Hess Corporation ($HES) Stock Forecast: Down 5.1% Today

What is Hess Corporation?

Hess Corporation (HES) is a global independent energy company engaged in the exploration and production of crude oil and natural gas. Today, the stock experienced a significant bearish movement amidst market uncertainty.

Why is Hess Corporation going down?

HES stock is down 5.1% on Aug 1, 2024 18:31

• Hess Corp's proposed takeover by Chevron Corp worth $53 billion faced obstacles due to arbitration claims filed by Exxon Mobil and CNOOC Ltd, asserting their right of first refusal to any sale of Hess's stake in a lucrative Guyana oil-producing joint venture.
• The delay in the arbitration process until next year added further pressure on the proposed acquisition, leading to investor concerns and a bearish trend in the stock price.
• Despite Hess reporting strong Q2 earnings with rising revenues, the market sentiment was overshadowed by the uncertainties surrounding the Chevron deal, contributing to the bearish movement in the stock.
• The overall oil and gas sector has been volatile, influenced by geopolitical factors such as the upcoming presidential election and differing opinions on the future of the industry, impacting stock performances like Hess in today's trading session.

HES Price Chart

HES News

Chevron's $53B Hess Deal Faces Uncertainty Amid Exxon And CNOOC Arbitration Claims - Chevron ( NYSE:CVX ) , Hess ( NYSE:HES )

Exxon Mobil Corp XOM and its partner CNOOC Ltd have filed arbitration claims, asserting their right of first refusal to any sale of Hess Corp's HES stake in a Guyana oil-producing joint venture. This move could potentially hinder Chevron Corp's CVX proposed $53 billion acquisition of Hess.

https://www.benzinga.com/markets/equities/24/08/40091118/chevrons-53b-hess-deal-faces-uncertainty-amid-exxon-and-cnooc-arbitration-claims

Chevron''s $53bln deal for Hess faces new delay over arbitration schedule

Exxon Mobil and partner CNOOC Ltd filed arbitration claims claiming a pre-emption right to any sale of Hess lucrative stake in the Guyana oil-producing joint venture

https://www.zawya.com/en/business/energy/chevrons-53bln-deal-for-hess-faces-new-delay-over-arbitration-schedule-kqy43xev

Chevron’s Hess Deal Suffers New Blow as Arbitration Drags On

Chevron Corp.’s $53 billion proposed takeover of Hess Corp. suffered another setback as an arbitration hearing to settle an ownership dispute with Exxon Mobil Corp. won’t be held until next year.

https://www.bnnbloomberg.ca/investing/2024/07/31/chevrons-hess-deal-suffers-new-blow-as-arbitration-drags-on/

3 Attractive Oil Stocks to Buy This Month

The upcoming presidential election has given a boost to oil and gas stocks. As one of the most important sectors of the economy, each government makes policies on oil and gas. While some think that their usage should be reduced and countries should move towards renewable energy, others think that the usage of oil and coal should never stop. Logically, even if countries move towards renewable energy, the demand for oil and gas will never drop to zero. The oil and gas business is massive and countries spend billions for the purchase of crude oil. With the soaring crude oil prices, oil stocksare set to have a terrific year.  Driven by the rise in power consumption, the oil and gas industry is going to grow at a massive rate. If you want to make the most of this upside, here are three oil stocks to buy this month. These companies pay dividends, have an impressive cash flow, and have the potential to rally. After all, the world runs on oil.

https://investorplace.com/2024/07/3-attractive-oil-stocks-to-buy-this-month/

Hess ( HES ) Q2 Earnings Beat Estimates, Revenues Rise Y/Y

Higher oil equivalent production volumes and increased commodity realized prices aid Hess' (HES) Q2 earnings.

https://www.zacks.com/stock/news/2313231/hess-hes-q2-earnings-beat-estimates-revenues-rise-yy

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Hess Corporation Price History

09.09.2023 - HES Stock was up 5.3%

• The bullish movement in HES stock today can be attributed to the positive outlook for production growth, as mentioned in an article from Zacks Commentary. The company's plan to bring new wells online in 2023 is likely seen as a promising development by investors.
• The comprehensive guide to valuation mentioned in an article from GuruFocus might have also contributed to the bullish sentiment, as it could have highlighted the stock's potential undervaluation.
• The bearish options activity mentioned in an article from Benzinga may not have had a significant impact on the overall market movement, as it is unclear whether it was from an institution or an individual investor.
• The rise in short interest mentioned in an article from Benzinga could have potentially added to the bullish movement, as short sellers may have been forced to cover their positions, leading to increased buying pressure on the stock.

23.09.2023 - HES Stock was up 4.0%

• Hess Corp. shares are up 15% in 2023, indicating a positive trend in the market.
• The continuous inflows and unusual money flows suggest a favorable demand picture for oil, which could be driving the bullish movement.
• ExxonMobil's confidence in Guyana as a dependable location for their projects, including the Whiptail project, could be contributing to the positive sentiment surrounding Hess.
• Solid earnings estimate revisions for Hess also indicate a potential for further upward movement in the near term.

06.02.2024 - HES Stock was down 1.7%

• Ongoing extended output reductions by OPEC+ until the second quarter aimed at stabilizing crude oil prices have impacted energy stocks like Hess.
• Geopolitical tensions in the Middle East have led to stagnation in oil prices despite expectations of an increase, negatively affecting energy companies.
• Potential mergers and acquisitions involving Hess, Pioneer Natural, and Splunk have created market uncertainty, influencing a bearish sentiment towards Hess stock.
• Amidst a quest for stable dividend stocks, current market conditions and geopolitical issues have overshadowed the appeal of energy stocks like Hess, resulting in today's bearish trend.

27.09.2023 - HES Stock was down 5.2%

• Chevron reported Q3 FY23 total revenues and other income of $54.1 billion, beating the consensus. However, sales and other operating revenues fell to $51.9 billion from $63.5 billion a year ago, mainly due to lower commodity prices.
• Chevron's profit fell short of analysts' expectations, primarily due to weak returns from its overseas refineries.
• Exxon Mobil, another oil giant, also reported mixed Q3 results compared to last year's big numbers. However, they had their strongest ever refinery throughput for the period, indicating strength in the refining sector.
• The market movement of HES could be attributed to the overall weakness in the oil industry, with Chevron and other oil companies facing challenges in refining and lower commodity prices.
• The recent announcement of Chevron's acquisition of smaller rival Hess for $53 billion might have also impacted market sentiment, as investors assess the potential impact of the deal on Chevron's financials and future prospects.

01.07.2024 - HES Stock was down 5.1%

• Hess Corp's proposed takeover by Chevron Corp worth $53 billion faced obstacles due to arbitration claims filed by Exxon Mobil and CNOOC Ltd, asserting their right of first refusal to any sale of Hess's stake in a lucrative Guyana oil-producing joint venture.
• The delay in the arbitration process until next year added further pressure on the proposed acquisition, leading to investor concerns and a bearish trend in the stock price.
• Despite Hess reporting strong Q2 earnings with rising revenues, the market sentiment was overshadowed by the uncertainties surrounding the Chevron deal, contributing to the bearish movement in the stock.
• The overall oil and gas sector has been volatile, influenced by geopolitical factors such as the upcoming presidential election and differing opinions on the future of the industry, impacting stock performances like Hess in today's trading session.