Hess Midstream earns a Buy rating for its high yield, robust distribution growth, and Chevron-backed, fee-based contracts extending through 2033. HESM's distribution has grown for eight consecutive years, with a 5-year CAGR of 11.29%, and management targets at least 5% annual growth through 2028. Q1 2026 results showed a 2.6% rise in adjusted EBITDA, a 24.3% increase in adjusted free cash flow, and continued share/unit buybacks.