オプションチェーンは、Hessの株式オプションの主要データを様々な行使価格と満期日で表示します。トレーダーはこの情報を使用して、潜在的な取引を分析し、Hessの市場センチメントを評価します。.

Hess (NYSE:HES) 株価情報, オプションチェーン

Hess

Hess is an independent oil and gas producer with key assets in the Bakken Shale, Guyana, the Gulf of Mexico, and Southeast Asia. At the end of 2023, the company reported net proved reserves of 1.4 billion barrels of oil equivalent. Net production averaged 391 thousand barrels of oil equivalent per day in 2023, at a ratio of 74% oil and natural gas liquids and 26% natural gas.

News

Movers

株主たちがチェブロン・コープ (NYSE:CVX) との530億ドルの合併を承認した後、 ヘス社 (NYSE:HES) の株価が動いている（火曜日）。

ヘスの株主は、シェブロンとの530億ドルの合併を承認した

Hess Corp

HERMES INTL SA by Hermes International SA

Hermes International SA

HERMES INTL SA UNSP/ADR by Hermes International SA

HEALTH SCIENCES GROUP INC by Health Sciences Group, Inc.

Health Sciences Group Inc

Hess Midstream LP

Hesperos, Inc.

HOME ENERGY SAVINGS CORP by Home Energy Savings Corp.

Updated 2024 Full Year Guidance:
<ul>
<li>E&amp;P capital and exploratory expenditures are expected to be approximately $4.9 billion, up from previous guidance of $4.2 billion, reflecting the decision to accelerate the purchase of the Liza Destiny and Prosperity floating production, storage and offloading vessels (FPSOs) to the fourth quarter of 2024 instead of in 2025</li>
</ul>

Guidance

Hess Raises FY24 E&P Capex Outlook To $4.9B from $4.2B Prior

Hess (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HES#NYSE">HES</a>) reported quarterly earnings of $2.14 per share which beat the analyst consensus estimate of $1.77 by 20.9 percent. This is a 30.49 percent increase over earnings of $1.64 per share from the same period last year. The company reported quarterly sales of $3.197 billion which beat the analyst consensus estimate of $2.822 billion by 13.31 percent. This is a 12.69 percent increase over sales of $2.837 billion the same period last year.

Earnings

Earnings Beats

Hess Q3 2024 Adj. EPS $2.14 Beats $1.77 Estimate, Sales $3.197B Beat $2.822B Estimate

WIIM

DWSN

EQNR

FANG

NINE

RCON

SHEL

Shares of oil and oil-related companies are trading lower after Israel reportedly did not damage Iran's oil sites amid strikes over the weekend.

Occidental Petroleum Corp. (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/oxy#NYSE">OXY</a>) is down 13.4% in 2024 and over 20% in the last 12 months. However, that hasn&#39;t seemed to bother Warren Buffett one bit. His Berkshire Hathaway Inc. (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/brk-b#NYSE">BRK-B</a>) portfolio has continued to buy OXY stock. As of this writing, Berkshire owns approximately 29% of Occidental, with regulatory approval to buy up to 50%.
Conversely, in the last quarter, Berkshire Hathaway sold 4.3 million shares of Chevron Corp. (NYSE: CVX). However, since the fourth quarter of 2022, Buffett has sold CVX stock on seven occasions, totaling 73.08 shares. &nbsp;
It&#39;s not&nbsp;surprising that Buffett likes&nbsp;<a href="https://www.marketbeat.com/stocks/sectors/oils-energy/" rel="noopener" target="_blank">energy stocks,</a> including oil stocks. According to the International Energy Agency (IEA), fossil fuel demand is expected to peak in 2030. That&#39;s a nod to the growth in renewable energy solutions, which&nbsp;are starting to grow at scale. &nbsp;
That would seem bearish for oil, but if you knew that notebook paper would be extinct in 10 years, you&#39;d probably be buying stock in any company that sold pens. That&#39;s the opportunity in oil. Plus, the reality is that even if oil demand peaks in 2030 (a big if), it won&#39;t be like flipping off a light switch. &nbsp;
Even if oil stock prices are cyclical, many of these companies pay a solid, growing dividend and perform regular share buybacks to increase shareholder value. Those are two things that align with Buffett&#39;s investment philosophy. &nbsp;
<h3>Why Buffett Likes OXY Stock</h3>
Warren Buffett has made no secret of his admiration for Occidental&#39;s CEO, Vicki Hollum. In 2019, the company acquired Anadarko for $55 billion, which created a significant level of debt. However, it has cut that debt by more than 50%, and the expectation of higher oil prices will allow the company to continue that effort. &nbsp;
The price of oil is another reason why Buffett likes Occidental. The company generates the bulk of its revenue from its upstream drilling business. That means when oil prices rise, Occidental will benefit more than a company like Chevron. &nbsp;
However, a key reason Buffett prefers OXY stock is an investment he made in the company before becoming a shareholder. Specifically, Berkshire delivered $10 billion to help Occidental win a bidding war with Chevron for Andarko. At that time, Occidental rewarded Berkshire with $10 billion in preferred stock, which has an 8% annual yield. Berkshire also owns warrants to purchase up to 80 million shares of OXY common stock. &nbsp;
<h3>The Straw Man Fallacy: Liking Occidental Doesn&#39;t Mean Hating Chevron</h3>
You&#39;ve likely seen it happen: someone says, &quot;I like pancakes,&quot; and the response is, &quot;So you hate waffles.&quot;
That&#39;s an example of a straw man argument where the original statement (liking pancakes) is oversimplified or exaggerated to mean they must hate waffles as if that was the only choice. &nbsp;&nbsp;
Investors should be careful not to create a straw man argument for Occidental Petroleum and against Chevron. Warren Buffett does, in fact, not hate Chevron. He started buying CVX stock around the same time he started buying OXY stock. However, looking at his buying and selling activity suggests that the CVX price (not the valuation) may have become too rich for Buffett. Chevron has also been tied up in a legal battle regarding its merger with Hess Corp. (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/hes#NYSE">HES</a>), which won&#39;t be finalized until 2025.&nbsp;
In fact, Berkshire Hathaway owns approximately 6% of CVX stock, and it remains the fifth largest holding of Berkshire-Hathaway, just ahead of, you guessed it, Occidental Petroleum.&nbsp;
<h3>OXY Vs. Chevron: Which Stock Fits Your Investment Strategy?</h3>
In the final analysis, it&#39;s clear that Warren Buffett is still a fan of both Occidental Petroleum and Chevron. The combined companies account for approximately 10% of Berkshire Hathaway&#39;s entire portfolio. &nbsp;If you put the combined amount of the two companies&#39; stocks that Berkshire owns, only Apple Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/aapl#NASDAQ">AAPL</a>) would carry more weight on a percentage basis. &nbsp;
However, at this time, for the reasons listed above, OXY is Buffett&#39;s preference. However, the right investment for you depends on your particular investment strategy. For example, if you&#39;re an income investor, it&#39;s important to note that Chevron pays a much more attractive dividend with a yield of 4.38%. And that dividend has been growing at an annualized annual rate of 5.38% over the last three years. That&#39;s nearly twice the rate of the current rate of inflation. &nbsp;
The article &quot;<a href="https://www.marketbeat.com/stock-ideas/why-buffett-loves-occidental-stock-and-what-it-means-for-chevron/">Why Buffett Loves Occidental Stock And What It Means for Chevron</a>&quot; first appeared on MarketBeat.

