Hess Midstream (HESM)
Market Price (4/11/2026): $39.6 | Market Cap: $5.1 BilSector: Energy | Industry: Oil & Gas Storage & Transportation
Hess Midstream (HESM)
Market Price (4/11/2026): $39.6Market Cap: $5.1 BilSector: EnergyIndustry: Oil & Gas Storage & Transportation
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 14%, Dividend Yield is 6.8%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 9.7%, FCF Yield is 14% Attractive operating marginsOp Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is 62% Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 61%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 45% Stock buyback supportStock Buyback 3Y Total is 1.1 Bil Low stock price volatilityVol 12M is 24% Megatrend and thematic driversMegatrends include North American Energy Infrastructure. Themes include Crude Oil & Natural Gas Midstream, and Energy Logistics & Transportation. | Trading close to highsDist 52W High is -3.3%, Dist 3Y High is -3.3% Weak multi-year price returns2Y Excs Rtn is -1.7% | Debt is significantNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 73% Key risksHESM key risks include [1] an outsized dependence on its primary customer, Show more. |
| Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 14%, Dividend Yield is 6.8%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 9.7%, FCF Yield is 14% |
| Attractive operating marginsOp Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is 62% |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 61%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 45% |
| Stock buyback supportStock Buyback 3Y Total is 1.1 Bil |
| Low stock price volatilityVol 12M is 24% |
| Megatrend and thematic driversMegatrends include North American Energy Infrastructure. Themes include Crude Oil & Natural Gas Midstream, and Energy Logistics & Transportation. |
| Trading close to highsDist 52W High is -3.3%, Dist 3Y High is -3.3% |
| Weak multi-year price returns2Y Excs Rtn is -1.7% |
| Debt is significantNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 73% |
| Key risksHESM key risks include [1] an outsized dependence on its primary customer, Show more. |
Qualitative Assessment
AI Analysis | Feedback
1. Strong Financial Performance and Shareholder Returns: Hess Midstream reported fourth quarter 2025 results on February 2, 2026, with net income of $168.0 million and Adjusted EBITDA of $309.1 million. The company's basic EPS of $0.72 met consensus estimates, and one source indicated a 4.35% beat over analyst expectations of $0.69. This was coupled with a declared increase in the quarterly cash distribution to $0.7641 per Class A share for the quarter ended December 31, 2025, representing an increase of $0.0093 from the prior quarter, payable on February 13, 2026. Furthermore, Hess Midstream announced an accretive $60 million share repurchase program in March 2026, demonstrating a commitment to returning capital to shareholders.
2. Disciplined Capital Allocation and Favorable 2026 Guidance: The company provided 2026 guidance projecting relatively flat Adjusted EBITDA in the range of $1,225–1,275 million compared to 2025 levels, alongside a significant reduction in projected capital expenditures to approximately $150 million for 2026. This focus on capital discipline is set to continue with further reductions in capital expenditures anticipated to be less than $75 million annually in 2027 and 2028. This strategic pivot towards maximizing free cash flow for shareholder returns, underpinned by minimum volume commitments through 2033 and a long-term leverage target of 3x Adjusted EBITDA, was seen favorably.
