HESM trades 8.5% above Wall Street's consensus target of $35.50.
Last 12 months price action with 12-month analyst target path
The base valuation assumes HESM achieves its forward estimates and maintains a stable P/E multiple of 13.2x. This scenario reflects the blended consensus of 9 Wall Street analysts, balancing both positive catalysts and macroeconomic headwinds over the next 12 months.
As of September 24, 2026, Hess Midstream LP (HESM) has a Wall Street consensus price target of $35.50, based on estimates from 9 covering analysts. With the stock currently trading at $38.78, this represents a potential downside of -8.5%. The company has a market capitalization of $8.01B.
Analyst price targets range from a low of $32.00 to a high of $39.00, representing a 20% spread in expectations. The median target of $35.50 aligns closely with the consensus average. The tight target dispersion indicates high conviction among analysts.
The current analyst consensus rating is Hold, with 1 analysts rating the stock as a Buy or Strong Buy,6 rating it Hold, and 2 rating it Sell or Strong Sell. The bearish sentiment suggests caution about the stock at current levels.
From a valuation perspective, HESM trades at a trailing P/E of 13.6x and forward P/E of 13.2x. The forward PEG ratio of 0.78 suggests the stock may be undervalued relative to its growth. Analysts expect EPS to grow +0.9% over the next year.
Our proprietary valuation model, which blends historical multiples with forward estimates, suggests a base-case price target of $16.27, with bear and bull scenarios of $10.25 and $21.44 respectively. Model confidence stands at 40/100, suggesting limited visibility into future performance.
| Company | Market Cap | Price | Target | Upside Potential | Rating | Fwd P/E | Analysts |
|---|---|---|---|---|---|---|---|
 TRGPTarga Resources Corp. | $60.7B | $283.01 | $315.15 | +11.4% | Buy | 25.1x | 34 |
 DKLDelek Logistics Partners, LP | $2.9B | $54.97 | $56.00 | +1.9% | Hold | 17.8x | 10 |
 WESWestern Midstream Partners, LP | $18.9B | $45.65 | $49.71 | +8.9% | Hold | 12.3x | 13 |
 AMAntero Midstream Corporation | $10.1B | $21.38 | $24.00 | +12.3% | Hold | 19.6x | 17 |
 MPLXMPLX Lp | $59.7B | $58.81 | $63.80 | +8.5% | Buy | 13.7x | 28 |
 CVXChevron Corporation | $409.3B | $205.52 | $216.92 | +5.5% | Buy | 12.7x | 53 |
 EOGEOG Resources, Inc. | $75.5B | $141.84 | $162.00 | +14.2% | Buy | 8.4x | 66 |
 NCSMNCS Multistage Holdings, Inc. | $140M | $53.35 | — | — | — | 21.1x | — |
 ETEnergy Transfer LP | $70.5B | $20.49 | $23.00 | +12.2% | Buy | 12.1x | 34 |
 EPDEnterprise Products Partners L.P. | $81.3B | $37.57 | $41.00 | +9.1% | Buy | 12.5x | 45 |
Quick answers to the most common questions about buying HESM stock.
Wall Street's consensus price target for HESM is $35.5, -8.5% from its current price of $38.78. The below-market target from 9 analysts suggests limited near-term appreciation.
HESM has a consensus rating of "Hold" based on 9 Wall Street analysts. The rating breakdown is leaning bearish, with 2 Sell/Strong Sell ratings. The consensus 12-month price target of $35.5 implies -8.5% downside from current levels.
With a forward P/E of 13.1551x, HESM trades at a relatively low valuation. The consensus target of $35.5 implies -8.5% move, suggesting the market may be pricing in risks.
The most bullish Wall Street analyst has a price target of $39 for HESM, while the most conservative target is $32. The consensus of $35.5 represents the median expectation. Our quantitative valuation model projects a bull case target of $21 based on optimistic growth and margin assumptions. These targets typically reflect 12-month expectations.
HESM is moderately covered, with 9 analysts providing price targets and ratings. Of these, 0 have Strong Buy ratings, 1 have Buy ratings, 6 recommend Hold, and 2 have Sell or Strong Sell ratings. Higher analyst coverage generally indicates greater institutional interest and more reliable consensus estimates.
The 12-month HESM stock forecast based on 9 Wall Street analysts shows a consensus price target of $35.5, with estimates ranging from $32 (bear case) to $39 (bull case). The median consensus rating is "Hold". Our proprietary valuation model produces a base case fair value of $16, with bear/bull scenarios of $10/$21.
Our quantitative valuation model calculates HESM's fair value at $16 (base case), with a bear case of $10 and bull case of $21. The model uses discounted cash flow analysis, historical growth rates, and margin mean-reversion to project FY+2 earnings, then applies an appropriate P/E multiple. The model confidence score is 40/100.
HESM trades at a forward P/E ratio of 13.2x based on next-twelve-months earnings estimates compared to a trailing P/E of 13.6x. The lower forward P/E indicates analysts expect earnings growth. A forward P/E is useful for comparing valuations when earnings are expected to change significantly.
Analysts are cautious on HESM, with 2 Sell ratings and a price target of $35.5 (-8.5% from current price). The "Hold" consensus suggests careful evaluation before buying. This information is for educational purposes only. Always conduct your own research, consider your financial situation, and consult a financial advisor before making investment decisions.
HESM analyst price targets range from $32 to $39, a 20% tight range reflecting strong analyst consensus. Differences stem from varying assumptions about revenue growth, profit margins, competitive dynamics, and valuation multiples. The $35.5 consensus represents the middle ground. Our model's $10-$21 range provides an independent fundamental perspective.
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