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BRK-B

Why Warren Buffett Loves Occidental Stock And What It Means For Chevron

13 analysts have expressed a variety of opinions on Hess (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HES#NYSE">HES</a>) over the past quarter, offering a diverse set of opinions from bullish to bearish.
The table below provides a snapshot of their recent ratings, showcasing how sentiments have evolved over the past 30 days and comparing them to the preceding months.
<table>
<thead>
<tr>
<th></th>
<th style="text-align: right;">Bullish</th>
<th style="text-align: right;">Somewhat Bullish</th>
<th style="text-align: right;">Indifferent</th>
<th style="text-align: right;">Somewhat Bearish</th>
<th style="text-align: right;">Bearish</th>
</tr>
</thead>
<tbody>
<tr>
<td>Total Ratings</td>
<td style="text-align: right;">3</td>
<td style="text-align: right;">2</td>
<td style="text-align: right;">8</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
</tr>
<tr>
<td>Last 30D</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">1</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
</tr>
<tr>
<td>1M Ago</td>
<td style="text-align: right;">1</td>
<td style="text-align: right;">2</td>
<td style="text-align: right;">2</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
</tr>
<tr>
<td>2M Ago</td>
<td style="text-align: right;">1</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">4</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
</tr>
<tr>
<td>3M Ago</td>
<td style="text-align: right;">1</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">1</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
</tr>
</tbody>
</table>
Analysts have set 12-month price targets for Hess, revealing an average target of $165.0, a high estimate of $194.00, and a low estimate of $145.00. Highlighting a 4.94% decrease, the current average has fallen from the previous average price target of $173.58. 
<img src="https://www.benzinga.com/files/images/story/2024/1729256498_0.png" alt="price target chart" />
<h2>Understanding Analyst Ratings: A Comprehensive Breakdown</h2>
The analysis of recent analyst actions sheds light on the perception of Hess by financial experts. The following summary presents key analysts, their recent evaluations, and adjustments to ratings and price targets.
<table>
<thead>
<tr>
<th>Analyst</th>
<th>Analyst Firm</th>
<th>Action Taken</th>
<th>Rating</th>
<th>Current Price Target</th>
<th>Prior Price Target</th>
</tr>
</thead>
<tbody>
<tr>
<td>Biju Perincheril</td>
<td>Susquehanna</td>
<td>Raises</td>
<td>Neutral</td>
<td>$154.00</td>
<td>$149.00</td>
</tr>
<tr>
<td>Paul Cheng</td>
<td>Scotiabank</td>
<td>Raises</td>
<td>Sector Perform</td>
<td>$167.00</td>
<td>$157.00</td>
</tr>
<tr>
<td>Phillip Jungwirth</td>
<td>BMO Capital</td>
<td>Raises</td>
<td>Outperform</td>
<td>$160.00</td>
<td>$155.00</td>
</tr>
<tr>
<td>Doug Leggate</td>
<td>Wolfe Research</td>
<td>Announces</td>
<td>Outperform</td>
<td>$150.00</td>
<td>-</td>
</tr>
<tr>
<td>Roger Read</td>
<td>Wells Fargo</td>
<td>Lowers</td>
<td>Equal-Weight</td>
<td>$151.00</td>
<td>$171.00</td>
</tr>
<tr>
<td>Josh Silverstein</td>
<td>UBS</td>
<td>Lowers</td>
<td>Buy</td>
<td>$173.00</td>
<td>$192.00</td>
</tr>
<tr>
<td>Nitin Kumar</td>
<td>Mizuho</td>
<td>Lowers</td>
<td>Neutral</td>
<td>$194.00</td>
<td>$210.00</td>
</tr>
<tr>
<td>Scott Gruber</td>
<td>Citigroup</td>
<td>Lowers</td>
<td>Neutral</td>
<td>$145.00</td>
<td>$160.00</td>
</tr>
<tr>
<td>Biju Perincheril</td>
<td>Susquehanna</td>
<td>Lowers</td>
<td>Neutral</td>
<td>$149.00</td>
<td>$151.00</td>
</tr>
<tr>
<td>Josh Silverstein</td>
<td>UBS</td>
<td>Lowers</td>
<td>Buy</td>
<td>$192.00</td>
<td>$193.00</td>
</tr>
<tr>
<td>Biju Perincheril</td>
<td>Susquehanna</td>
<td>Lowers</td>
<td>Neutral</td>
<td>$151.00</td>
<td>$166.00</td>
</tr>
<tr>
<td>Josh Silverstein</td>
<td>UBS</td>
<td>Lowers</td>
<td>Buy</td>
<td>$193.00</td>
<td>$212.00</td>
</tr>
<tr>
<td>Biju Perincheril</td>
<td>Susquehanna</td>
<td>Lowers</td>
<td>Neutral</td>
<td>$166.00</td>
<td>$167.00</td>
</tr>
</tbody>
</table>
<h3>Key Insights:</h3>
<ul>
<li>Action Taken: Analysts adapt their recommendations to changing market conditions and company performance. Whether they 'Maintain', 'Raise' or 'Lower' their stance, it reflects their response to recent developments related to Hess. This information provides a snapshot of how analysts perceive the current state of the company.</li>
<li>Rating: Offering insights into predictions, analysts assign qualitative values, from 'Outperform' to 'Underperform'. These ratings convey expectations for the relative performance of Hess compared to the broader market.</li>
<li>Price Targets: Gaining insights, analysts provide estimates for the future value of Hess's stock. This comparison reveals trends in analysts' expectations over time.</li>
</ul>
Assessing these analyst evaluations alongside crucial financial indicators can provide a comprehensive overview of Hess's market position. Stay informed and make well-judged decisions with the assistance of our Ratings Table.
<a href="https://www.benzinga.com/quote/HES/analyst-ratings?utm_source=Benzinga Insights">Stay up to date on Hess analyst ratings.</a>
<h2>Unveiling the Story Behind Hess</h2>
Hess is an independent oil and gas producer with key assets in the Bakken Shale, Guyana, the Gulf of Mexico, and Southeast Asia. At the end of 2023, the company reported net proved reserves of 1.4 billion barrels of oil equivalent. Net production averaged 391 thousand barrels of oil equivalent per day in 2023, at a ratio of 74% oil and natural gas liquids and 26% natural gas.
<h3>Hess: Delving into Financials</h3>
Market Capitalization: Exceeding industry standards, the company's market capitalization places it above industry average in size relative to peers. This emphasizes its significant scale and robust market position.
Revenue Growth: Hess displayed positive results in 3 months. As of 30 June, 2024, the company achieved a solid revenue growth rate of approximately 39.89%. This indicates a notable increase in the company's top-line earnings. When compared to others in the Energy sector, the company excelled with a growth rate higher than the average among peers.
Net Margin: The company's net margin is a standout performer, exceeding industry averages. With an impressive net margin of 23.64%, the company showcases strong profitability and effective cost control.
Return on Equity (ROE): Hess's financial strength is reflected in its exceptional ROE, which exceeds industry averages. With a remarkable ROE of 7.44%, the company showcases efficient use of equity capital and strong financial health.
Return on Assets (ROA): The company's ROA is a standout performer, exceeding industry averages. With an impressive ROA of 3.0%, the company showcases effective utilization of assets.
Debt Management: Hess's debt-to-equity ratio stands notably higher than the industry average, reaching 0.94. This indicates a heavier reliance on borrowed funds, raising concerns about financial leverage.
<h2>The Significance of Analyst Ratings Explained</h2>
Within the domain of banking and financial systems, analysts specialize in reporting for specific stocks or defined sectors. Their work involves attending company conference calls and meetings, researching company financial statements, and communicating with insiders to publish "analyst ratings" for stocks. Analysts typically assess and rate each stock once per quarter.
In addition to their assessments, some analysts extend their insights by offering predictions for key metrics such as earnings, revenue, and growth estimates. This supplementary information provides further guidance for traders. It is crucial to recognize that, despite their specialization, analysts are human and can only provide forecasts based on their beliefs.
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This article was generated by Benzinga's automated content engine and reviewed by an editor.

