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In a remarkable display of market confidence, Hess Midstream Partners LP (NYSE:HESM) stock has soared to an all-time high, reaching a price level of $41.68. According to InvestingPro data, the company maintains a healthy 6.7% dividend yield and has raised its dividend for 8 consecutive years, demonstrating strong financial stability. This significant milestone underscores the company’s robust performance and investor optimism in its growth potential. Over the past year, HESM has witnessed an impressive 29.6% total return, with a strong gross profit margin of 76.5% and EBITDA of $1.09 billion. InvestingPro analysis indicates the stock is currently trading near its Fair Value, with 12 additional exclusive insights available to subscribers. The company’s strategic initiatives and operational efficiency have played a pivotal role in driving this upward trajectory, capturing the attention of investors seeking resilient and high-performing assets. With an "GOOD" Financial Health score from InvestingPro and revenue growth of 11.4% in the last twelve months, HESM continues to demonstrate strong operational execution.
In other recent news, Hess Midstream LP has made significant strides in its operations. The company recently repurchased $100M in Class B units, a move that is expected to increase distributable cash flow per Class A share and potentially allow for distribution growth above the company’s annual target of at least 5% through 2026.
In addition, Hess Midstream reported a robust third-quarter performance, marked by significant throughput volumes across its operations. The company’s Bakken production, managed by Hess Corporation (NYSE:HES), surpassed projections, contributing to the strong performance.
Looking ahead, Hess Midstream projects a net income between $170 million and $185 million for Q4 2024, with adjusted EBITDA estimated between $295 million and $310 million. Capital expenditures for 2024 are expected to be around $270 million, with plans for a new gas processing plant in the pipeline.
The company reaffirmed its 2024 throughput guidance and anticipates approximately 10% growth in throughput compared to 2023. It continues to strategically evaluate potential M&A opportunities to enhance its position in the basin. These are among the recent developments for Hess Midstream.
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