Show more
Stock Movement Drivers
Fundamental Drivers
The 17.2% change in HESM stock from 12/31/2025 to 4/10/2026 was primarily driven by a 9.1% change in the company's P/E Multiple.| (LTM values as of) | 12312025 | 4102026 | Change |
|---|---|---|---|
| Stock Price ($) | 33.77 | 39.57 | 17.2% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 1,609 | 1,617 | 0.5% |
| Net Income Margin (%) | 20.5% | 21.8% | 6.4% |
| P/E Multiple | 13.3 | 14.5 | 9.1% |
| Shares Outstanding (Mil) | 130 | 130 | 0.5% |
| Cumulative Contribution | 17.2% |
Market Drivers
12/31/2025 to 4/10/2026| Return | Correlation | |
|---|---|---|
| HESM | 17.2% | |
| Market (SPY) | -5.4% | 18.7% |
| Sector (XLE) | 27.4% | 44.6% |
Fundamental Drivers
The 19.7% change in HESM stock from 9/30/2025 to 4/10/2026 was primarily driven by a 17.6% change in the company's Net Income Margin (%).| (LTM values as of) | 9302025 | 4102026 | Change |
|---|---|---|---|
| Stock Price ($) | 33.06 | 39.57 | 19.7% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 1,567 | 1,617 | 3.2% |
| Net Income Margin (%) | 18.6% | 21.8% | 17.6% |
| P/E Multiple | 13.8 | 14.5 | 5.1% |
| Shares Outstanding (Mil) | 122 | 130 | -6.1% |
| Cumulative Contribution | 19.7% |
Market Drivers
9/30/2025 to 4/10/2026| Return | Correlation | |
|---|---|---|
| HESM | 19.7% | |
| Market (SPY) | -2.9% | 16.3% |
| Sector (XLE) | 28.6% | 47.9% |
Fundamental Drivers
The 1.5% change in HESM stock from 3/31/2025 to 4/10/2026 was primarily driven by a 45.9% change in the company's Net Income Margin (%).| (LTM values as of) | 3312025 | 4102026 | Change |
|---|---|---|---|
| Stock Price ($) | 39.00 | 39.57 | 1.5% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 1,492 | 1,617 | 8.4% |
| Net Income Margin (%) | 15.0% | 21.8% | 45.9% |
| P/E Multiple | 18.2 | 14.5 | -20.0% |
| Shares Outstanding (Mil) | 104 | 130 | -19.8% |
| Cumulative Contribution | 1.5% |
Market Drivers
3/31/2025 to 4/10/2026| Return | Correlation | |
|---|---|---|
| HESM | 1.5% | |
| Market (SPY) | 16.3% | 43.3% |
| Sector (XLE) | 25.0% | 57.0% |
Fundamental Drivers
The 72.9% change in HESM stock from 3/31/2023 to 4/10/2026 was primarily driven by a 231.1% change in the company's Net Income Margin (%).| (LTM values as of) | 3312023 | 4102026 | Change |
|---|---|---|---|
| Stock Price ($) | 22.89 | 39.57 | 72.9% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 1,273 | 1,617 | 27.0% |
| Net Income Margin (%) | 6.6% | 21.8% | 231.1% |
| P/E Multiple | 11.9 | 14.5 | 22.0% |
| Shares Outstanding (Mil) | 44 | 130 | -66.3% |
| Cumulative Contribution | 72.9% |
Market Drivers
3/31/2023 to 4/10/2026| Return | Correlation | |
|---|---|---|
| HESM | 72.9% | |
| Market (SPY) | 63.3% | 36.8% |
| Sector (XLE) | 50.6% | 51.8% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| HESM Return | 53% | 17% | 14% | 26% | 1% | 16% | 202% |
| Peers Return | 53% | 28% | 15% | 63% | 5% | 24% | 382% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | -0% | 82% |
Monthly Win Rates [3] | |||||||
| HESM Win Rate | 83% | 50% | 67% | 67% | 67% | 100% | |
| Peers Win Rate | 72% | 63% | 55% | 75% | 53% | 75% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 50% | |
Max Drawdowns [4] | |||||||
| HESM Max Drawdown | -2% | -7% | -12% | -1% | -10% | -4% | |
| Peers Max Drawdown | -1% | -3% | -10% | -5% | -11% | -3% | |
| S&P 500 Max Drawdown | -1% | -25% | -1% | -2% | -15% | -7% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: OKE, TRGP, KMI, WMB, AM.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 4/10/2026 (YTD)
How Low Can It Go
| Event | HESM | S&P 500 |
|---|---|---|
| 2022 Inflation Shock | ||
| % Loss | -30.1% | -25.4% |
| % Gain to Breakeven | 43.0% | 34.1% |
| Time to Breakeven | 526 days | 464 days |
| 2020 Covid Pandemic | ||
| % Loss | -75.6% | -33.9% |
| % Gain to Breakeven | 309.9% | 51.3% |
| Time to Breakeven | 441 days | 148 days |
| 2018 Correction | ||
| % Loss | -37.6% | -19.8% |
| % Gain to Breakeven | 60.3% | 24.7% |
| Time to Breakeven | 896 days | 120 days |
Compare to OKE, TRGP, KMI, WMB, AM
In The Past
Hess Midstream's stock fell -30.1% during the 2022 Inflation Shock from a high on 6/7/2022. A -30.1% loss requires a 43.0% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About Hess Midstream (HESM)
AI Analysis | Feedback
Hess Midstream (HESM) is like:
- Kinder Morgan for the Bakken oil and gas fields.