Analyst Ratings

Cracking The Code: Understanding Analyst Reviews For Hess

Susquehanna analyst Biju Perincheril maintains Hess (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HES#NYSE">HES</a>) with a Neutral and raises the price target from $149 to $154.

Price Target

Susquehanna Maintains Neutral on Hess, Raises Price Target to $154

CRGY

EONR

INDO

MTDR

TRGP

Shares of energy stocks are trading lower as oil prices fall after Israel reportedly indicated it could target military sites in Iran but not oil or nuclear targets.

As geopolitical tensions between Iran and Israel escalate, the global energy markets are once again on edge. Recent developments, including Iranian missile strikes on Tel Aviv and Israel&#39;s ground operations in southern Lebanon, have rattled investor confidence. The rising fear that the conflict in the Middle East could disrupt supply from key oil-producing nations has already triggered a surge in oil prices.
The effects of market volatility are generally more subdued for the midstream energy sector, which plays a critical role in transporting and storing oil and natural gas. These companies&#39; operational models are designed to offer stability, largely insulated from fluctuating commodity prices. In the current climate of uncertainty, midstream firms are proving their resilience by maintaining steady revenue streams through long-term contracts, even as oil prices spike.
<h2>Stability in Unstable Times</h2>
Midstream energy companies, which manage essential infrastructure like pipelines and storage facilities, typically operate under long-term &quot;take-or-pay&quot; contracts. These contracts guarantee that shippers, such as oil producers, pay for reserved capacity regardless of how much they use&nbsp;it. This framework ensures that&nbsp;midstream firms receive stable revenues, independent of short-term shifts in oil prices or demand fluctuations.
This unique model allows midstream players to secure predictable cash flows and earnings, even during market turmoil. As oil prices climb due to concerns over supply disruptions, midstream companies can benefit from increased production activity and higher throughput in their pipelines without being directly exposed to the volatility of oil prices.
<h2>Leveraging Oil Price Increases</h2>
While midstream firms are generally insulated from price swings, rising oil prices can still create growth opportunities. In particular, higher oil prices encourage producers to ramp up output, especially in the key U.S. basins like the Permian. This, in turn, drives the volumes transported by midstream companies and boosts the demand for storage services, as producers may choose to hold onto crude until prices peak.
By capitalizing on the increased production and transportation activity, midstream companies can see revenue growth through higher tariffs on their pipelines and enhanced utilization of storage assets.
<h2>Midstream Leaders: EPD, MPLX &amp; HESM</h2>
Enterprise Products Partners (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/epd#NYSE">EPD</a>): With a substantial portion of its revenues coming from long-term, fee-based contracts, EPD remains largely insulated from commodity price volatility. The company&#39;s extensive crude oil pipeline infrastructure, particularly in the Permian Basin, positions it to benefit from increased production activity as oil prices rise.
MPLX LP (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/mplx#NYSE">MPLX</a>): Through its strong partnership with Marathon Petroleum Corporation (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/mpc#NYSE">MPC</a>), MPLX secures consistent revenues via long-term agreements with minimum volume commitments. This predictable income stream, combined with its expansive network of pipelines in key U.S. regions, allows MPLX to capitalize on higher oil prices through increased throughput and demand for storage services.
Hess Midstream (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/hesm#NYSE">HESM</a>): Generating nearly all its revenues from long-term, fee-based contracts with Hess Corporation (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/hes#NYSE">HES</a>), Hess Midstream is shielded from commodity price fluctuations. HESM&#39;s predictable income model, combined with increased production by Hess in times of higher oil prices, provides growth opportunities tied to greater volumes across its infrastructure.
<a href="https://www.zacks.com/stock/news/2349423/3-midstream-stocks-poised-to-benefit-as-geopolitical-tensions-rise?cid=CS-BENZ-FT-analyst_blog|industry_focus-2349423">To read this article on Zacks.com click here.</a>

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MPLX

3 Midstream Stocks Poised to Benefit as Geopolitical Tensions Rise

Scotiabank analyst Paul Cheng maintains Hess (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HES#NYSE">HES</a>) with a Sector Perform and raises the price target from $157 to $167.

