Hess Midstream Streamlines Ownership with Unit Buyback

Hess Midstream Partners (HESM) just unveiled an announcement.

Hess Midstream LP recently carried out a significant Unit Repurchase Agreement, buying back approximately $100 million worth of Class B units from its Sponsors using borrowed funds. Upon completion, these units were cancelled, which also led to the cancellation of an equal number of shares held by related parties. This strategic financial move, meticulously reviewed and approved by independent directors and advisors, consolidates ownership and could signal confidence in the firm’s future to stock market enthusiasts and investors.

Learn more about HESM stock on TipRanks’ Stock Analysis page.