Goldman Sachs reinstated coverage of Hess Midstream LP (HESM) with a Neutral rating and $36 price target The firm sees the stock as fully valued, noting that growth expectations for the company have been reset to reflect the softer oil outlook and strong contracts limit near-term downside, but it still believes that consensus is “too high”. Goldman adds that while Hess Midstream’s capital return potential is compelling given low capex needs, the range of outcomes for the CVX Bakken review “offers both upside and downside risks”.
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