Scotiabank Maintains Sector Perform on Hess, Raises Price Target to $167

With so many news items clamoring for investors&#39; attention, investors may not have noticed that the U.S. Federal Trade Commission (FTC) approved the merger between Chevron Corporation (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/cvx#NYSE">CVX</a>) and Hess Corp. (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/hes#NYSE">HES</a>). The approval came with the single stipulation that former Hess chief executive officer (CEO) would not join Chevron&#39;s board of directors.&nbsp;
The approval was widely expected but has been an additional headwind for Chevron shareholders. Since the announcement, the stock is up nearly 4% and is now trading positive in 2024. That&#39;s still a far cry from rival Exxon Mobil Corp. (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/xom#NYSE">XOM</a>) which is up 21.9% for the year and is near its 52-week high, which would also be its all-time high. &nbsp;
That may make CVX stock look quite attractive to value-hunting investors prior to the company&#39;s earnings report on November 1, 2024. Here are some things for investors to consider.&nbsp;
<h2>Chevron-Hess Merger Moves Forward, But Delays Persist</h2>
The FTC approval is a key step in finalizing the merger between the two oil giants, which was approved by Hess shareholders in May. But one hurdle remains. Chevron and Exxon Mobil are in arbitration regarding pre-emptive rights with Hess&#39; Stabroek Block assets in Guyana.&nbsp;
Chevron is still confident that arbitrators will rule in the company&#39;s favor. And when it is approved, Chevron will have increased influence in the oil markets. However, both sides acknowledge that the merger won&#39;t be finalized for another 12 months. &nbsp;&nbsp;
<h2>It&#39;s Still a Challenging Year for Oil Stocks&nbsp;</h2>
On a broad basis, oil prices are still a reflection of supply and demand. That is, the market is well supplied, and there appears to be only moderate demand. It&#39;s a contradiction to the consensus belief that the consumer is healthy. &nbsp;
That&#39;s why investors in energy stocks were optimistic to start the year. The belief at the time was that the Federal Reserve would have cut interest rates several times by now. In theory, the cuts would stimulate demand and raise the price of oil. Instead, there&#39;s been just one rate cut, albeit of 50 basis points, and it&#39;s too early to tell if it will stimulate demand. &nbsp;
Oil is also not following the script regarding geopolitical tensions. Despite much of the Middle East being on war footing, the price of oil has not spiked as it has at other times. One reason for that is that the OPEC+ nations have decided to lift their production freeze beginning in December. &nbsp;
<h2>The Reasons to Buy CVX Stock Haven&#39;t Changed&nbsp;</h2>
Does the merger approval signal the all-clear for investors to buy CVX stock? Yes, in the fact that it probably sets a higher floor. Analysts give CVX stock about an 18% upside with a price target of $179. &nbsp;
However, many analysts have been lowering their price targets on Chevron over the past 60 days. That&#39;s likely due to concerns about oil demand, which is typical of the industry&#39;s cyclical nature.
However, there are reasons why Chevron is one of the most widely held dividend stocks. For starters, it is one of the largest integrated oil companies in the world. Even without the Hess assets, the company is well positioned to meet the world&#39;s demand for oil, which is always cyclical and will eventually recover. &nbsp;
In fact, the International Energy Agency (IEA) predicts that oil and natural gas will remain vital to the world&#39;s energy needs through at least 2050 and likely beyond. Nevertheless, Chevron is also working purposefully to carve out a position in the renewable energy space.&nbsp;
And Chevron is a fundamentally sound company. Its rock-solid balance sheet includes a debt-to-equity ratio of just 0.13. This gives the company the firepower to take on leverage in downtimes without compromising its commitment to shareholders. &nbsp;
Proof of that commitment is found in the company&#39;s commitment to its dividend. Chevron has increased its dividend for 37 consecutive years. The dividend has a current yield of 4.37% and has been growing at an average pace in the last three years that&#39;s more than double the current rate of inflation. &nbsp;
The article &quot;<a href="https://www.marketbeat.com/stock-ideas/chevron-hess-merger-approved-should-you-buy-before-earnings/">Chevron-Hess Merger Approved: Should You Buy Before Earnings?</a>&quot; first appeared on MarketBeat.

Dividends

Chevron-Hess Merger Approved: Should You Buy Before Earnings?

