Citi analyst Spiro Dounis downgraded Hess Midstream LP (HESM) to Neutral from Buy with a price target of $41, down from $42. The firm views the stock’s risk/reward as more balanced following the acquisition of Hess Corp. by Chevron (CVX). Hess Midstream’s growth now relies on Chevron’s Bakken development, which is less clear than Hess’ previous plans, the analyst tells investors in a research note.
TipRanks Cyber Monday Sale
- Claim 60% off TipRanks Premium for data-backed insights and research tools you need to invest with confidence.
- Subscribe to TipRanks' Smart Investor Picks and see our data in action through our high-performing model portfolio - now also 60% off
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Read More on HESM:
- Hold Rating on Hess Midstream Partners Amid Chevron’s Potential Bakken Activity Reduction and OPEC+ Oil Production Increase
- Hess Midstream LP downgraded to Neutral from Buy at UBS
- Hess Midstream Partners Announces Leadership Change
- Hess Midstream LP price target raised to $46 from $44 at JPMorgan
- Hess Midstream Announces $100 Million Repurchase Agreement