Hess Midstream Partners initiated with an Outperform at Raymond James

Raymond James analyst J.R. Weston initiated coverage of Hess Midstream Partners with an Outperform rating and $35 price target. With the Bakken development plan reaching an inflection point, Hess Midstream possesses a differentiated combination of operating leverage and contractual downside support in 2023 and beyond, the analyst tells investors in a research note. Additionally, its financial model is already one of the best in the space, headlined by the recent guidance of $1B of cumulative buyback potential from 2023 through 2025, the firm says.