The stock market&#39;s insatiable appetite for high-growth stories often leaves a trail of undervalued opportunities in its wake. Blue-chip stocks are the corporate world&#39;s stalwarts and frequently get overshadowed by the allure of the latest market darlings. This creates a unique opportunity for investors seeking stability and consistent returns, offering the potential for capital appreciation and attractive dividend yields.
<h2>Cisco Systems: Networked for Value and Dividends</h2>
Cisco Systems (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/csco#NASDAQ">CSCO</a>) is a tech sector giant with a legacy, and the company is proving that it can still be a powerhouse in today&#39;s changing market. The company designs, manufactures, and sells a comprehensive portfolio of Internet Protocol-based networking products and services. Cisco&#39;s product portfolio spans switching, routing, wireless, security, collaboration, computing, and more, serving businesses of all sizes, public institutions, governments, and service providers. Cisco distributes its products through direct sales, system integrators, and a global network of distributors.
Cisco&#39;s robust business model and solid financial performance make it a compelling investment for those seeking capital appreciation and a consistent income stream. The company recently delivered solid second-quarter results for fiscal year 2024, and its current dividend yield of 3.05% underscores Cisco&#39;s commitment to shareholder value.
A closer look at Cisco&#39;s valuation reveals potential undervaluation. Its current P/E ratio of 17.65 sits below the industry average of 38.5, suggesting that the market may undervalue Cisco&#39;s future earnings potential. A lower P/E ratio indicates that investors pay less for each dollar of Cisco&#39;s earnings when compared to its peers. Additionally, Cisco&#39;s P/B ratio of 4.6, which measures its market capitalization relative to its book value, suggests a potential discount.
Cisco&#39;s solid fundamentals, combined with its attractive dividend yield and potential for undervaluation, make it a strong contender for value and dividend investors. Moreover, Cisco&#39;s MarketRank score, which measures the overall quality of a company, places Cisco in the 98th percentile, indicating that the company is ranked higher than 98% of companies evaluated by MarketBeat. This suggests that Cisco&#39;s financial health and growth potential are strong.
<h2>Dow Inc.: A High-Yield Dividend Play&nbsp;</h2>
Dow Inc. (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/dow#NYSE">DOW</a>) is a global leader in manufacturing and distributing specialty chemicals, advanced materials, and plastics, and it has emerged as a compelling opportunity for investors seeking a balance of growth and income. While Dow has faced some recent challenges, its 5.06% dividend yield is a testament to its commitment to shareholder returns. The dividend yield makes Dow a compelling consideration, particularly in an environment where many investors seek stability and a steady income stream.
Since its spin-off from DuPont in 2019, Dow has carved out a strong position in the materials science sector, operating in three principal divisions: Performance Materials &amp; Coatings, Industrial Intermediates &amp; Infrastructure, and Packaging &amp; Specialty Plastics. These divisions cater to many industries, including automotive, construction, electronics, and food manufacturing.
Dow&#39;s stock price has exhibited relative volatility recently due to missed earnings expectations and fluctuating profit numbers. However, it&#39;s essential to consider that Dow shares have experienced a remarkable rise of approximately 115% over the past four years. This long-term upward trajectory suggests a strong foundation and potential for further growth.
Dow&#39;s strong brand recognition, diversified product portfolio, and focus on innovation and sustainability drive its current valuation, with Dow&#39;s analyst community predicting a 5% upside on the stock. It is also essential to consider that Dow&#39;s debt levels have steadily decreased over the past few years, signifying a commitment to fiscal responsibility.
Despite the challenges and volatile market conditions, Dow&#39;s position as a global leader in the materials science sector, coupled with its solid dividend yield, makes it a compelling investment opportunity. Dow Inc. could be a worthwhile addition to your portfolio for investors seeking a well-established company with a strong dividend and potential for growth.
<h2>Chevron Corp.: Energy Fueled by Growth and a Generous Dividend</h2>
Chevron Corp. (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/cvx#NYSE">CVX</a>) is a leading integrated energy company known for its stability and 37-year commitment to delivering consistent and increasing returns to shareholders. This integrated energy giant offers investors a strong 4.32% dividend yield, with an annual dividend far outpacing its peers.
Chevron&#39;s recent acquisition of Hess Corp. (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/hes#NYSE">HES</a>) for $53 billion is a testament to its commitment to growth. The deal will add world-class assets to Chevron&#39;s portfolio, solidifying its position as a dominant player in the energy sector. While the acquisition faces legal challenges and potential delays, analysts expect it to ultimately be completed, adding further momentum to Chevron&#39;s growth trajectory.
The second quarter of 2024 saw Chevron deliver strong results, highlighting its healthy fundamentals. The company reported earnings of $4.4 billion, or $2.43 per share, for the quarter, demonstrating its ability to navigate a challenging market environment. The company&#39;s global production also rose by 11% during the quarter, driven by the successful integration of PDC Energy, strong execution in the Permian and DJ Basins, and a rise in the company&#39;s global exploration acreage position.
Chevron&#39;s appeal extends beyond its dividend yield. The company is a value investing favorite, with Warren Buffett&#39;s Berkshire Hathaway holding a significant 6.7% stake. This investment underscores Chevron&#39;s long-term stability and potential for capital appreciation.
<h2>Finding Value in Unassuming Giants</h2>
In a market obsessed with growth at any cost, a sense of caution and a focus on value can be a powerful strategy. These blue-chip stocks represent the bedrock of their respective industries, offering a steady stream of income and the potential for long-term growth. Remember, the market has proven that consistency often outperforms flashiness, so as you explore the market, take notice of these gems. They might just be the missing pieces you need to build a robust and resilient portfolio.
The article &quot;<a href="https://www.marketbeat.com/stock-ideas/these-3-blue-chips-slipped-under-the-markets-radar/">3 Blue Chip Opportunities the Market Overlooked&mdash;Now&#39;s Your Chance</a>&quot; first appeared on MarketBeat.

Earnings Misses

Offerings

Legal

Tech

CSCO

3 Blue Chip Opportunities the Market Overlooked—Now's Your Chance

Chevron Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CVX#NYSE">CVX</a>) and Canadian Natural Resources Limited (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CNQ#NYSE">CNQ</a>) shares are trading higher premarket on Monday. Chevron&#8217;s subsidiary penned a deal to sell a stake in several projects and assets to Canadian <a target="_blank" href="https://www.benzinga.com/pressreleases/24/10/b41202019/chevron-announces-us-6-5-bn-sale-of-its-interests-in-the-athabasca-oil-sands-project-and-duvernay-" rel="noreferrer noopener">Natural Resources for $6.5 billion in cash</a>.
In particular, the oil and gas giant plans to sell its 20% non-operated stake in the Athabasca Oil Sands Project, 70% operated interest in the Duvernay shale, and related Alberta assets.
This sale is part of Chevron&#8217;s plan to divest $10 billion-$15 billion in assets by 2028 to <a target="_blank" href="https://www.benzinga.com/markets/equities/24/01/36713815/chevron-eyes-sale-of-canadas-duvernay-shale-gas-assets-to-trim-portfolio-report" rel="noreferrer noopener">streamline its global energy portfolio</a>.
The deal, effective September 1, 2024, is expected to close in the fourth quarter of 2024, pending regulatory approvals.
Read: <a target="_blank" href="https://www.benzinga.com/analyst-ratings/analyst-color/24/10/41127001/analyst-questions-what-could-hess-be-worth-as-chevron-advances-in-acquisition-effor" rel="noreferrer noopener">Analyst Questions &#8216;What Could Hess Be Worth?&#8217; As Chevron Advances In Acquisition Efforts</a>
These acquisitions are expected to add approximately 122,500 BOE/d of production in 2025 and around 1,448 MMBOE in total proved plus probable reserves <a target="_blank" href="https://www.benzinga.com/pressreleases/24/10/41201955/canadian-natural-resources-limited-announces-the-acquisition-of-chevrons-alberta-assets-and-a-7-div" rel="noreferrer noopener">to Canadian Natural&nbsp;Resources portfolio</a>.
Scott Stauth, Canadian Natural&#8217;s President, said, &#8220;The light crude oil and liquids rich Duvernay assets fit well with our current operations in the area and will drive significant value from our area knowledge and significant experience in this type of resource play.&#8221;
Mark Stainthorpe, Canadian Natural&#8217;s Chief Financial Officer, said, &#8220;This is a great opportunity to add to our world class Oil Sands Mining and Upgrading asset at AOSP, as well as light crude oil and liquids rich assets in Alberta. Both of these acquisition properties are targeted to provide significant free cash flow generation on a go forward basis.&#8221;
&#8221;Having operated the AOSP mines and knowing the assets well, eliminates the risks associated with a brownfield or greenfield project. These transactions are immediately cash flow and earnings accretive to Canadian Natural shareholders.&#8221;
Along with this deal, Canadian Natural&#8217;s Board has approved a 7% dividend increase to $0.5625 per share, payable in January 2025, while post-acquisition free cash flow expected to be allocated 60% to shareholders and 40% to debt reduction unti<a target="_blank" href="https://www.benzinga.com/pressreleases/24/10/41201957/canadian-natural-resources-limited-announces-increased-quarterly-dividend" rel="noreferrer noopener">l net debt reaches $15 billion</a>.
Last month, Chevron announced that the Federal Trade Commission (FTC) completed an antitrust review of its merger with&nbsp;Hess Corp (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HES#NYSE">HES</a>), satisfying a critical <a target="_blank" href="https://www.benzinga.com/government/24/09/41098199/ftc-clears-chevrons-53b-hess-merger-sets-restriction-for-john-hess" rel="noreferrer noopener">closing&nbsp;condition for the transaction</a>.
Investors can gain exposure to CVX via&nbsp;EA Series Trust Strive U.S. Energy ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DRLL#NYSE">DRLL</a>) and&nbsp;Westwood Salient Enhanced Energy Income ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/WEEI#NASDAQ">WEEI</a>).
Price Action: CVX shares are up 1.1% at $152.40 and CNQ shares rose 2.81% at $36.54 premarket at the last check Monday.
Photo by Jonathan Weiss on Shutterstock
Read Next:
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<li><a href="https://www.benzinga.com/economics/macro-economic-events/24/10/41191633/us-energy-stocks-notch-biggest-weekly-gains-in-2-years-exxon-hits-record-highs-as" target="_blank" rel="noreferrer noopener">US Energy Stocks Notch Biggest Weekly Gains In 2 Years, Exxon Hits Record Highs As Crude Surges To $75 On Israel-Iran Jitters</a></li>
</ul>

