Pulling SEC filings + quote and writing the call…

Hess Midstream LP
Next earnings Jul 28, 2026 · consensus $0.68 EPS, $404M rev
Last earnings +3.7% on 2026-05-04
Fee-based Bakken midstream LP with 62% operating margins, a steadily rising distribution, and big buybacks — built for income.
Sources: SEC EDGAR (CIK 0001789832, latest 10-Q filed 2026-05-07) · analysis by claude-code · as of 6/21/2026, 8:55:18 PM.
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Hess Midstream is a fee-based midstream operator gathering, processing and transporting crude, gas and water in the Bakken, now backed by Chevron (which indirectly owns the HINDL sponsor stake). The economics are exactly what income investors want from midstream: a 62.2% operating margin and highly visible, contracted cash flows. FY2025 revenue grew 8.4% to $1.62B, operating income rose 9.7% to $1.01B, and net income jumped 58.2% to $353M — capping a clean multi-year ramp from $46.4M (FY2021) to $353M (FY2025). Operating cash flow was robust at $984M against falling capex (-16.5% to $256M), producing ample free cash flow.
The risks, catalysts, 12-month price target and the cited SEC figures behind this rating — with Pro.
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| Line item | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Revenue | $1.20B | $1.28B | $1.35B | $1.50B | $1.62B |
| Gross profit | — | — | — | — | — |
| Operating income | $727M | $791M | $817M | $919M | $1.01B |
| Net income | $46.4M | $83.9M | $119M | $223M | $353M |
| Diluted EPS | — | — | — | — | — |
| Net margin | 3.9% | 6.6% | 8.8% | 14.9% | 21.8% |
Annual figures from SEC 10-K XBRL filings. Open the filing links below for full statement detail.
Computed from SEC XBRL annual figures + the current quote. EV and ROIC use long-term + current debt where filed; estimates, not investment advice.
1046 tracked peers · median
Source: EODHD. Yield = trailing-12-month dividends ÷ price.
Dates from 8-K (Item 2.02); beat/miss = reported EPS vs consensus (Finnhub, recent quarters); move = prior close → close on/after.
| 2026-03-08 | Stein Jonathan C. Chief Executive Officer | Exercise | 2.07K | |
| 2026-03-08 | Stein Jonathan C. Chief Executive Officer | Tax | 1.05K @ $38.92 | $40.8K |
| 2026-03-08 | REDDY J PATRICK Director | Exercise | 1.61K | |
| 2026-03-08 | Letwin Stephen J J Director | Exercise | 1.61K | |
| 2026-03-08 | Bast Michael Scott President and COO | Exercise | 1.33K | |
| 2026-03-08 | Bast Michael Scott President and COO | Tax | 344.00 @ $38.92 | $13.4K |
| 2026-03-08 | Bast Michael Scott President and COO | Exercise | 1.19K | |
| 2026-03-08 | Bast Michael Scott President and COO | Tax | 308.00 @ $38.92 | $12.0K |
| 2026-03-08 | Bast Michael Scott President and COO | Exercise | 929.00 | |
| 2026-03-08 | Bast Michael Scott President and COO | Tax | 241.00 @ $38.92 | $9.38K |
| 2026-03-08 | NIEMIEC DAVID W Director | Exercise | 1.61K | |
| 2026-03-04 | CHEVRON CORP Director | Disposed (J) | 456K |