Hess Midstream LP
HESM on NYSE. Crude petroleum & natural gas. Market value $4.9bn.
Price checks use the past 12 months to June 2026. Quality checks use five annual reports, the latest for the year to December 2025.
Should I look at this?
Worth a closer look
Why it could be worth it
What to watch out for
Nothing big in our quick check. See what could go wrong below.
This is not advice. Check the numbers below.
For every $100 of what the whole company costs, it produced $16.87 of spare cash in the past 12 months. A savings account pays about $4.
You pay 8.6 years of operating profit for the business. The average large US company costs around 18.
The filings do not give us enough to work this out.
Quality score: 80 of 100. Price score: 100 of 100. Our list needs 70 on quality and 60 on price.
$38.69 a share, 22% above its 1-year low
Over the past year the price has ranged from $31.63 to $41.44.
Prices from Tuesday’s close (6 October).
Five years of cash, in billions
| Revenue | |||||
| Revenue | $1.2bn | $1.3bn | $1.3bn | $1.5bn | $1.6bn |
| Operating margin | |||||
| Operating margin | 60.4% | 62.0% | 60.6% | 61.5% | 62.2% |
| Debt to equity | |||||
| Debt to equity | n/a | n/a | n/a | n/a | n/a |
| Shares outstanding | |||||
| Shares outstanding | 0.04bn | 0.07bn | 0.10bn | 0.13bn | 0.13bn |
Health checks
- Free cash flow positive5 of 5 years
- Accounting looks honest (Beneish)Not enough data
- Financial strength (Piotroski)6 of 7 checks we could run
- Profit backed by cash (accruals)No
- DebtUnknown
- Revenue growth, five yearsSlow, 8.2% a year
- Buying back its own sharesNo, 192% more shares since 2021
The quarter to June 2026
How the business did, compared with the same quarter a year earlier.
- Sales: $399 million last quarter, down 4% on a year ago.
- Profit: $96 million, up 7% on a year ago.
- It keeps 62 cents of each $1 of sales as operating profit, about the same as a year earlier.
- Spare cash over the past 12 months: $838 million, up from $666 million.
- Debt is $3.7 billion more than cash, about the same as a year ago.
- Sales grew on a year ago in 3 of the last 4 quarters.
| Quarter to | Amount |
|---|---|
| September 2024 | $379m |
| December 2024 | $396m |
| March 2025 | $382m |
| June 2025 | $414m |
| September 2025 | $421m |
| December 2025 | $404m |
| March 2026 | $390m |
| June 2026 | $399m |
| Quarter to | Amount |
|---|---|
| September 2024 | $59m |
| December 2024 | $70m |
| March 2025 | $72m |
| June 2025 | $90m |
| September 2025 | $98m |
| December 2025 | $93m |
| March 2026 | $88m |
| June 2026 | $96m |
From the company's quarterly reports to the SEC.
Dates
- Next results (estimated)
- n/a
- Last annual report (10-K)
- 25 February 2026
- Next quarterly (estimated, 10-Q)
- 5 November 2026
Who owns it
2 long-term investors we follow own it, unchanged from 2 last quarter. 285 funds in all.
- GoodHaven Capital ManagementLarry Pitkowsky
- Value
- $5m
- Share of fund
- 1.6%
- First Manhattan Co.First Manhattan partners
- Value
- $216,200
- Share of fund
- <0.1%
| Fund | Value | Share of that fund | Change |
|---|---|---|---|
| GoodHaven Capital ManagementLarry Pitkowsky | $5m | 1.6% | |
| First Manhattan Co.First Manhattan partners | $216,200 | <0.1% |
Largest holders overall
- Alps Advisors$1.1bnCut
- Goldman Sachs Group$315mAdded
- Invesco$283mAdded
- Mirae Asset Global Etfs Holdings$265m
- Blackstone$218mCut
- Bank of New York Mellon$178mAdded
- Tortoise Capital Advisors, L.L.C.$159mCut
- Neuberger Berman Group$100mAdded
- TD Asset Management$75mCut
- UBS Group AG$74m
From 13F filings for the quarter ended 30 June 2026.
Big holders and activists
7 investors own more than 5%.
