12 Best Performing Energy Stocks to Buy Now

9. Hess Midstream LP (NYSE:HESM)

Year-to-Date Performance: 7.16%

Number of Hedge Fund Holders: 22

Hess Midstream LP (NYSE:HESM) ranks among the best performing energy stocks to buy now. On July 25, Morgan Stanley resumed covering Hess Midstream LP (NYSE:HESM) with an Equalweight rating and a $48 price target. The update follows the merger between HESM sponsor Hess Corporation and Chevron. Chevron is now the general partner and dominant stakeholder, holding 79.4 million Class A shares, or 37.8% of the equity interest.

According to Morgan Stanley, the key concern for Hess Midstream LP (NYSE:HESM) is whether Chevron will buy the remaining part or keep it as a separate midstream company.

According to the firm, a possible takeover wouldn’t likely have a major financial impact on Chevron, although it might streamline the company’s organizational structure and grant the oil giant more direct control over midstream activities.

Hess Midstream LP (NYSE:HESM) is a midstream energy company that specializes in fee-based gathering, processing, storage, and terminal services. Based in Texas, the company operates in the Bakken and Three Forks shale areas.