BUZZ-Hess Midstream down as BlackRock's GIP chops stake in upsized secondary offering

Shares of pipeline operator Hess Midstream HESM.N down 2.8% at $39.69 premarket after secondary offering priced

Houston-based subsidiary of Hess Corp HES.N announced 11 mln shares sold by Global Infrastructure Partners (GIP) affiliate at $39.45

Offering size boosted from 10 mln shares, priced at 3.4% discount to last sale

With the sale, BlackRock-owned BLK.N GIP's stake reduced from 14.3% to ~9%, or ~19.8 mln shares, per the SEC filing

Goldman Sachs sole bookrunner for offering

Through Mon close, HESM shares up 10% YTD. Stock was trading around $32.76 a year ago

Of 5 analysts covering HESM, 3 rate "strong buy" or "buy", 2 rate "hold" and their median PT is $43.50, LSEG data shows