Hess Midstream announces $100M sponsor unit repurchase [Seeking Alpha]
Hess Corporation (HES)
Last hess corporation earnings: 1/29 07:30 am
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US:NYSE Investor Relations:
hess.com/investors
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Source: Seeking Alpha
Midstream Operations LP, from affiliates of Hess Corporation and Global Infrastructure Partners. Hess Midstream Operations LP, Hess Midstream's consolidated subsidiary, agreed to repurchase its 2,823,262 Class B units, equal to around 1.3% of the consolidated company, held by the sponsors for an aggregate purchase price of ~$100M. The purchase price per Class B unit is $35.42, the closing price of the Class A shares on September 9, 2024. The unit repurchase is anticipated to close on September 11, 2024. The repurchased units will be cancelled upon the closing, which is expected to result in increased distributable cash flow per Class A share, providing capacity for incremental distribution growth above Hess Midstream's annual distribution target of at least 5% through 2026. After completing the unit repurchase transaction, ownership of Hess Midstream on a consolidated basis will be approximately 41.5% for the public, 20.7% for Global Infrastructure Partners and 37.8% for Hess
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HES
News
- Hess Co. (NYSE: HES) had its price target lowered by analysts at Wells Fargo & Company from $171.00 to $151.00. They now have an "equal weight" rating on the stock.MarketBeat
- Carnelian Backs Williston E&P Zavanna as Bakken M&A Heats Up [Yahoo! Finance]Yahoo! Finance
- Hess Co. (NYSE: HES) had its price target lowered by analysts at UBS Group AG from $192.00 to $173.00. They now have a "buy" rating on the stock.MarketBeat
- Hess Co. (NYSE: HES) had its price target lowered by analysts at Mizuho from $210.00 to $194.00. They now have a "neutral" rating on the stock.MarketBeat
- Hess Co. (NYSE: HES) had its price target lowered by analysts at Piper Sandler from $173.00 to $167.00.MarketBeat
HES
Earnings
- 7/31/24 - Beat
HES
Sec Filings
- 9/24/24 - Form SD
- 9/13/24 - Form 10-Q
- 8/12/24 - Form 4
- HES's page on the SEC website