Equity Profile

HESM

Hess Midstream LP

EnergyOil & Gas Storage & Transportation$5.1B

Jul29Wed

Pre-Earnings Brief

UpcomingQ2-2026Pre-Market9:00 AM EDT

Company Snapshot

Hess Midstream LP (HESM) operates in the energy sector, focusing on oil and gas storage and transportation. As a key player in the midstream segment, it plays a vital role in the energy supply chain, providing essential infrastructure for moving oil and gas from production sites to markets.

Key Metrics to Watch

EPS

Earnings per share is a critical measure of profitability, and investors will look for performance against expectations.

0.67

Revenue

Revenue figures indicate the company's ability to generate sales and are closely monitored for growth trends.

396M

Wall Street expectations, options signals, track record, and call prep available with Pro.

HESM Q2-2026 Earnings Preview

Context

Company Snapshot

Earnings Scorecard·Last 8Q

EPS Beat Streak

EPS Beat Rate

88%

Avg EPS Surprise

+8.13%

Avg Stock Reaction

+0.59%

Last Quarter Recap

In Q1-2026, Hess Midstream reported an EPS of $0.68, exceeding expectations by 4.13%. The stock reacted positively, gaining 3.67% the following day.

Management Promises & Guidance

Continued focus on expanding operational efficiency.
Commitment to maintaining strong cash flow.
Plans to invest in infrastructure to support growth.

Expectations

Wall Street Expectations

Analysts expect Hess Midstream to deliver solid earnings, with a consensus EPS of $0.67 and revenue of $396 million. The market is keenly watching for any surprises that could impact future growth.

Bull Case

If Hess Midstream beats EPS expectations and shows strong revenue growth, it could signal robust demand for its services, leading to increased investor confidence.

Bear Case

Conversely, if the company misses expectations or provides weak guidance, it may raise concerns about its ability to sustain growth in a competitive energy market.

Key Metrics to Watch

EPS

0.67

Earnings per share is a critical measure of profitability, and investors will look for performance against expectations.

Revenue

396M

Revenue figures indicate the company's ability to generate sales and are closely monitored for growth trends.

Expectations

Two Questions That Matter

The print will turn on these two things.

Will the EPS exceed the consensus estimate of $0.67?

A beat on EPS could indicate stronger profitability and operational efficiency, which would be viewed positively by investors.

What is the revenue outlook for the next quarter?

Guidance on future revenue will be crucial for assessing the company's growth trajectory and ability to meet market demand.

Edge

What the Street Is Missing

Why consensus could be wrong

The consensus may underestimate the potential for Hess Midstream to capitalize on increased demand for oil and gas transportation, given recent trends in energy consumption.

Supporting Evidence

The company has consistently beaten EPS estimates in recent quarters, indicating strong operational management.

Options pricing suggests a significant move, indicating that traders are anticipating a larger reaction than historical averages.

Recent investments in infrastructure may not be fully reflected in current revenue expectations.

Key Risk

If revenue growth exceeds $400 million, it could challenge the current bearish sentiment.

Edge

Thesis-Break Levels

Pre-commit to what would confirm each case.

This quarter's performance is critical as it will set the tone for investor sentiment and future growth expectations.

Bull Confirmed If

An EPS of $0.70 or higher would confirm strong operational performance and investor confidence.

Bear Confirmed If

An EPS below $0.60 would raise concerns about profitability and market demand.

Pre-Earnings Positioning

Options Market

Implied Move

±10.27%

Historical Avg

±2.1%

Pricing rich

The options market is pricing in a significant move around the earnings announcement, suggesting that traders expect volatility.

Options are pricing ±10.3% while HESM has averaged ±2.1% over the last 8 prints — setup is pricing rich.

Detail

ATM IV

0.3%

30d HV

28.7%

Calls (11K)P/C Ratio: 0.72Puts (9K)

Preparation

Post-Print Playbook

Likely market behavior by outcome — not investment advice.

Beat & Raise

If Hess Midstream beats expectations, history suggests a potential average one-day move of +0.87%, confirming bullish sentiment.

In-Line / Cautious

If results are in line with expectations, the stock may see muted movement as investors await further guidance.

Miss

A miss on earnings could lead to a decline of around -1.41% on the first day, reflecting negative sentiment.

