Water Island Capital LLC invested $76.71 million in
Hess Corporation, with varying performance compared to competitors. The Corporation announced a $600M deal to divest stakes in Permian Holdings, and shareholders have been encouraged to take action before the merger vote. Despite some daily losses, Hess's stock continues to outperform competitors. The attractive financial prospects of Hess have led to increased stock holdings by firms such as
Northern Trust Corp and
First Trust Advisors LP. Hess Corporation also sees a surge in earnings estimates, signaling potential upside for the stock. Amid this, there's been a notable selloff by the COO and President, E&P Gregory Hill. Amidst these developments, Hess's price target has been raised to $160.00 at
Citigroup. There's ongoing merger drama, but Hess's stock is seen as presenting an attractive risk/reward prospect. The report notes that Hess shareholders have approved a Chevron deal, despite arbitration. Hess is facing legal hurdles over Chevron deal disclosures but received stockholder approval for the proposed merger with Chevron, albeit narrowly, with 51% vote. Amidst this, Hess's dividend is set to be $0.4375. The advisability of Chevron's $53 Billion buyout of Hess is in question, but Hess's Q1 earnings trump forecasts ahead of the acquisition. Hess Corporation reports a net income of $504 million, up 13% in Oil and Gas Production for Q3 2023. Meanwhile, Hess has donated $5 Million to Hurricane Relief in New York and New Jersey.
Hess Corporation HES News Analytics from Mon, 23 Oct 2023 07:00:00 GMT to Sun, 09 Jun 2024 12:59:05 GMT -
Rating 6
- Innovation 2
- Information 7
- Rumor -3