Equities

Asset Sales

DRLL

WEEI

Chevron Sells $6.5B Assets To Canadian Natural Resources: Details

The energy sector is experiencing a sharp rebound following a significant escalation in Middle Eastern tensions after Iran launched a missile attack on Israel on October 1. While the immediate physical damage was minimal, the geopolitical consequences have been substantial, as fears of further conflict and disruptions to global crude oil supplies have escalated. With Iran being an essential oil supplier through the Strait of Hormuz, any prolonged conflict in the region could have severe consequences for global energy markets.
<h2>Oil Surges in Response to Conflict in the Middle East</h2>
In response to these tensions, oil prices surged. WTI crude oil rose by 2.44%, closing at $69.83 per barrel, while Brent crude saw a 2.6% increase, settling at $73.56 per barrel. These price hikes reflect growing concerns that further conflict in the Middle East could disrupt oil supplies, mainly if retaliatory strikes target Iranian oil infrastructure.&nbsp;
The energy sector followed suit, with the Energy Select Sector SPDR Fund surging 4.08% for the week as it broke out of a recent downtrend and pushed above its critical moving averages. This newfound momentum has positioned energy stocks as attractive plays for investors looking to capitalize on the rising oil prices.
With oil prices and energy stocks gaining momentum, now may be an opportune time to gain exposure to the sector. Here are three energy stocks that have demonstrated strong relative strength amid this week&#39;s surge in oil prices.
<h2>Technical Breakout Positions Exxon Mobil as a Top Energy Stock</h2>
Exxon Mobil (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/xom#NYSE">XOM</a>), the largest oil company in the U.S. and the largest holding in the XLE ETF, boasts a market capitalization of $479 billion. The stock rose an impressive 5.8% this week, breaking out of a prolonged consolidation phase. It is now just 1.8% away from its 52-week high.
As one of the biggest beneficiaries of rising oil prices, Exxon Mobil can see significant revenue growth if crude supply is disrupted, primarily through its extensive upstream business, which relies heavily on oil production.
Exxon Mobil&#39;s vast global footprint also hedges against regional supply risks, allowing the company to maintain production levels despite geopolitical instability. With a 3.13% dividend yield, Exxon Mobil provides income-oriented investors with a reliable payout while offering upside from rising oil prices. From a technical perspective, the recent breakout above consolidation levels signals a bullish trend, making it a compelling option for investors seeking exposure to the energy sector.
<h2>Hess Corporation Rallies 6%, Leveraging Geographic Diversification</h2>
Hess Corporation (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/hes#NYSE">HES</a>), though smaller than ExxonMobil with a market capitalization of $43 billion, has been one of the best-performing energy stocks this week, surging over 6% since the escalation in Middle Eastern tensions.
The company operates in two segments: Exploration and Production and Midstream, focusing on crude oil, natural gas liquids (NGLs), and natural gas production.
Unlike some competitors, Hess is less exposed to the Middle East, with its critical operations in the U.S., Guyana, and the Gulf of Mexico. This geographic diversification helps insulate Hess from the immediate geopolitical risks in the region, allowing the company to benefit from rising oil prices without the same level of supply disruption risk.
<h2>XLE ETF Signals Bullish Trend, Providing Diversified Energy Exposure</h2>
The XLE ETF&nbsp;is a top choice for investors seeking broad exposure to the energy sector. The ETF, which tracks the performance of the Energy Select Sector Index, includes holdings in some of the largest U.S.-listed energy companies, such as ExxonMobil, Chevron, and ConocoPhillips. The XLE is up 8.2% year-to-date and broke through a critical resistance level at $90 earlier this week, signaling a bullish trend.
With a 3.55% dividend yield and a low expense ratio of 0.09%, XLE provides investors with an attractive income stream while offering diversification across the energy sector. The ETF&#39;s holdings cover various energy sub-industries, including oil, gas, and energy equipment and services. This makes it a more diversified way to gain exposure to the sector than individual stock picking.&nbsp;
Analysts currently have a Moderate Buy rating on the ETF, with a consensus price target suggesting a 16.29% upside. This makes XLE a compelling option for investors looking for broad energy exposure while minimizing the risks of investing in individual stocks.
The article &quot;<a href="https://www.marketbeat.com/stock-ideas/energy-sector-rebound-3-stocks-poised-for-strong-gains/">Energy Sector Rebound: 3 Stocks Poised for Strong Gains</a>&quot; first appeared on MarketBeat.

Sector ETFs

ETFs

Energy Sector Rebound: 3 Stocks Poised for Strong Gains

BMO Capital analyst Phillip Jungwirth maintains Hess (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HES#NYSE">HES</a>) with a Outperform and raises the price target from $155 to $160.

