Hess Midstream (HESM) vs South Bow (SOBO)
Head-to-head comparison of performance, valuation, growth, profitability and dividends. Prices delayed 15 minutes; data as of Oct 9, 2026.
Summary
South Bow (SOBO) has outperformed Hess Midstream (HESM) over the past year, gaining 19.0% versus a gain of 1.7%. South Bow is the larger company by market cap ($7.06 billion vs $7.01 billion), about 1.0 times the size, while Hess Midstream is growing revenue faster (+8.4% vs -6.3%). On valuation, Hess Midstream trades at a lower forward P/E (10.9x vs 17.4x for South Bow).
Hess Midstream offers the higher dividend yield (9.08% vs 5.91%). South Bow converts more of its revenue into profit, with a net margin of 21.8% versus 21.8%.
Summary generated from market data by MetaCap's automated system. Methodology
Relative performance
Percent change in share price from the first common trading day shown; excludes dividends.
Head-to-head
| Metric | HESM | SOBO |
|---|---|---|
| Share price | $34.00 | $33.84 |
| Market cap | $7.01B | $7.06B |
| 1-day change | +2.94% | +1.41% |
| YTD return | -1.45% | +23.19% |
| 1-year return | +1.71% | +19.03% |
| 5-year return | +23.95% | — |
| P/E ratio (TTM) | 11.72 | 15.38 |
| Forward P/E | 10.95 | 17.43 |
| EPS (TTM) | $2.90 | $2.20 |
| Dividend yield | 9.08% | 5.91% |
| Annual dividend | $3.09 | $2.00 |
| Revenue (latest FY) | $1.62B | $1.99B |
| Revenue growth (YoY) | +8.41% | -6.32% |
| Net income (latest FY) | $352.90M | $433.00M |
| Gross margin | — | 84.24% |
| Operating margin | 62.18% | — |
| Net margin | 21.77% | 21.80% |
| 52-week high | $41.44 | $39.02 |
| 52-week low | $31.63 | $25.02 |
| Distance from 52-week high | -17.95% | -13.27% |
| Analyst consensus | underperform | hold |
| Avg. price target upside | +10.29% | +4.73% |
| Average volume | 1.46M | 618.51K |
| Shares outstanding | 128.35M | 208.59M |
| Sector | Energy | Energy |
| Industry | Oil & Gas Midstream | Oil & Gas Midstream |
Highlighted cells mark the higher value for growth, returns, margins and yield, and the lower value for P/E ratios. Highlighting is a mechanical comparison, not a recommendation.
Key differences
- SOBO has outperformed HESM by 17.3 percentage points over the past year.
- South Bow trades at a higher earnings multiple (15.4x vs 11.7x trailing P/E).
- Hess Midstream offers a meaningfully higher dividend yield (9.08% vs 5.91%).
- Hess Midstream grew revenue faster in its latest fiscal year (+8.41% vs -6.32%).
About Hess Midstream
HESM stock →Hess Midstream LP acquires, owns, operates, and develops midstream assets and provide fee-based services to sponsor, its subsidiaries, and third-party customers in the United States. It operates through three segments: Gathering; Processing and Storage; and Terminaling and Export.
Energy · Oil & Gas Midstream
About South Bow
SOBO stock →South Bow Corporation operates as an energy infrastructure company. It operates through three segments: Keystone Pipeline System, Marketing, and Intra-Alberta & Other.
Energy · Oil & Gas Midstream
HESM vs SOBO FAQ
Which is bigger, Hess Midstream or South Bow?
South Bow (SOBO) is larger, with a market capitalization of $7.06B compared with $7.01B for Hess Midstream (HESM).
Which stock has performed better over the past year, HESM or SOBO?
SOBO returned +19.03% over the past 12 months, compared with +1.71% for HESM (price return, excluding dividends). Past performance does not predict future results.
Which has the lower P/E ratio, HESM or SOBO?
HESM has the lower trailing P/E at 11.7, versus 15.4 for SOBO. A lower P/E is not by itself a sign of a better investment; it can reflect slower expected growth or higher risk.
Which pays a higher dividend, Hess Midstream or South Bow?
Hess Midstream has the higher yield at 9.08%, compared with 5.91% for South Bow.
Are Hess Midstream and South Bow in the same industry?
Yes. Both are classified in the Oil & Gas Midstream industry within the Energy sector.