Hess Midstream down after secondary offering announced

Hess Midstream LP

18/09/2024 21:48

** Shares of Hess Midstream  HESM.N  down 3% post-market to
$35.78 after co launches secondary offering
    ** Subsidiary of Hess Corp  HES.N  says Global
Infrastructure Partners (GIP) to sell 10 mln shares with
Citigroup as sole bookrunner
    ** Offering to cut fund manager GIP's stake from 20.7% to
16.1%, or ~35 mln shares, per SEC filing
    ** HESM has ~220.8 mln total shares outstanding for ~$8 bln
market cap, and ~90.3 mln shares of free float, per LSEG data
    ** Shares on Weds closed down 0.2% at $36.87, trimming YTD
gain to 16.6%

 (Lance Tupper is a Reuters market analyst. The views expressed
are his own)
 ((lance.tupper@thomsonreuters.com
lance.tupper@tr.com 1-646-279-6380))