BMO Capital Maintains Outperform on Hess, Raises Price Target to $160

Oil prices continue to rise on Wednesday, adding to gains driven by potential supply disruptions in the Middle East and fresh warnings out of the Organization of the Petroleum Exporting Countries and its allies, <a href="https://www.benzinga.com/topic/oil">known as OPEC+</a>.
What To Know: Prince Abdulaziz bin Salman, the oil minister of Saudi Arabia, has warned that prices could fall to $50 per barrel if global oil producers don&#8217;t comply with production curbs, according to a <a href="https://www.wsj.com/business/energy-oil/saudi-minister-warns-of-50-oil-as-opec-members-flout-production-curbs-216dc070?mod=hp_lead_pos4">report</a> from the Wall Street Journal. 
The report indicates the Saudi oil minister&#8217;s comments are being viewed as a threat that Saudi Arabia is willing to start a pricing war to help maintain its market share.
Oil prices had been in decline before jumping this week amid <a href="https://www.benzinga.com/news/global/24/10/41126038/iran-attacks-israel-with-missiles-middle-east-tensions-escalates-s-p-500-stocks-bitcoin-fall-as-oil" target="_blank" rel="noreferrer noopener">rising Middle East tensions</a>. Iran launched an attack on Israel Tuesday following the recent killing of Hezbollah leader Hassan Nasrallah, reportedly firing between 100 and 200 missiles toward Israel.
Brent Crude futures, the international benchmark, climbed as much as 5% on Tuesday before pulling back and finishing the day up about 2.4%. Brent Crude futures were up 2.75%, trading around $75.50 at the time of writing Wednesday, while front-month&nbsp;WTI Crude futures were up 3.06%, hovering around $72. 
Saudi Arabia reportedly needs prices to be at least $85 per barrel in order to help fund its planned economic transformation. 
The rising tensions in the Middle East are also likely to push up prices of U.S. gasoline. According to an ABC News <a href="https://abcnews.go.com/Business/rising-oil-prices-after-iran-strike-increase-us/story?id=114394795">report</a>, drivers could see prices at the pump rise between 10 cents and 15 cents per gallon.
The United States Oil Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/USO#NYSE">USO</a>) was up 2.7% at $74.06 and the IShares U.S. Oil &amp; Gas Exploration &amp; Production ETF (BATS:<a class="ticker" href="https://www.benzinga.com/stock/IEO#BATS">IEO</a>) was up 2.24% at $93.50 at last check. The SPDR Energy Select Sector Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLE#NYSE">XLE</a>) was up 1.25% at $90.93 at the time of writing.
Check This Out: <a href="https://www.benzinga.com/trading-ideas/long-ideas/24/10/41140501/exxon-mobil-chemed-las-vegas-sands-and-more-on-cnbcs-final-trades">Exxon Mobil, Chemed, Las Vegas Sands And More On CNBC&#8217;s &#8216;Final Trades&#8217;</a>
Here&#8217;s a look at some of the energy stocks making moves Wednesday morning:
<ul>
<li>Exxon Mobil Corp (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XOM#NYSE">XOM</a>) up 1.77% at $122.02.</li>
</ul>
<ul>
<li>Chevron Corp (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CVX#NYSE">CVX</a>) up 1.44% at $151.82.</li>
</ul>
<ul>
<li>ConocoPhillips (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/COP#NYSE">COP</a>) up 1.62% at $111.23.</li>
</ul>
<ul>
<li>Schlumberger N.V. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SLB#NYSE">SLB</a>) up 1.52% at $43.79.</li>
</ul>
<ul>
<li>Hess Corp (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HES#NYSE">HES</a>) up 1.75% at $141.39.</li>
</ul>
<ul>
<li>BP P.L.C. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BP#NYSE">BP</a>) up 1.54% at $32.59.</li>
</ul>
<ul>
<li>Shell PLC (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SHEL#NYSE">SHEL</a>) up 2.11% at $68.18.</li>
</ul>
Analysts React: OPEC is set to hold an online Joint Ministerial Monitoring Committee meeting on Wednesday that the market will be watching closely, Roth MKM analysts said in a note. OPEC members are expected to discuss whether to ease production curbs in December.
The Roth MKM analysts also highlighted oil inventory data that is positive for oil prices and noted that oil is likely to continue trading higher on Wednesday. 
Analysts at Truist Securities and Jefferies highlighted other opportunities given the elevated global threat environment. Jefferies highlighted opportunity in the tanker market as the Middle East conflict raises risk premiums on the energy market, and Truist analysts said they expect the intensifying conflict to ultimately translate into bookings and backlog growth for the U.S. defense industry overall.
Read Next:
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<li><a href="https://www.benzinga.com/news/econ-s/24/10/41139919/private-sector-job-gains-outpace-forecasts-in-september-as-us-adds-143-000-jobs">Private Sector Job Gains Outpace Forecasts In September As US Adds 143,000 Jobs</a></li>
</ul>
Photo: Shutterstock.

Commodities

Global

Oil Prices Spike, Energy Stocks Jump After Iran's Missile Attack On Israel: What Investors Need To Know

Hess Corporation&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HES#NYSE">HES</a>) and Chevron Corporation&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CVX#NYSE">CVX</a>)&nbsp;shares are trading higher on Tuesday.
On Monday, the Federal Trade Commission (FTC) completed an antitrust review of the merger&nbsp;of both companies, satisfying a critical <a target="_blank" href="https://www.benzinga.com/government/24/09/41098199/ftc-clears-chevrons-53b-hess-merger-sets-restriction-for-john-hess" rel="noreferrer noopener">closing&nbsp;condition for the transaction</a>.
To facilitate the merger&#8217;s completion, Hess and Chevron have agreed that Hess CEO John Hess will not be on the Chevron board.
Exxon Mobil Corp (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XOM#NYSE">XOM</a>) and its partner&nbsp;CNOOC Ltd had earlier asserted their right of first refusal to any sale of&nbsp;Hess&#8217;&nbsp;stake in a Guyana oil-producing joint venture. The arbitration panel is expected to hear these claims in May 2025.
Piper Sandler analyst Ryan M. Todd raised the valuation of Guyana (net to HES) from $40.6 billion to $45.6 billion, translating to $132 to $149 per share, due to notable increases in discovered resources and productivity in Guyana.
The analyst estimates Hess&#8217; stand-alone value at around $170 per share with Brent priced at $75 per barrel, suggesting that Hess is a compelling value opportunity for the first time in years.
Notably, given strong reservoir productivity and successful debottlenecking (12%-20% improvement), Todd expects each FPSO&#8217;s peak productive capacity to increase from approximately 2.0 Mboe/d to around 2.5 Mboe/d.
The analyst adds that while second-quarter production was 192 kbd (net to HES) in Guyana, they expect net production to peak at around 775 kbd, reflecting a 17% annual CAGR for nearly a decade, with peak CFO and FCF projected at $10.3 billion and $8.7 billion, respectively, vs. a $2.2 billion breakeven in 2023.
On the other hand, Wolfe Research analyst Doug Leggate&nbsp;upgraded Hess from Peer Perform to <a target="_blank" href="https://www.benzinga.com/quote/hes/analyst-ratings" rel="noreferrer noopener">Outperform with a price target of $150</a>.
The bullish outlook reflects the analyst&#8217;s view that current market conditions and the potential merger outcomes give Hess shares an attractive risk/reward profile, indicating that the valuation remains compelling regardless of whether the deal with Chevron proceeds.
Leggate&nbsp;cited three scenarios for Hess that support a positive outlook. The first scenario envisions the successful merger with Chevron, closing the current 11% arbitrage gap between the valuations of Hess and Chevron.
If the merger fails, the analyst expects Hess to trade based on its fundamentals, with a fair value starting point projected at about $150 per share.
The third scenario examines a failed merger, indicating that Hess has shown a willingness to be acquired, with Chevron likely remaining the sole interested party, says the analyst.
Price Action: HES shares are up 1.9% at $138.38, while CVX shares rose 1.28% at $149.17 at the last check Tuesday.
Image via Shutterstock
Read Next:
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<li><a href="https://www.benzinga.com/markets/equities/24/10/41124018/chevron-honeywell-join-forces-for-ai-breakthrough-details" target="_blank" rel="noreferrer noopener">Chevron, Honeywell Join Forces For AI Breakthrough: Details</a></li>
</ul>