AI Analysis | Feedback
- Natural Gas Gathering & Compression: Services for collecting and compressing raw natural gas from production sites through pipeline systems.
- Crude Oil Gathering: Services for collecting crude oil from production sites through pipeline systems.
- Produced Water Gathering & Disposal: Services for collecting and disposing of water generated during hydrocarbon extraction.
- Natural Gas Processing & Fractionation: Services for processing raw natural gas to remove impurities and separating natural gas liquids into individual components.
- Propane Storage & Logistics: Services for storing propane and facilitating its loading and unloading for transportation via rail or truck.
- Crude Oil Terminaling & Export: Services for storing, blending, and transferring crude oil to various transportation modes, including rail and pipelines.
AI Analysis | Feedback
Hess Midstream (HESM) sells primarily to other companies, specifically upstream oil and natural gas producers and potentially downstream processors and marketers.
Its major customer is:
- Hess Corporation (NYSE: HES)
AI Analysis | Feedback
nullAI Analysis | Feedback
Jonathan C. Stein, Chief Executive Officer
Jonathan C. Stein was appointed Chief Executive Officer of Hess Midstream LP effective July 18, 2025. He previously served as Chief Financial Officer of Hess Midstream GP LLP from September 2019 to July 2025, and played a leadership role in the formation of the Hess Midstream business entity and its subsequent initial public offering. Prior to joining Hess Midstream, he was a consultant with Ernst & Young's Risk Management and Regulatory Practice, assisting financial services and energy trading clients with risk management infrastructure. Mr. Stein also served as Senior Vice President, Strategy and Planning and Chief Risk Officer for Hess Corporation.
Michael J. Chadwick, Chief Financial Officer
Michael J. Chadwick was appointed Chief Financial Officer of Hess Midstream GP LLC effective July 18, 2025, succeeding Jonathan C. Stein. Mr. Chadwick joined Hess in 2000 and has held increasingly senior financial roles within the company, most recently serving as Vice President and Corporate Controller for Hess Corporation from September 2022 to July 2025. In that role, he was responsible for financial consolidations and reporting, accounting shared services, and Sarbanes-Oxley Act compliance functions.
Michael S. Bast, President and Chief Operating Officer
Michael S. Bast serves as the President and Chief Operating Officer of Hess Midstream.
Gabriela B. Boersner, General Counsel and Secretary
Gabriela B. Boersner holds the position of General Counsel and Secretary at Hess Midstream.
AI Analysis | Feedback
The key risks to Hess Midstream LP (HESM) are:- Dependence on Hess Corporation (now Chevron): Hess Midstream is substantially reliant on Hess Corporation (now owned by Chevron Corporation) for its revenues and throughput volumes. Any changes in Chevron's operational strategies, such as reduced drilling or production activities in the Bakken region, could significantly impact Hess Midstream's financial performance. For instance, affiliate revenue comprised 96% of total revenue in the past, highlighting this concentration.
- Geographic Concentration in the Bakken Region: Hess Midstream's operations are primarily concentrated in the Bakken and Three Forks Shale plays in the Williston Basin area of North Dakota. This geographic focus exposes the company to localized economic downturns, specific regional regulatory changes, and the potential for a plateau or decline in oil and gas production in the Bakken, which could limit growth opportunities and affect demand for its services.
- Regulatory and Environmental Risks: The company operates in a highly regulated industry. Changes in environmental laws and regulations, particularly concerning methane emissions, carbon dioxide pipelines, and water usage and disposal, can lead to increased compliance costs, operational constraints, and delays or cancellations of expansion projects. Such regulatory uncertainties directly impact capital expenditures and growth plans.
AI Analysis | Feedback
nullAI Analysis | Feedback
Hess Midstream LP (HESM) operates in several key midstream sectors within North America, primarily focused on the Bakken and Three Forks Shale plays in North Dakota and surrounding regions. The addressable markets for its main products and services are sized as follows:
Natural Gas Gathering, Compression, Processing, and Fractionation
The global gas processing market size was estimated at USD 243.62 billion in 2025, with North America capturing the largest revenue share in the same year. More specifically, the U.S. natural gas pipeline infrastructure market, which includes gathering and transmission, was calculated at USD 1,058.73 billion in 2024 and is projected to reach approximately USD 2,431.55 billion by 2034, expanding at a compound annual growth rate (CAGR) of 8.67% between 2025 and 2034.
