The Hess Corporation (HES) recently reported Q1 and Q2 2024 earnings, surpassing estimates with higher production volumes. Their Q2 earnings estimation beat set the EPS at $2.62, outperforming the consensus estimate of $2.48, and reported revenue exceeded expectations at $3.26 billion. Many investment firms like the Teachers Retirement System of The State of Kentucky, Advisors Asset Management Inc., and Avantax Advisory Services Inc., have reduced their stakes in HES. Simultaneously, firms like Swedbank AB, Tidal Investments LLC, and UniSuper Management Pty Ltd have increased their investments in the company.
One of the biggest news is the proposed merger with Chevron. This $53 billion deal was approved by HES shareholders, but the merger is troubled by regulatory hurdles, arbitration claims, and Exxon's right of refusal. This lead major proxy firms to advise HES investors to abstain from voting in the Chevron takeover. Despite the dispute and potential delay in the deal, Hess Corporation remains a strong long-term prospect, with a resilient outlook despite potential merger setbacks.
Hess Corporation HES News Analytics from Mon, 23 Oct 2023 07:00:00 GMT to Sun, 04 Aug 2024 15:13:10 GMT - Rating 5 - Innovation 4 - Information 8 - Rumor -6
