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BlackRock (NYSE:BLK) Portfolio Management LLC, a significant stakeholder in Hess (NYSE:HES) Midstream LP (NYSE:HESM), has recently sold a substantial portion of its holdings in the company. According to a recent SEC filing, BlackRock disposed of 1,650,000 Class A shares at a price of $39.11 per share, amounting to a total transaction value of approximately $64.5 million. The stock, currently trading at $41.20, has shown strong momentum, approaching its 52-week high of $42.15, while maintaining an attractive 6.84% dividend yield. InvestingPro analysis suggests the stock is slightly undervalued, with 10+ additional exclusive insights available to subscribers.
The transactions, reported on February 19, 2025, reflect BlackRock’s ongoing adjustments to its investment portfolio. After the sale, BlackRock holds no remaining Class A shares in Hess Midstream, although it still retains indirect ownership of other securities through associated entities.
The filing also notes the conversion of Opco Class B Units into Class A Shares, a move that did not involve any financial consideration. These transactions are part of the routine management of BlackRock’s investment holdings, as the company continues to optimize its portfolio in line with market conditions and strategic objectives.
In other recent news, Hess Midstream Partners LP reported its fourth-quarter 2024 financial results, surpassing analysts’ expectations with an earnings per share (EPS) of $0.68 compared to the forecast of $0.67. However, the company’s revenue of $388.5 million slightly missed the projected $390.41 million. Despite this, the company is projecting significant growth in 2025, with net income expected to reach up to $765 million. Furthermore, Hess Midstream announced the pricing of an $800 million offering of 5.875% senior unsecured notes due 2028, with plans to use the proceeds to redeem existing notes maturing in 2026. In another development, the company has initiated a public offering of 10 million Class A shares, managed by Goldman Sachs, with no proceeds going to Hess Midstream itself. Meanwhile, Citi analyst Douglas Irwin raised the price target for Hess Midstream from $41.00 to $44.00, maintaining a Buy rating on the stock. The analyst highlighted optimism about the company’s future free cash flow profile, particularly beyond 2027, due to anticipated reductions in capital expenditures.
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