37B | $3.33B | $3.23B | $3.17B | +1.3% |
| Total assets | $4.39B | $4.15B | $3.79B | $3.59B | +5.7% |
| Total current liabilities | $187.80M | $219.30M | $210.20M | $159.50M | -14.4% |
| Current debt | $32.50M | $22.50M | $12.50M | $2.50M | +44.4% |
| Long-term debt | $3.74B | $3.45B | $3.20B | $2.88B | +8.4% |
| Total debt | $3.77B | $3.47B | $3.21B | $2.89B | +8.6% |
| Total liabilities | $3.95B | $3.69B | $3.43B | $3.06B | +7.2% |
| Shareholder equity | $0 | $0 | $0 | $0 | — |
| Working capital | -$28.80M | -$69.90M | -$73.40M | -$27.20M | +58.8% |
| Net tangible assets | $0 | $0 | $0 | $0 | — |
| Shares issued | 129.40M | 104.09M | 68.37M | 44.00M | +24.3% |
| Line item | 2025 | 2024 | 2023 | 2022 | YoY |
|---|---|---|---|---|---|
| Net income | $684.60M | $659.00M | $607.70M | $620.60M | +3.9% |
| Depreciation & amortisation | $214.10M | $203.10M | $192.50M | $181.30M | +5.4% |
| Stock-based compensation | $1.60M | $1.80M | $1.70M | $1.60M | -11.1% |
| Change in working capital | -$49.80M | -$8.00M | $14.50M | $14.50M | -522.5% |
| Operating cash flow | $983.80M | $940.30M | $866.40M | $861.10M | +4.6% |
| Capital expenditure | -$255.60M | -$306.10M | -$223.50M | -$238.20M | +16.5% |
| Investing cash flow | -$255.60M | -$306.10M | -$223.50M | -$238.20M | +16.5% |
| Share buybacks | -$400.00M | -$300.00M | -$400.00M | -$400.00M | -33.3% |
| Dividends paid | -$350.20M | -$235.30M | -$127.50M | -$91.00M | -48.8% |
| Financing cash flow | -$730.60M | -$635.30M | -$640.60M | -$622.00M | -15.0% |
| Free cash flow | $728.20M | $634.20M | $642.90M | $622.90M | +14.8% |
| End cash position | $1.90M | $4.30M | $5.40M | $3.10M | -55.8% |
| Line item | 2026-06-30 | 2026-03-31 | 2025-12-31 | 2025-09-30 | 2025-06-30 | YoY |
|---|---|---|---|---|---|---|
| Total revenue | $397.70M | $388.70M | $403.10M | $419.60M | $413.50M | +2.3% |
| Operating revenue | $397.70M | $388.70M | $403.10M | $419.60M | $413.50M | +2.3% |
| Cost of revenue | $54.40M | $58.50M | $54.20M | $56.60M | $51.80M | -7.0% |
| Gross profit | $343.30M | $330.20M | $348.90M | $363.00M | $361.70M | +4.0% |
| Selling, general & admin | $5.50M | $7.90M | $5.60M | $7.30M | $8.10M | -30.4% |
| Total operating expense | $90.10M | $92.10M | $97.30M | $104.10M | $101.50M | -2.2% |
| Operating income | $253.20M | $238.10M | $251.60M | $258.90M | $260.20M | +6.3% |
| Net interest income | -$54.50M | -$55.40M | -$56.70M | -$57.10M | -$55.40M | +1.6% |
| Pre-tax income | $204.80M | $185.90M | $198.20M | $207.00M | $208.80M | +10.2% |
| Tax provision | $31.10M | $28.20M | $30.20M | $31.50M | $29.10M | +10.3% |
| Net income | $96.40M | $87.60M | $93.30M | $97.70M | $90.30M | +10.0% |
| Net income to common | $96.40M | $87.60M | $93.30M | $97.70M | $90.30M | +10.0% |
| Basic EPS | 0.75 | 0.68 | 0.72 | 0.75 | 0.74 | +10.3% |
| Diluted EPS | 0.75 | 0.68 | 0.72 | 0.75 | 0.74 | +10.3% |
| EBIT | $259.30M | $241.30M | $254.90M | $264.10M | $264.20M | +7.5% |
| EBITDA | $313.70M | $299.80M | $309.10M | $320.70M | $316.00M | +4.6% |
| Basic shares | 128.40M | 129.20M | 129.40M | 130.30M | 121.80M | -0.6% |
| Diluted shares | 128.40M | 129.20M | 129.40M | 130.30M | 121.80M | -0.6% |
| Line item | 2026-06-30 | 2026-03-31 | 2025-12-31 | 2025-09-30 | 2025-06-30 | YoY |
|---|---|---|---|---|---|---|
| Cash & equivalents | $5.00M | $4.60M | $1.90M | $5.50M | $4.50M | +8.7% |
| Cash & short-term investments | $5.00M | $4.60M | $1.90M | $5.50M | $4.50M | +8.7% |
| Accounts receivable | $151.30M | $156.20M | $150.20M | $150.50M | $144.00M | -3.1% |