Crude Oil Gathering Systems, Terminaling, and Export
The U.S. oil and gas infrastructure market, encompassing pipelines and other related facilities, was valued at USD 78.9 billion in 2024 and is projected to grow to USD 147.8 billion by 2034, with a CAGR of 6.4% from 2025 to 2034. Within this, the Oil, Gas & NGL Pipelines segment in the U.S. is anticipated to exceed USD 41 billion by 2034.
Produced Water Gathering and Disposal Facilities
The midstream water market in the Bakken region is projected to be US$13.0 billion for the period between 2025 and 2030. This market is part of the larger U.S. midstream water market, which totals US$156 billion from 2025–2030. The global produced water treatment market was valued at USD 8.82 billion in 2024 and is expected to reach USD 18.58 billion by 2034, with North America dominating this market, accounting for 43% of the revenue share in 2024.
Propane Storage, Rail, and Truck Loading/Unloading
The U.S. propane market was valued at USD 44.85 billion in 2025 and is projected to reach USD 69.75 billion by 2034, growing at a CAGR of 5.03% from 2026 to 2034.
AI Analysis | Feedback
Hess Midstream LP (HESM) is expected to experience future revenue growth over the next 2-3 years driven by several key factors:
- Growth in Gas Throughput Volumes: Hess Midstream anticipates increased gas throughput volumes, particularly from the Bakken region, which directly impacts the utilization of its gathering and processing assets. The company projects approximately 1.5% annualized growth in gas throughput volumes through 2028.
- Infrastructure Expansion Projects: The company is investing in significant infrastructure development, including ongoing gas compression projects, greenfield high-pressure gathering lines, and the construction of a new gas processing plant with a capacity of approximately 125 million cubic feet per day, expected to be operational in 2027. This expansion directly increases its capacity to handle more volumes and generate higher revenue.
- Annual Tariff Rate Escalators: Hess Midstream benefits from annual tariff rate increases, which are contractual price adjustments that contribute to growth in net income and Adjusted EBITDA.
- Increased Third-Party Volumes: The company's ongoing capital expenditures include investments for gathering system well connects to service both Hess and third-party customers, indicating an expectation of continued or growing volumes from non-Hess sources. Hess Midstream anticipates 10% average growth across oil and gas from third-party activity.
AI Analysis | Feedback
Share Repurchases
- Hess Midstream announced a $60 million repurchase program in March 2026, comprising approximately $18 million in Class B units from an affiliate of Chevron and $42 million in Class A shares through an accelerated share repurchase agreement.
- The company repurchased approximately $100 million of Class B units from its sponsors (Hess Corporation and Global Infrastructure Partners) in January 2025.
- Since the beginning of 2021 through the January 2025 transaction, Hess Midstream has returned $1.95 billion to shareholders through ongoing unit repurchases from its sponsors, reducing the total unit count by nearly 25%. The company anticipates maintaining approximately $1 billion in financial flexibility through 2028 for additional shareholder returns and debt repayment, including potential future repurchases.
Capital Expenditures
- Hess Midstream expects total capital expenditures of approximately $150 million in 2026, representing a significant reduction from estimated 2025 levels.
- The 2026 capital budget allocates approximately $125 million to ongoing capital expenditures for gathering system well connects and maintenance, with an additional $25 million for compression and gathering pipeline buildout.
- Looking beyond 2026, capital expenditures are projected to further decline to less than $75 million annually in both 2027 and 2028, primarily focused on ongoing capital for the interconnection of Chevron and third-party gas, oil, and water volumes, as well as maintenance.
Latest Trefis Analyses
| Title | |
|---|---|
| ARTICLES |
Trade Ideas
Select ideas related to HESM.
