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Chevron is set to face Exxon in arbitration over Hess' stake in the Stabroek oilfield, while the company recently acquired nearly 5% of Hess' shares, bolstering its growth outlook. With a strong dividend yield and a resilient business model, Chevron is positioned for continued cash flow growth and investment in lower-carbon energy solutions.
Hess Co. reported a quarterly EPS of $1.81, missing estimates, with revenue down 12.1% year-over-year at $2.92 billion. The company has a quick ratio of 1.13 and a debt-to-equity ratio of 0.72, while its stock trades between a 52-week low of $123.79 and a high of $161.69. Recently, CEO John B. Hess sold 175,000 shares, reducing his ownership by 6.84%.
Howard Capital Management Inc. increased its stake in Hess Corporation to 1,809 shares valued at $241,000, while Parkside Financial Bank & Trust raised its holdings by 18% to 629 shares worth $84,000. Hess announced a quarterly dividend of $0.50, with a yield of 1.27%, and a payout ratio of 22.22%. Analysts have mixed ratings on Hess, with a consensus of "Moderate Buy" and a price target of $170.60, while recent earnings estimates have been adjusted downward by Capital One Financial.
UBS has raised its price target on Hess Corporation to $186 from $185 while maintaining a Buy rating. Hess specializes in crude oil and natural gas exploration and production, with a daily output of 225,000 barrels of crude oil, 17 million m³ of natural gas, and 69,000 barrels of liquefied natural gas. The company's net sales are primarily generated in the United States (58%), followed by Guyana (33.2%) and Malaysia (8.8%).
Hess Corporation has received a positive rating from UBS, highlighting its strong position in the exploration and production of crude oil and natural gas. In 2023, the company produced 225,000 barrels of crude oil, 17 million m³ of natural gas, and 69,000 barrels of liquefied natural gas daily. Geographically, net sales are distributed as follows: United States (58%), Guyana (33.2%), and Malaysia (8.8%).
Hess Corporation focuses on the exploration and production of crude oil and natural gas, with a daily output of 225,000 barrels of crude oil, 17 million m³ of natural gas, and 69,000 barrels of liquefied natural gas in 2023. Geographically, net sales are distributed as follows: 58% in the United States, 33.2% in Guyana, and 8.8% in Malaysia. UBS has reiterated its buy recommendation for the company.
Chevron reported third-quarter earnings of $4.49 billion, or $2.48 per share, down 31% year-over-year, but exceeded expectations with adjusted earnings of $2.51 per share and revenues of $50.67 billion. The company returned a record $7.7 billion to shareholders, including $4.7 billion in buybacks and $2.9 billion in dividends, while production rose 7% to 3.36 million oil-equivalent barrels per day. Chevron is also pursuing cost reductions and asset sales, amid uncertainties surrounding its $53 billion acquisition of Hess.
UBS O’Connor is betting $4 billion on a revival in the merger-arbitrage market, which has struggled this year due to regulatory challenges. With a third of its portfolio in merger-arb, the firm anticipates a catalyst-rich quarter ahead, driven by the US presidential election and updates on key deals. Despite a slight recovery, merger-arb strategies remain among the weakest in hedge-fund performance, with a 3.5% gain compared to the broader industry’s 8.3%.
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