Hess Midstream owns and operates gathering, processing and storage assets in the Bakken and Williston Basin, moving crude oil, natural gas and water for Hess and third-party producers under long-term, fee-based contracts. Its operating margin of 63.5% and gross margin of 77.5% reflect that fee structure, and the business is priced at roughly 10 times forward earnings with a $6.3 billion market cap. Revenue fell 3.7%, so the case rests on contract durability and cash generation rather than top-line growth, and the sustained drop in volumes from the Bakken would be the first thing to test. The 150.7% ROE is inflated by a small equity base and should not be read as evidence of exceptional capital efficiency. A deeper look is warranted to size the contracted acreage dedication from Hess and its parent's drilling plans, and to compare distributions against free cash flow after maintenance capex.
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| Date | Type | New | Previous | Price |
|---|---|---|---|---|
| 18 Oct 2026, 00:00 CEST | Fair value | $35.15 | $47.39 | $30.66 |
| 14 Oct 2026, 00:00 CEST | Fair value | $47.39 | $55.66 | $32.37 |
| 10 Oct 2026, 00:00 CEST | ACCE price target | $34.30 | first publication | $34.00 |
| 9 Oct 2026, 00:00 CEST | Fair value | $55.66 | $56.93 | $33.03 |
| 8 Oct 2026, 00:00 CEST | Fair value | $56.93 | $56.30 | $38.69 |
| 5 Oct 2026, 00:00 CEST | Fair value | $56.30 | $55.62 | $37.75 |
| 1 Oct 2026, 00:00 CEST | Fair value | $55.62 | $56.52 | $37.63 |
| 28 Sept 2026, 00:00 CEST | Fair value | $56.52 | $58.13 | $38.25 |
| 24 Sept 2026, 00:00 CEST | Fair value | $58.13 | $59.00 | $39.17 |
| 21 Sept 2026, 00:00 CEST | Fair value | $59.00 | $60.06 | $40.16 |
Answered from Hess Midstream LP Class A Representing Limited Partner Interests fundamentals + recent valuations. Every number shows its source and date.
| Company | Price | Fair value | vs fair value | P/E | ROE | Quality | Score |
|---|---|---|---|---|---|---|---|
| HESM Hess Midstream LP Class A Representing Limited Partner Interests | $30.61 | $35 | 13% below | 10.6x | 150.7% | 82 | 55 |
| VPK.AS Koninklijke Vopak N.V. | €52.50 | €46 | 15% above | 12.6x | 15.4% | 81 | 73 |
| SOBO.TO South Bow Corporation | C$48.36 | C$28 | 70% above | 16.3x | 17.3% | 72 | 73 |
| SOBO South Bow Corporation Common Shares | $34.57 | $19 | 82% above | 16.1x | 17.3% | 72 | 71 |
| INSW International Seaways Inc. Common Stock | $108.42 | $69 | 58% above | 6.9x | 37.4% | 100 | 93 |
| CMBT CMB.TECH NV Ordinary Shares | $18.08 | $18 | 1% below | 6.2x | 29.6% | 82 | 87 |
| GLNG Golar Lng Ltd | $44.03 | $15 | 200% above | 31.2x | 10.1% | 76 | 59 |
Where HESM ranks against its sector peers on each metric.