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The Screen · Energy · Oil & Gas Midstream
Hess Midstream LP
HESM · the NYSE · USD · Market cap $6.3B
Hess Midstream LP acquires, owns, operates, and develops midstream assets and provide fee-based services to sponsor, its subsidiaries, and third-party customers in the United States.
FAIL · Does not pass the screen
30.61 USD
Price as of 23 Oct 2026Daily close, not a live quoteLast reviewed 5 days ago
Screened 2026-10-23 · the tape above runs as of 20:04 UTC · two dates, stated on purpose · verdict and workings shown in full · never trimmed
Key facts today
Price30.61 USD at the 23 Oct 2026 close
Ethical screenDoes not pass
OptionsOpen interest leans to puts (put/call 1.61)
Last reviewed23 Oct 2026 (5 days ago)
A summary of the dated readings below, not a live quote and not advice.
PRICE · FAIR-VALUE RANGE1M3M6MYTD1Y3Y5Y
What this means: price 30.61 against the desk's fair-value range, base estimate 24.80, over the last year.
Positioning no disclosures inside 60 days, left as found
Options put/call open interest 1.61, read 2026-10-23
Ethical does not pass the values gate
Price30.61 USD
Fair value24.80
Ethical score70.0/100
Our investment reviews on this name
2026-10-11Read Distribution38.05-19.6% to today ✓Markdown gives way to Distribution with deal news in the headlines
2026-08-31Read Markdown39.08-21.7% to today ✓Accumulation gives way to Markdown
2026-08-01Read Accumulation40.27-24.0% to today Markup gives way to Accumulation
2026-07-02Read Markup38.49-20.5% to today First review on file: Markup
Our analytic regime reads on this name, dated and marked against the screened price. Small sample per name, and separate from the daily-framework accuracy on the Track Record page.
Hess Midstream LP holds its Distribution at $30.61. The statistical read favours the sellers, held for 9 days.
As held on the ledger · 2026-10-23
Phase
Distribution · caution
Quantitative state
The statistical read favours the sellers, held for 9 days
Price at the screen
$30.61
Valuation
10.58 trailing · 10.80 forward price to earnings
Values screen
FAIL· score 70.0
Beta
0.56
The Workings
Five Screens, Shown in Full
Does not pass. Debt ratio
Test
Figure
Limit
What it means
Status
Business activity
Permissible
Core business clean
Its core business isn't built on prohibited lines: no gambling, alcohol, tobacco, weapons, or interest-based lending.
Pass
Debt load
85.96%
Below 33%
Interest-bearing debt is 86.0% of its assets, above the one-third ceiling the screen allows.
Fail
Interest-bearing cash
0.00%
Below 33%
Cash held in interest-bearing accounts and securities is 0.0% of assets, under the one-third limit.
Pass
Receivables
3.47%
Below 49%
Money owed to the company is 3.5% of assets, under the 49% limit.
Pass
Five checks adapted from AAOIFI screening standards: business activity plus four balance-sheet ratios. All five must pass for ethical clearance. Every figure is arithmetic on public accounts, not judgement.
The Ethical Read
Why It Falls Short, in Plain English
Hess Midstream LP's business is in a permissible area, but its interest-bearing debt is about 86% of the company, well over the ~33% line, so it does not pass on the financial screens.
Read as at 2026-10-27. It updates when the underlying figures move, and past reads are kept below.
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Today HESM does not pass the screen. If new figures move it to a pass, we send you one short email with the before and after. Verdicts change rarely, so you may not hear from us for a long time.
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Fair value range in USD, drawn from the 2026-10-23 screen. The gold marker is the market price at the same screen. The price runs 19.1% above the base estimate.
Third-party analyst targets: 6 covering, consensus Underperform. The average target sits +8% from the screen price.
Reading the gap · Our more conservative model reads it as fully-to-richly valued here, while the Street is more bullish: a quality-at-a-fair-price name rather than a deep-value one.
Price History & Projections
Where it has been, where the models see it going. History from market close data; projection points are our fair-value estimates and third-party analyst targets, dated to the 2026-10-23 screen.
Fair value and rating are our own model estimates; the Street's range reflects third-party analyst estimates. Analysis, not advice.
The Business, in Plain Words
Oil pipes promise steady fees yet trap value
Picture the steady flow of crude from wellhead to export terminal. Hess Midstream collects fees for moving and storing that oil, yet the business sits inside an industry where volumes and prices swing with global demand. Revenue growth sits at just 2 percent and the shares trade above our fair value, leaving no margin of safety at the current price.
The forward multiple of 13.3 times earnings looks modest next to a 23 percent profit margin and 153 percent return on equity. Those figures reflect the fee-based model and high leverage, but they also sit at a point in the cycle where earnings may already be near peak. Analyst consensus calls the stock underperform with a median target below the current quote, and growth remains modest.
The real risk is the classic cyclical trap. A low multiple on elevated earnings can signal the top of the cycle rather than a bargain, and any drop in drilling activity would quickly cut volumes. Currency and commodity exposure add further volatility even though the ethical screen is clear. Analysis, not advice.
The risks · The things to watch: it carries a real debt load, which raises the stakes if revenue slips.
Plain-English interpretation of our own screen data. Analysis, not advice.
Where & How to Trade
HESM trades on the NYSE. As a listed security it is accessible through almost any international broker offering its home market. New to this, or investing from abroad? Our guide to accessing global markets covers brokers, currencies and the practical steps.
