Why Hess Midstream Stock Is Trading Lower
Portfolio Pulse from Henry Khederian
Hess Midstream LP (NYSE:HESM) shares fell by 3.83% to $34.44 after a selling shareholder announced a 10 million share offering. The offering aims to generate $343 million, with J.P. Morgan having a 30-day option to buy an additional 1.5 million shares. Hess Midstream will not receive any proceeds from this sale.
May 30, 2024 | 1:54 pm
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NEGATIVE IMPACT
Hess Midstream LP shares dropped 3.83% to $34.44 following the announcement of a 10 million share offering by a selling shareholder. The company will not receive any proceeds from this sale.
The share offering by a selling shareholder dilutes the existing shares, leading to a drop in the stock price. Additionally, Hess Midstream will not benefit financially from this sale, which may further impact investor sentiment negatively.
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