Hess Midstream Partners LP (HESM) PT Lowered to $34 at UBS on Updated Guidance

UBS analyst Manav Gupta lowered the price target on Hess Midstream Partners LP (NYSE: HESM) to $34.00 (from $43.00) while maintaining a Neutral rating.

"In mid-September, HESM announced updated financial and operational guidance for 2025, 2026, and 2027. The guidance change was based on expected decrease in Bakken rig activity by Chevron decreasing rig count from four to three commencing in 4Q25. We are adjusting our model for these changes and remain Neutral rated...Our price target of $34 is based on a 9.4x NTM multiple on our 2027E earnings, lowered from 10.6x as growth is slowing down. Our 9.4x NTM multiple is average of peer group comprising of DKL, KNTK, MPLX, TRGP, OKE, PAA, LNG, SUN, EPD, PPL, WES, and PAGP."

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