Hess Midstream down as BlackRock's GIP chops stake in upsized secondary offering

Hess Midstream LP

11/02/2025 12:34

** Shares of pipeline operator Hess Midstream  HESM.N  down 2.8%
at $39.69 premarket after secondary offering priced
** Houston-based subsidiary of Hess Corp  HES.N  announced 11
mln shares sold by Global Infrastructure Partners (GIP)
affiliate at $39.45
    ** Offering size boosted from 10 mln shares, priced at 3.4%
discount to last sale
** With the sale, BlackRock-owned  BLK.N  GIP's stake reduced
from 14.3% to ~9%, or ~19.8 mln shares, per the SEC filing
    ** Goldman Sachs sole bookrunner for offering
    ** Through Mon close, HESM shares up 10% YTD. Stock was
trading around $32.76 a year ago
    ** Of 5 analysts covering HESM, 3 rate "strong buy" or
"buy", 2 rate "hold" and their median PT is $43.50, LSEG data
shows

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