Earnings Track Record

Preparation

What to Listen For

Call Prep

1Any updates on infrastructure investments and their expected impact on revenue.
2Details on operational efficiency improvements and cost management strategies.
3Insights into market demand trends for oil and gas transportation.
4Management's outlook on future earnings and revenue growth.
5Responses to potential regulatory changes affecting the energy sector.

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Company Snapshot

Key Metrics to Watch

EPS

Earnings per share is a critical measure of profitability, and investors will look for performance against expectations.

0.67

Revenue

Revenue figures indicate the company's ability to generate sales and are closely monitored for growth trends.

396M

Wall Street expectations, options signals, track record, and call prep available with Pro.

HESM Q2-2026 Earnings Preview

Context

Company Snapshot

Earnings Scorecard·Last 8Q

EPS Beat Streak

EPS Beat Rate

88%

Avg EPS Surprise

+8.13%

Avg Stock Reaction

+0.59%

Last Quarter Recap

In Q1-2026, Hess Midstream reported an EPS of $0.68, exceeding expectations by 4.13%. The stock reacted positively, gaining 3.67% the following day.

Management Promises & Guidance

Continued focus on expanding operational efficiency.
Commitment to maintaining strong cash flow.
Plans to invest in infrastructure to support growth.

Expectations

Wall Street Expectations

Analysts expect Hess Midstream to deliver solid earnings, with a consensus EPS of $0.67 and revenue of $396 million. The market is keenly watching for any surprises that could impact future growth.

Bull Case

If Hess Midstream beats EPS expectations and shows strong revenue growth, it could signal robust demand for its services, leading to increased investor confidence.

Bear Case

Conversely, if the company misses expectations or provides weak guidance, it may raise concerns about its ability to sustain growth in a competitive energy market.

Key Metrics to Watch

EPS

0.67

Earnings per share is a critical measure of profitability, and investors will look for performance against expectations.

Revenue

396M

Revenue figures indicate the company's ability to generate sales and are closely monitored for growth trends.

Expectations

Two Questions That Matter

The print will turn on these two things.

Will the EPS exceed the consensus estimate of $0.67?

A beat on EPS could indicate stronger profitability and operational efficiency, which would be viewed positively by investors.

What is the revenue outlook for the next quarter?

Guidance on future revenue will be crucial for assessing the company's growth trajectory and ability to meet market demand.

Edge

What the Street Is Missing

Why consensus could be wrong

The consensus may underestimate the potential for Hess Midstream to capitalize on increased demand for oil and gas transportation, given recent trends in energy consumption.

Supporting Evidence

The company has consistently beaten EPS estimates in recent quarters, indicating strong operational management.

Options pricing suggests a significant move, indicating that traders are anticipating a larger reaction than historical averages.

Recent investments in infrastructure may not be fully reflected in current revenue expectations.

Key Risk

If revenue growth exceeds $400 million, it could challenge the current bearish sentiment.

Edge

Thesis-Break Levels

Pre-commit to what would confirm each case.

This quarter's performance is critical as it will set the tone for investor sentiment and future growth expectations.

Bull Confirmed If

An EPS of $0.70 or higher would confirm strong operational performance and investor confidence.

Bear Confirmed If

An EPS below $0.60 would raise concerns about profitability and market demand.

Pre-Earnings Positioning

Options Market

Implied Move

±10.27%

Historical Avg

±2.1%

Pricing rich

The options market is pricing in a significant move around the earnings announcement, suggesting that traders expect volatility.

Options are pricing ±10.3% while HESM has averaged ±2.1% over the last 8 prints — setup is pricing rich.

Detail

ATM IV

0.3%

30d HV

28.7%

Calls (11K)P/C Ratio: 0.72Puts (9K)

Preparation

Post-Print Playbook

Likely market behavior by outcome — not investment advice.

Beat & Raise

If Hess Midstream beats expectations, history suggests a potential average one-day move of +0.87%, confirming bullish sentiment.

In-Line / Cautious

If results are in line with expectations, the stock may see muted movement as investors await further guidance.

Miss

A miss on earnings could lead to a decline of around -1.41% on the first day, reflecting negative sentiment.

Earnings Track Record

Preparation

What to Listen For

Call Prep

1Any updates on infrastructure investments and their expected impact on revenue.
2Details on operational efficiency improvements and cost management strategies.
3Insights into market demand trends for oil and gas transportation.
4Management's outlook on future earnings and revenue growth.
5Responses to potential regulatory changes affecting the energy sector.