The Williams Companies Inc.

On 10 June 2026, Morgan Stanley downgraded Hess Midstream to Underweight from Equal-weight, citing valuation concerns, limited long-term growth visibility, and uncertainty around its sponsor strategy within the U.S. midstream sector. The downgrade contrasted Hess Midstream with peers like Targa Resources and Williams Companies, which Morgan Stanley viewed as having more durable EBITDA growth and clearer long-term trajectories. Next, we’ll examine how Morgan Stanley’s valuation and visibility...