Analyst Color

Upgrades

Analyst Questions 'What Could Hess Be Worth?' As Chevron Advances In Acquisition Efforts

On Monday, Chevron&nbsp;Corp (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CVX#NYSE">CVX</a>) announced that the Federal Trade Commission (FTC) completed an antitrust review of its merger with Hess Corp (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HES#NYSE">HES</a>), satisfying a critical closing <a target="_blank" href="https://www.benzinga.com/pressreleases/24/09/b41096590/chevron-hess-merger-clears-ftc-antitrust-review" rel="noreferrer noopener">condition for the transaction</a>.
To facilitate the merger&#8217;s completion, Hess and Chevron have agreed that Hess CEO John Hess will not be on the Chevron board.
Instead, Mr. Hess will serve as an advisor to Chevron on government relations and social investments in Guyana and on support for the Salk Institute&#8217;s Harnessing Plants Initiative.
<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="750" height="650" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/09/30114603/newplot-24.png" alt="" class="wp-image-572776" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2024/09/30114603/newplot-24.png 750w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/09/30114603/newplot-24-300x260.png 300w" sizes="(max-width: 750px) 100vw, 750px" /></figure>
&#8220;I have the utmost respect for John, the company he has built, and the contributions he has made to our industry. It is unfortunate that our Board of Directors will not get the benefit of his decades of global experience, but we look forward to drawing upon his knowledge, relationships and experience in Guyana through his service as an advisor to Chevron,&#8221; said Chevron Chairman and CEO Mr. Wirth.
&#8220;Oil and gas are going to be needed for decades to come, and the key challenge is long-term investment,&#8221; <a target="_blank" href="https://www.benzinga.com/pressreleases/24/09/b41096717/hess-announces-hsr-clearance-of-chevron-hess-merger" rel="noreferrer noopener">Mr. Hess said</a>. &#8220;For more than ten years, I have advocated for a significant increase in global investment, both in oil and gas and renewable energy, to have the necessary supply to keep energy affordable and secure for American consumers in the future.&#8221;
The merger&#8217;s completion remains subject to other closing conditions, including the satisfactory resolution of ongoing arbitration proceedings regarding preemptive rights in the Stabroek Block joint operating agreement. Chevron said it remains confident that the arbitration process will affirm the company&#8217;s position.
<a target="_blank" href="https://www.benzinga.com/markets/equities/24/08/40091118/chevrons-53b-hess-deal-faces-uncertainty-amid-exxon-and-cnooc-arbitration-claims" rel="noreferrer noopener">Prior reports indicated</a> Exxon Mobil Corp (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XOM#NYSE">XOM</a>) and its partner&nbsp;CNOOC Ltd asserted their right of first refusal to any sale of&nbsp;Hess&#8217; stake in a Guyana oil-producing joint venture potentially hinder&nbsp;Chevron&#8217;s proposed $53 billion deal of Hess. The arbitration panel is now expected to hear these claims in May 2025.
Under the deal, Chevron will reportedly own a 30% stake in the consortium controlling all of Guyana&#8217;s oil production. Exxon leads the consortium with a 45% stake.
Earlier, Chevron CEO&nbsp;Michael Wirth had attacked President&nbsp;Joe Biden&#8217;s <a target="_blank" href="https://www.benzinga.com/markets/equities/24/09/41063239/john-hess-blocked-from-joining-chevron-board-as-part-of-ftc-deal-for-antitrust-approval-of-53b-c" rel="noreferrer noopener">administration&#8217;s halt on</a> liquefied natural gas export, citing higher costs and threatening&nbsp;supplies for America&#8217;s European backers.
Price Actions: CVX stock is up 0.25% at $145.87 at the last check Monday. HES stock is up 0.72% at $134.58.
Image via Shutterstock

Government

Regulations

FTC Clears Chevron's $53B Hess Merger, Sets Restriction For John Hess

Chevron Remains Confident That Arbitration Process Will Affirm Co's Position

CORRECTION: FTC Allows Chevron's $53B Acquisition Of Hess Corp

Management

FTC Consent Order Bars Hess CEO John Hess From Chevron's Board

Here's the major earnings before the open tomorrow

AI, Data Centers And Energy Demand

Hess Non-GAAP EPS of $2.14 beats by $0.37, revenue of $3.2B beats by $160M

Reports Q3 revenue $3.2B, consensus $2.82B.Net production was 461,000 boepd in the third quarter of 2024, compared with 395,000 boepd in the third ...

Hess Corp. reports Q3 EPS $2.14, consensus $1.77

In a report released today, David Deckelbaum from TD Cowen maintained a Hold rating on Hess (HES – Research Report), with a price target of $165.00...

Hess Faces Mixed Outlook with Increased Capex and Production Challenges Leading to Hold Rating

Hess Midstream Operations Are Great And Overshadowed By The Acquisition

Chevron: Good Quarter But Mr. Market Turns Pessimistic

Bernstein analyst Bob Brackett maintained a Buy rating on Hess (HES – Research Report) today and set a price target of $158.00. The company's share...

Bernstein Reaffirms Their Buy Rating on Hess (HES)

RBC Capital raised the firm's price target on Chevron (CVX) to $175 from $170 and keeps an Outperform rating on the shares. The company's Q3 result...

Chevron price target raised to $175 from $170 at RBC Capital

Oil and gas stocks for a Trump win? It may not be so simple

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Press Releases

Hess Corporation Receives Stockholder Approval for Proposed Merger with Chevron

Small Cap

LiTHOS Announces Execution of Letter of Intent for Technology to Launch TiERRA™ Re-Injection Service

Hess Schedules Earnings Release Date

Hess Reports Estimated Results for the Second Quarter of 2024

Hess Announces Increased Regular Quarterly Dividend On Common Stock

Chevron-Hess Merger Clears FTC Antitrust Review

Hess Announces HSR Clearance Of Chevron-Hess Merger

Hess Reports Estimated Results for the Third Quarter of 2024

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