| Total current assets | $157.20M | $165.80M | $159.00M | $168.20M | $150.90M | -5.2% |
| Property, plant & equipment | $3.30B | $3.32B | $3.37B | $3.38B | $3.34B | -0.7% |
| Total assets | $4.26B | $4.32B | $4.39B | $4.44B | $4.42B | -1.4% |
| Total current liabilities | $204.00M | $181.20M | $187.80M | $224.30M | $213.50M | +12.6% |
| Current debt | $37.50M | $35.00M | $32.50M | $30.00M | $27.50M | +7.1% |
| Long-term debt | $3.64B | $3.74B | $3.74B | $3.76B | $3.69B | -2.5% |
| Total debt | $3.68B | $3.77B | $3.77B | $3.79B | $3.71B | -2.4% |
| Total liabilities | $3.87B | $3.94B | $3.95B | $4.01B | $3.92B | -1.9% |
| Shareholder equity | $0 | $0 | $0 | $0 | $0 | — |
| Working capital | -$46.80M | -$15.40M | -$28.80M | -$56.10M | -$62.60M | -203.9% |
| Net tangible assets | $0 | $0 | $0 | $0 | $0 | — |
| Shares issued | 128.35M | 128.35M | 129.40M | 129.38M | 131.08M | 0.0% |
| Line item | 2026-06-30 | 2026-03-31 | 2025-12-31 | 2025-09-30 | 2025-06-30 | YoY |
|---|---|---|---|---|---|---|
| Net income | $173.70M | $157.70M | $168.00M | $175.50M | $179.70M | +10.1% |
| Depreciation & amortisation | $54.40M | $58.50M | $54.20M | $56.60M | $51.80M | -7.0% |
| Stock-based compensation | $100.00K | $200.00K | $200.00K | $800.00K | $300.00K | -50.0% |
| Change in working capital | $19.50M | $4.20M | -$12.90M | -$8.90M | $12.10M | +364.3% |
| Operating cash flow | $278.60M | $253.30M | $245.60M | $258.90M | $276.90M | +10.0% |
| Capital expenditure | -$23.10M | -$28.80M | -$66.70M | -$80.00M | -$63.40M | +19.8% |
| Investing cash flow | -$23.10M | -$28.80M | -$66.70M | -$80.00M | -$63.40M | +19.8% |
| Share buybacks | $0 | -$60.00M | $0 | -$100.00M | -$200.00M | +100.0% |
| Dividends paid | -$99.90M | -$98.90M | -$97.70M | -$96.60M | -$82.90M | -1.0% |
| Financing cash flow | -$255.10M | -$221.80M | -$182.50M | -$177.90M | -$215.10M | -15.0% |
| Free cash flow | $255.50M | $224.50M | $178.90M | $178.90M | $213.50M | +13.8% |
| End cash position | $5.00M | $4.60M | $1.90M | $5.50M | $4.50M | +8.7% |
Options analytics
Put / call volume
6.14
Put-heavy session
Put / call open interest
—
Positioning, not flow
Max pain
32.00
-17.3% from spot
ATM implied vol
1.6%
Nearest strike to spot
Skew (10% OTM)
0.0%
Calls bid over puts
Call volume
88
Contracts, this expiry
Put volume
540
Contracts, this expiry
Heaviest call OI
32.00
0 contracts
Heaviest put OI
35.00
0 contracts
Max pain is the strike at which the largest dollar value of open contracts expires worthless. It describes current positioning; it is not a forecast and it moves as open interest changes.
Put/call ratios, max pain, implied volatility skew and where open interest is concentrated.
Earnings
Reported vs expected · EPS
| Quarter | Est. | Actual | Surprise |
|---|---|---|---|
| Jun 2026 | 0.66 | 0.75 | +13.7% |
| Mar 2026 | 0.65 | 0.68 | +4.9% |
| Dec 2025 | 0.66 | 0.72 | +8.8% |
| Sep 2025 | 0.69 | 0.75 | +8.7% |
Forward consensus
| Period | EPS | Analysts | Revenue | Growth |
|---|---|---|---|---|
| Current quarter | 0.73 | 4 | $411.28M | -2.3% |
| Next quarter | 0.74 | 4 | $413.32M | +2.3% |
| Current year | 2.83 | 4 | $1.61B | -0.6% |
| Next year | 2.96 | 4 | $1.67B | +3.7% |
Analyst targets & ownership
Mean target$37.50
High target$40.00
Low target$33.00
Implied upside-2.55%
Analyst count6
ConsensusUNDERPERFORM
Strong buy / Buy0 / 0
Hold4
Sell / Strong sell2 / 1
Held by insiders0.86%
Held by institutions89.67%
Institutions holding373
Price targets, consensus spread, insider and institutional ownership.