| Date | Ticker | Company | Category | Trade Strategy | 6M Fwd Rtn | 12M Fwd Rtn | 12M Max DD |
|---|---|---|---|---|---|---|---|
| 03312026 | KGS | Kodiak Gas Services | Insider | Insider Buys 45DStrong Insider BuyingCompanies with multiple insider buys in the last 45 days | 0.0% | 0.0% | 0.0% |
| 03312026 | KOS | Kosmos Energy | Insider | Insider Buys 45DStrong Insider BuyingCompanies with multiple insider buys in the last 45 days | 0.0% | 0.0% | 0.0% |
| 12262025 | TPL | Texas Pacific Land | Dip Buy | DB | P/E OPMDip Buy with Low PE and High MarginBuying dips for companies with tame PE and meaningfully high operating margin | 65.2% | 65.2% | -2.1% |
| 12122025 | NOV | NOV | Insider | Insider Buys | Low D/EStrong Insider BuyingCompanies with strong insider buying in the last 1 month, positive operating income and reasonable debt / market cap | 15.3% | 15.3% | -6.5% |
| 12122025 | RIG | Transocean | Insider | Insider Buys | Low D/EStrong Insider BuyingCompanies with strong insider buying in the last 1 month, positive operating income and reasonable debt / market cap | 60.5% | 60.5% | -7.0% |
Research & Analysis
Invest in Strategies
Wealth Management
Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 56.16 |
| Mkt Cap | 53.3 |
| Rev LTM | 14,444 |
| Op Inc LTM | 3,870 |
| FCF LTM | 835 |
| FCF 3Y Avg | 1,443 |
| CFO LTM | 4,758 |
| CFO 3Y Avg | 4,281 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 10.3% |
| Rev Chg 3Y Avg | 5.7% |
| Rev Chg Q | 8.1% |
| QoQ Delta Rev Chg LTM | 2.0% |
| Op Mgn LTM | 32.4% |
| Op Mgn 3Y Avg | 31.9% |
| QoQ Delta Op Mgn LTM | 0.4% |
| CFO/Rev LTM | 42.1% |
| CFO/Rev 3Y Avg | 44.3% |
| FCF/Rev LTM | 12.3% |
| FCF/Rev 3Y Avg | 20.7% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 53.3 |
| P/S | 3.7 |
| P/EBIT | 14.6 |
| P/E | 24.6 |
| P/CFO | 11.8 |
| Total Yield | 8.0% |
| Dividend Yield | 3.9% |
| FCF Yield 3Y Avg | 6.2% |
| D/E | 0.4 |
| Net D/E | 0.4 |
Returns
| Median | |
|---|---|
| Name | |
| 1M Rtn | -0.3% |
| 3M Rtn | 21.6% |
| 6M Rtn | 25.8% |
| 12M Rtn | 34.3% |
| 3Y Rtn | 132.7% |
| 1M Excs Rtn | -0.9% |
| 3M Excs Rtn | 22.4% |
| 6M Excs Rtn | 19.7% |
| 12M Excs Rtn | -0.1% |
| 3Y Excs Rtn | 70.4% |
Price Behavior
| Market Price | $39.57 | |
| Market Cap ($ Bil) | 5.1 | |
| First Trading Date | 04/05/2017 | |
| Distance from 52W High | -3.3% | |
| 50 Days | 200 Days | |
| DMA Price | $38.16 | $35.80 |
| DMA Trend | up | up |
| Distance from DMA | 3.7% | 10.5% |
| 3M | 1YR | |
| Volatility | 16.7% | 23.8% |
| Downside Capture | -0.12 | -0.00 |
| Upside Capture | 94.87 | 22.76 |
| Correlation (SPY) | 21.8% | 26.7% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 0.04 | 0.34 | 0.24 | 0.23 | 0.61 | 0.55 |
| Up Beta | -0.94 | 0.17 | -0.12 | 0.03 | 0.56 | 0.52 |
| Down Beta | 0.26 | 0.48 | 0.60 | 0.54 | 1.12 | 0.89 |
| Up Capture | 46% | 95% | 66% | 37% | 17% | 19% |
| Bmk +ve Days | 7 | 16 | 27 | 65 | 139 | 424 |
| Stock +ve Days | 10 | 25 | 39 | 73 | 136 | 417 |
| Down Capture | -13% | -17% | -38% | -12% | 37% | 56% |
| Bmk -ve Days | 12 | 23 | 33 | 58 | 110 | 323 |
| Stock -ve Days | 12 | 17 | 24 | 53 | 114 | 330 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with HESM | |