- Hess Investments North Dakota LLCInsider or founderat least 37.8%0.0 pts(filed with 2 related holders)Since 2 March 2026
What they said
Item 4 of the Statement is hereby amended and supplemented as follows: March 2026 Repurchase Agreement On March 2, 2026, the Issuer, Hess Midstream Operations LP ("HESM Opco") and HINDL entered into a Unit Repurchase Agreement (the "March 2026 Repurchase Agreement"), pursuant to…
Read the filing - GIP II Blue Holding, L.P.at least 23.2%(filed with 3 related holders)Since 13 January 2025
What they said
Item 4 of the Statement is hereby amended and supplemented as follows: January 2025 Repurchase Agreement On January 13, 2025, the Issuer, HESM Opco, Hess Investments and Blue Holding entered into a Unit Repurchase Agreement (the "January 2025 Repurchase Agreement"), pursuant to…
Read the filing - ALPS Advisors, Inc.Passive investorat least 22.8%−1.1 pts(filed with 1 related holder)Since 30 June 2026
- Goldman Sachs Asset Management, L.P.Passive investor6.4%Since 30 September 2025
- Global X Management CO LLCPassive investor5.5%Since 31 March 2026
- Invesco Ltd.Passive investor5.1%Since 31 December 2025
- Harvest Fund Advisors LLCPassive investorat least 4.5%−0.6 pts(filed with 10 related holders)Since 30 June 2026
- TORTOISE CAPITAL ADVISORS, L.L.C.Passive investorSold down below 5%Since 30 September 2025
- Hess Midstream GP LPInsider or founderSold down below 5%Since 5 May 2025
What they said
Item 4 of the Statement is hereby amended and supplemented as follows: May 2025 Repurchase Agreement On May 5, 2025, the Issuer, HESM Opco, Hess Investments and Blue Holding entered into a Unit Repurchase Agreement (the "May 2025 Repurchase Agreement"), pursuant to which HESM…
Read the filing - BlackRock Portfolio Management LLCPassive investorSold down below 5%Since 28 May 2025
What they said
Item 4 of the Schedule 13D is hereby amended and supplemented as follows: May 2025 Underwriting Agreement On May 28, 2025, the Issuer, Hess Midstream GP LP, Hess Midstream GP LLC, Blue Holding, and J.P. Morgan Securities LLC and Citigroup Global Markets Inc., as underwriters…
Read the filing - Hess Midstream GP LPInsider or founderSold down below 5%Since 28 May 2025
What they said
Item 4 of the Statement is hereby amended and supplemented as follows: May 2025 Underwriting Agreement On May 28, 2025, the Issuer, New HESM GP LP, New HESM GP LLC, Blue Holding, and J.P. Morgan Securities LLC and Citigroup Global Markets Inc., as underwriters (the…
Read the filing
| Holder | Stake | Since | |
|---|---|---|---|
Hess Investments North Dakota LLC Insider or founder | at least 37.8%0.0 pts (filed with 2 related holders) | 2 March 2026 | What they saidItem 4 of the Statement is hereby amended and supplemented as follows: March 2026 Repurchase Agreement On March 2, 2026, the Issuer, Hess Midstream Operations LP ("HESM Opco") and HINDL entered into a Unit Repurchase Agreement (the "March 2026 Repurchase Agreement"), pursuant to… Read the filing |
GIP II Blue Holding, L.P. | at least 23.2% (filed with 3 related holders) | 13 January 2025 | What they saidItem 4 of the Statement is hereby amended and supplemented as follows: January 2025 Repurchase Agreement On January 13, 2025, the Issuer, HESM Opco, Hess Investments and Blue Holding entered into a Unit Repurchase Agreement (the "January 2025 Repurchase Agreement"), pursuant to… Read the filing |
ALPS Advisors, Inc. Passive investor | at least 22.8%−1.1 pts (filed with 1 related holder) | 30 June 2026 | |
Goldman Sachs Asset Management, L.P. Passive investor | 6.4% | 30 September 2025 | |
Global X Management CO LLC Passive investor | 5.5% | 31 March 2026 | |
Invesco Ltd. Passive investor | 5.1% | 31 December 2025 | |
Harvest Fund Advisors LLC Passive investor | at least 4.5%−0.6 pts (filed with 10 related holders) | 30 June 2026 | |
TORTOISE CAPITAL ADVISORS, L.L.C. Passive investor | Sold down below 5% | 30 September 2025 | |
Hess Midstream GP LP Insider or founder | Sold down below 5% | 5 May 2025 | What they saidItem 4 of the Statement is hereby amended and supplemented as follows: May 2025 Repurchase Agreement On May 5, 2025, the Issuer, HESM Opco, Hess Investments and Blue Holding entered into a Unit Repurchase Agreement (the "May 2025 Repurchase Agreement"), pursuant to which HESM… Read the filing |
BlackRock Portfolio Management LLC Passive investor | Sold down below 5% | 28 May 2025 | What they saidItem 4 of the Schedule 13D is hereby amended and supplemented as follows: May 2025 Underwriting Agreement On May 28, 2025, the Issuer, Hess Midstream GP LP, Hess Midstream GP LLC, Blue Holding, and J.P. Morgan Securities LLC and Citigroup Global Markets Inc., as underwriters… Read the filing |
Hess Midstream GP LP Insider or founder | Sold down below 5% | 28 May 2025 | What they saidItem 4 of the Statement is hereby amended and supplemented as follows: May 2025 Underwriting Agreement On May 28, 2025, the Issuer, New HESM GP LP, New HESM GP LLC, Blue Holding, and J.P. Morgan Securities LLC and Citigroup Global Markets Inc., as underwriters (the… Read the filing |
From Schedule 13D and 13G filings: anyone owning more than 5% must file one.
What insiders did
No insider bought or sold on the open market in the last 12 months.
From Form 4 filings: insiders must report trades in their own company's shares within two days.
Warning signs in its filings
Problems the company itself reported to the SEC, in its own words.
None of the serious warning signs we check for were found. 1 thing worth knowing.
We look for five warning signs: doubt it can keep going, weak checks on its own accounts, a notice that its past accounts can't be relied on, a change of auditor, and one customer bringing in a big share of sales. We don't check lawsuits, investigations or debt yet.
We checked the auditor's report, internal controls, restatement notices, auditor changes and big customers in the 10-K filed 25 Feb 2026, plus the 10-Q filed 6 Aug 2026 and 3 later 8-Ks.
One big customer
Worth knowingOne customer brings in a big share of sales: 97% last year. Losing that customer would hurt.
“Total revenues attributable to Chevron for the years ended December 31, 2025, 2024 and 2023 were approximately 97%, 98%, and 99%, respectively.”
From the 10-K filed 25 February 2026, Item 8. Financial Statements and Notes. Read it in the filing
A 10-K is the yearly report every US company files with the SEC. An 8-K is a short notice of a big event.
What could go wrong
Cheap for a reason is the question the numbers cannot answer.
Whether the price already reflects the risks is what the deep dive is for.
The deep dive
Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.
- What the business is worth, as a range, and the margin of safety at today’s price
- Prices to start buying, buy, and buy hard
- The three things that would make this a mistake
- Every number footnoted to the filing it came from
Your first deep dive is free.
Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.