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One Chevron deal sent Hess Midstream units into a monthlong slide, but the reason the stock fell and the reason it may have fallen too far are two completely different stories.
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What happened Dividendology makes the deal clear: Chevron Corporation (NYSE: CVX)'s lower costs become Hess Midstream LP (NYSE: HESM)'s revenue pressure. Hess Midstream LP (NYSE: HESM) agreed to lower Bakken fees, extend the contracts through 2045 and acquire Chevron Corporation (NYSE: CVX)'s DJ Basin midstream assets. Chevron Corporation (NYSE: CVX) expects the new fees to
Hess Midstream Partners (HESM) is technically in oversold territory now, so the heavy selling pressure might have exhausted. This along with strong agreement among Wall Street analysts in raising earnings estimates could lead to a trend reversal for the stock.
Hess Midstream's deal with Chevron means lower earnings but also longer contracts, fewer shares outstanding, and expansion into a second region.
Hess Midstream LP (HESM) Discusses Definitive Agreement for DJ Basin Asset Acquisition and Business Strategy Transcript