The Dated Journal · Newest First, Never Edited
Every Entry, As Written
2026-10-28Distribution$30.67+0.0%Entry 12
The analysis reads distribution. Smart money appears to be selling into strength. Institutional holders may be rotating out. Price has moved down 0.0% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows modest positive risk-adjusted returns. Our composite framework grades it D, carrying a low risk profile. Technically it is momentum reading oversold. Over the past year the shares are up 10%. Our forward projection puts the odds of a 10% gain over the next month near 16%. The street (6 analysts) rates it hold, with a mean price target of $37. It reported earnings in this window, a natural checkpoint for the thesis.
2026-10-27Distribution$30.67+0.0%Entry 11
The analysis reads distribution. Smart money appears to be selling into strength. Institutional holders may be rotating out. Price has moved down 0.0% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows modest positive risk-adjusted returns. Our composite framework grades it D, carrying a low risk profile. Technically it is momentum reading oversold. Over the past year the shares are up 10%. Our forward projection puts the odds of a 10% gain over the next month near 16%. The street (6 analysts) rates it hold, with a mean price target of $37. It reported earnings in this window, a natural checkpoint for the thesis.
2026-10-26Distribution$30.67+0.0%Entry 10
The analysis reads distribution. Smart money appears to be selling into strength. Institutional holders may be rotating out. Price has moved down 0.0% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows modest positive risk-adjusted returns. Our composite framework grades it D, carrying a low risk profile. Technically it is momentum reading oversold. Over the past year the shares are up 10%. Our forward projection puts the odds of a 10% gain over the next month near 16%. The street (6 analysts) rates it hold, with a mean price target of $37. It reported earnings in this window, a natural checkpoint for the thesis.
2026-10-25Distribution$30.67-1.7%Entry 9
The analysis reads distribution. Smart money appears to be selling into strength. Institutional holders may be rotating out. Price has moved down 1.7% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows modest positive risk-adjusted returns. Our composite framework grades it D, carrying a low risk profile. Technically it is holding around 19% above its long-term trend line with momentum reading oversold. Over the past year the shares are up 10%. Our forward projection puts the odds of a 10% gain over the next month near 16%. The street (6 analysts) rates it hold, with a mean price target of $37. Since the last review it its composite score eased.
2026-10-18Distribution$31.20-18.0%Entry 8
The analysis reads distribution. Smart money appears to be selling into strength. Institutional holders may be rotating out. Price has moved down 18.0% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows modest positive risk-adjusted returns. Our composite framework grades it B, carrying a low risk profile. Technically it is momentum reading neutral. Over the past year the shares are up 10%. Our forward projection puts the odds of a 10% gain over the next month near 16%. The street (6 analysts) rates it hold, with a mean price target of $37.
The framework has shifted from markdown to distribution since the last review. Smart money appears to be selling into strength. Institutional holders may be rotating out. Price has moved down 0.0% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows modest positive risk-adjusted returns. Our composite framework grades it B, carrying a low risk profile. Technically it is momentum reading neutral. Over the past year the shares are up 10%. Our forward projection puts the odds of a 10% gain over the next month near 16%. The street (6 analysts) rates it hold, with a mean price target of $37.
2026-10-02Markdown$38.05-2.6%Entry 6
Our analysis reads markdown. Price is trending lower. Sellers are in control and the prior trend has reversed. Price has moved down 2.6% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows modest positive risk-adjusted returns. Our composite framework grades it B, carrying a low risk profile. Technically it is momentum reading neutral. Over the past year the shares are up 10%. Our forward projection puts the odds of a 10% gain over the next month near 16%. The street (6 analysts) rates it hold, with a mean price target of $37.
2026-08-31Markdown · changed$39.08-3.0%Entry 5
The framework has shifted from accumulation to markdown since the last review. Price is trending lower. Sellers are in control and the prior trend has reversed. Price has moved down 3.0% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows modest positive risk-adjusted returns. Our composite framework grades it B, carrying a low risk profile. Technically it is momentum reading neutral. Over the past year the shares are up 10%. Our forward projection puts the odds of a 10% gain over the next month near 16%. The street (6 analysts) rates it hold, with a mean price target of $37.
The framework has shifted from markup to accumulation since the last review. Smart money appears to be quietly building positions. This typically precedes a markup phase. Price has moved up 4.6% since our last review. Ethical screening: PASS with passing ethical screen. The risk-adjusted return profile shows modest positive risk-adjusted returns. Our composite framework grades it B, carrying a low risk profile. Technically it is momentum reading neutral. Over the past year the shares are up 10%. Our forward projection puts the odds of a 10% gain over the next month near 16%. The street (6 analysts) rates it hold, with a mean price target of $37.
2026-07-18Markup$38.49+0.0%Entry 3
Our analysis reads markup. Price is trending higher with momentum. The crowd has caught on and buyers are in control. Price has moved down 0.0% since our last review. Ethical screening: PASS with passing ethical screen. The risk-adjusted return profile shows good risk-adjusted returns. Our composite framework grades it B, carrying a low risk profile. Technically it is momentum reading neutral. Over the past year the shares are up 10%. Our forward projection puts the odds of a 10% gain over the next month near 16%. The street (6 analysts) rates it hold, with a mean price target of $37.
Each entry above was written on its date, before the outcome. A journal you can prune is not a journal.
