MLP Stocks List: 5 Largest MLPs

3. Hess Midstream LP (NYSE:HESM)

Number of Hedge Fund Holders: 25

Hess Midstream LP (NYSE:HESM) is included in our list of the 20 largest MLPs.

On April 1, 2026, Morgan Stanley raised its price target on Hess Midstream LP (NYSE:HESM) from $38 to $42. The firm’s analyst Robert Kad maintained an Equal Weight rating on the company’s stock. In a midstream and renewable energy weekly update, analysts noted that investors are now focusing on potential estimate revisions for the sector. Though the midstream gained attention following the Iran conflict compared to more volatile energy subsectors, the market is now carefully re-evaluating financial estimations to refine valuation models.

In a separate event, last month, on March 3, 2026, Hess Midstream LP (NYSE:HESM) announced a $60 million accretive repurchase. The repurchase is comprised of $18 million in Class B units from sponsor Chevron (CVX) and a $42 million accelerated Class A share buyback via JPMorgan. The company will cancel the repurchased securities after the transaction, which is expected to boost distributable cash flow per share. This supports incremental distribution growth beyond the company’s 5% annual target through 2028, reinforcing Hess Midstream LP (NYSE:HESM)’s commitment to a return-of-capital framework.

Founded in 2014, Hess Midstream LP (NYSE:HESM) is a fee-based, growth-oriented midstream company that owns and operates critical infrastructure in the Bakken Shale. The Texas-based company provides gathering, processing, and terminaling services for crude oil, natural gas, and produced water, primarily supporting Hess Corporation’s production.