Tiger Brokers

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

Reuters
Feb 11, 2025
BUZZ-Hess Midstream down as BlackRock's GIP chops stake in upsized secondary offering

** 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))

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

Most Discussed

  1. 1
     
     
     
     
  2. 2
     
     
     
     
  3. 3
     
     
     
     
  4. 4
     
     
     
     
  5. 5
     
     
     
     
  6. 6
     
     
     
     
  7. 7
     
     
     
     
  8. 8
     
     
     
     
  9. 9
     
     
     
     
  10. 10