Citi sees no near-term catalysts for Hess Midstream, downgrades to 'neutral'

Citigroup has downgraded Hess Midstream from buy to neutral, lowering its price target from $42 to $41. The brokerage cites the company's growth outlook as reliant on Chevron's plans for the Bakken oil field. Depending on Chevron's strategy, Hess Midstream could see varying impacts on its buyback and dividend growth. Currently, four out of six brokerages have a hold rating on the stock, with a median price target of $48. Year-to-date, Hess Midstream's stock has risen 6.7%, compared to the S&P 500's 11% increase.