Moving averages & technicals
SMA 10
38.19
+0.76% from price
SMA 20
39.05
-0.91% from price
SMA 50
39.63
-2.37% from price
SMA 100
39.23
-1.92% from price
SMA 200
38.21
+1.25% from price
EMA 12
38.49
-0.03% from price
EMA 26
38.96
-1.24% from price
EMA 50
39.22
-1.89% from price
RSI (14)
47.1
Neutral
MACD (12,26,9)
-0.47
Hist -0.06
ATR (14)
0.84
2.18% of price
Realised vol 30D
18.3%
Annualised
Bollinger upper
40.95
20, 2σ
Bollinger lower
37.14
20, 2σ
50 / 200 cross
Golden
39.63 vs 38.21
Trend bias
Above 200
+1.25%
Options chain
Calls
| Strike | Last | Bid | Ask | Vol | OI | IV |
|---|---|---|---|---|---|---|
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
Puts
| Strike | Last | Bid | Ask | Vol | OI | IV |
|---|---|---|---|---|---|---|
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
Every listed expiry, both sides of the book, with volume, open interest and implied volatility.
Risk profile
Beta vs SPY
-0.07
Less volatile than market
Correlation to SPY
-0.05
Largely independent
Realised vol 30D
18.3%
Annualised
Market vol 1Y
13.0%
SPY, annualised
Max drawdown 1Y
-9.8%
Peak to trough
Max drawdown 5Y
-30.1%
Peak to trough
ATR 14
0.84
2.18% of price
Beta (reported)
0.56
5Y monthly, from filing
Short interest
Shares short
7.37M
Prior 6.64M
Change vs prior
+11.0%
Shorts adding
% of float
7.56%
Normal
% of shares out
5.74%
Against total outstanding
Days to cover
5.5
Crowded exit
Float
127.59M
Freely tradeable shares
Exchanges publish short interest twice a month with a settlement lag, so this is roughly two weeks behind. Days to cover divides shares short by average daily volume — it estimates how long covering would take, not whether it will happen.
Rating changes
| Date | Firm | Action | From | To |
|---|---|---|---|---|
| Oct 2, 26 | JP Morgan | DOWNGRADE | Neutral | Underweight |
| Jun 10, 26 | Morgan Stanley | DOWNGRADE | Equal-Weight | Underweight |
| May 12, 26 | Morgan Stanley | MAINTAINED | Equal-Weight | Equal-Weight |
| Apr 20, 26 | Goldman Sachs | DOWNGRADE | Neutral | Sell |
| Mar 13, 26 | Wells Fargo | MAINTAINED | Equal-Weight | Equal-Weight |
| Jan 5, 26 | Raymond James | DOWNGRADE | Outperform | Market Perform |
| Oct 24, 25 | Raymond James | MAINTAINED | Outperform | Outperform |
| Sep 23, 25 | Citigroup | MAINTAINED | Neutral | Neutral |
| Sep 19, 25 | Wells Fargo | DOWNGRADE | Overweight | Equal-Weight |
| Sep 11, 25 | Citigroup | DOWNGRADE | Buy | Neutral |
| Sep 10, 25 | UBS | DOWNGRADE | Buy | Neutral |
| Aug 22, 25 | JP Morgan | MAINTAINED | Neutral | Neutral |
Dividends & splits
Forward rate$3.09 / yr
Forward yield7.98%
5-year avg yield7.34%
Payout ratio104.66%
Ex-dividend dateAug 6, 2026
Next pay dateAug 14, 2026
Last split—
Split date—
SEC filings
Specialized Disclosure Report filed pursuant to Section 1502 of the Dodd-Frank Wall Street Reform and Consumer Protection Act relating to the use of conflict minerals (Rule 13p-1)
SD · 2026-09-23
Periodic Financial Reports
10-Q · 2026-08-06
Corporate Changes & Voting Matters
8-K · 2026-08-03
Periodic Financial Reports
10-Q · 2026-05-07
Corporate Changes & Voting Matters
8-K · 2026-05-04
Corporate Changes & Voting Matters
8-K · 2026-03-04
Periodic Financial Reports
10-K · 2026-02-25
Corporate Changes & Voting Matters
8-K · 2026-02-02
Headlines
Chevron to Divest Hess Midstream, DJ Basin Assets in Bakken Contract Restructuring
MT Newswires · 8h ago
Chevron to Shed Hess Midstream Stake in Major Bakken Restructuring
Oilprice.com · 8h ago
Hess Midstream LP Announces Transformative Transaction Leading to New Independent Multi-basin Midstream Company
Business Wire · 8h ago
Chevron to Divest its Ownership Interests in Hess Midstream and DJ Basin Crude Midstream Assets
Business Wire · 8h ago
JPMorgan Downgrades Hess Midstream to Underweight From Neutral, Price Target is $39
MT Newswires · 5d ago
Is Hess Midstream (HESM) Below Fair Value After Its Payout Rise?
Simply Wall St. · 11d ago
HESM Q2 Beat Masks Lower Volumes as Second-Half Costs Move Higher
Zacks · 15d ago
Is HESM Worth Buying as Free Cash Flow Rises but Volume Growth Slows?
Zacks · 15d ago
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