Hess Midstream falls after upsized secondary offering priced

Hess Midstream LP

19/09/2024 13:02

** Hess Midstream's  HESM.N  shares down 2.6% at $35.90
before the bell following pricing of overnight secondary
offering
    ** Hess Corp  HES.N -subsidiary late Weds announced 11 mln
shares sold by Global Infrastructure Partners (GIP) with
Citigroup as sole bookrunner
    ** Offering size increased from 10 mln shares
    ** Fund manager GIP's stake reduced from 20.7% to 15.4%, or
~34 mln shares, per SEC prospectus filing
    ** HESM has ~220.8 mln total shares outstanding for $8.1 bln
market cap, and ~90.3 mln shares of free float, per LSEG data
    ** Shares on Weds closed at $36.87, up 16.6% YTD
    ** Avg rating among 5 analysts covering HESM is "buy" and
median PT is $40 - LSEG

 (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))