|---|---|---|---|---|
| HESM | 21.9% | 24.5% | 0.76 | - |
| Sector ETF (XLE) | 53.0% | 22.2% | 1.83 | 47.8% |
| Equity (SPY) | 31.2% | 17.3% | 1.47 | 32.3% |
| Gold (GLD) | 60.1% | 27.8% | 1.69 | 1.8% |
| Commodities (DBC) | 29.8% | 16.6% | 1.58 | 35.7% |
| Real Estate (VNQ) | 21.3% | 15.2% | 1.07 | 30.3% |
| Bitcoin (BTCUSD) | -5.7% | 43.7% | -0.01 | 17.1% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with HESM | |
|---|---|---|---|---|
| HESM | 20.1% | 27.2% | 0.68 | - |
| Sector ETF (XLE) | 22.6% | 26.1% | 0.78 | 61.2% |
| Equity (SPY) | 11.1% | 17.0% | 0.50 | 37.8% |
| Gold (GLD) | 22.1% | 17.8% | 1.02 | 12.0% |
| Commodities (DBC) | 11.8% | 18.8% | 0.52 | 41.0% |
| Real Estate (VNQ) | 3.7% | 18.8% | 0.10 | 33.0% |
| Bitcoin (BTCUSD) | 4.0% | 56.5% | 0.29 | 13.6% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with HESM | |
|---|---|---|---|---|
| HESM | 11.7% | 39.0% | 0.44 | - |
| Sector ETF (XLE) | 10.8% | 29.5% | 0.40 | 59.8% |
| Equity (SPY) | 13.8% | 17.9% | 0.66 | 40.2% |
| Gold (GLD) | 14.2% | 15.9% | 0.74 | 6.2% |
| Commodities (DBC) | 8.6% | 17.6% | 0.41 | 37.5% |
| Real Estate (VNQ) | 5.1% | 20.7% | 0.22 | 33.4% |
| Bitcoin (BTCUSD) | 67.4% | 66.9% | 1.07 | 14.8% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Returns Analyses
Earnings Returns History
Expand for More| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 2/2/2026 | -1.4% | 2.9% | 13.7% |
| 11/3/2025 | 1.5% | 2.2% | 2.9% |
| 7/30/2025 | 3.5% | 1.7% | 2.2% |
| 4/30/2025 | -3.5% | -3.3% | -1.3% |
| 1/29/2025 | 2.0% | 0.3% | 2.4% |
| 10/30/2024 | -0.5% | -0.3% | 9.2% |
| 7/31/2024 | -0.6% | -4.2% | -2.4% |
| 4/25/2024 | -1.9% | -4.2% | 1.0% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 9 | 12 | 20 |
| # Negative | 15 | 12 | 4 |
| Median Positive | 3.4% | 2.5% | 4.8% |
| Median Negative | -1.4% | -2.3% | -4.8% |
| Max Positive | 8.9% | 13.4% | 31.1% |
| Max Negative | -3.5% | -4.9% | -9.7% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 12/31/2025 | 02/25/2026 | 10-K |
| 09/30/2025 | 11/06/2025 | 10-Q |
| 06/30/2025 | 08/06/2025 | 10-Q |
| 03/31/2025 | 05/08/2025 | 10-Q |
| 12/31/2024 | 02/27/2025 | 10-K |
| 09/30/2024 | 11/06/2024 | 10-Q |
| 06/30/2024 | 08/08/2024 | 10-Q |
| 03/31/2024 | 05/07/2024 | 10-Q |
| 12/31/2023 | 02/29/2024 | 10-K |
| 09/30/2023 | 11/02/2023 | 10-Q |
| 06/30/2023 | 08/03/2023 | 10-Q |
| 03/31/2023 | 05/03/2023 | 10-Q |
| 12/31/2022 | 02/27/2023 | 10-K |
| 09/30/2022 | 11/03/2022 | 10-Q |
| 06/30/2022 | 08/04/2022 | 10-Q |
| 03/31/2022 | 05/05/2022 | 10-Q |
Insider Activity
Expand for More| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Gatling, John A | President and COO | Direct | Sell | 8142025 | 41.59 | 62,457 | Form | ||
| 2 | Schoonman, Geurt G | Direct | Sell | 6102025 | 39.10 | 3,249 | Form | |||
| 3 | Blackrock, Portfolio Management Llc | See footnote | Sell | 5302025 | 36.86 | 15,022,517 | Form | |||
| 4 | Gatling, John A | President and COO | Direct | Sell | 3112025 | 40.60 | 2,087 | 84,728 | 2,535,629 | Form |
Industry Resources
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
Prefer one of these to Trefis? Tell us why.