Dernières nouvelles pour Hess (NYSE:HES) Stock

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.

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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.

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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.

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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>
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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.

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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>
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<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.

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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
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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

Top Wall Street analysts changed their outlook on these top names. For a complete view of all analyst rating changes, including upgrades and downgrades, please see our <a href="https://www.benzinga.com/analyst-stock-ratings">analyst ratings page</a>.
<ul>
<li>TD Cowen analyst Bryan Bergin upgraded the rating for Accenture plc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ACN#NYSE">ACN</a>) from Hold to Buy and raised the price target from $321 to $400. Accenture shares fell 1.7% to close at $349.70 on Friday. <a href="https://www.benzinga.com/quote/MSFT/analyst-ratings">See how other analysts view this stock</a>.</li>
<li>Wolfe Research analyst Doug Leggate upgraded Hess Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HES#NYSE">HES</a>) from Peer Perform to Outperform and announced a $150 price target. Hess shares gained 2.3% to close at $133.61 on Friday. <a href="https://www.benzinga.com/quote/MSFT/analyst-ratings">See how other analysts view this stock</a>.</li>
<li>Morgan Stanley analyst Betsy Graseck upgraded the rating for U.S. Bancorp (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/USB#NYSE">USB</a>) from Equal-Weight to Overweight and raised the price target from $54 to $57. U.S. Bancorp shares gained 0.4% to close at $45.48 on Friday. <a href="https://www.benzinga.com/quote/MSFT/analyst-ratings">See how other analysts view this stock</a>.</li>
<li>Raymond James analyst Savanthi Syth upgraded Frontier Group Holdings, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ULCC#NASDAQ">ULCC</a>) from Underperform to Market Perform. Frontier Group shares fell 0.2% to close at $4.84 on Friday. <a href="https://www.benzinga.com/quote/MSFT/analyst-ratings">See how other analysts view this stock</a>.</li>
<li>Piper Sandler analyst Stephen Scouten upgraded the rating for Amerant Bancorp Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/AMTB#NYSE">AMTB</a>) from Neutral to Overweight and increased the price target from $26 to $26.5. Amerant Bancorp shares gained 0.2% to close at $20.51 on Friday. <a href="https://www.benzinga.com/quote/MSFT/analyst-ratings">See how other analysts view this stock</a>.</li>
</ul>
Considering buying ACN stock? Here&#8217;s what analysts think: 
<figure class="wp-block-image size-large is-resized"><img loading="lazy" decoding="async" width="1024" height="529" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/09/30092813/image-234-1024x529.png" alt="" class="wp-image-572454" style="width:606px;height:auto" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2024/09/30092813/image-234-1024x529.png 1024w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/09/30092813/image-234-300x155.png 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/09/30092813/image-234-768x397.png 768w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/09/30092813/image-234.png 1282w" sizes="(max-width: 1024px) 100vw, 1024px" /></figure>
Photo: Shutterstock

AMTB

ULCC

This Accenture Analyst Turns Bullish; Here Are Top 5 Upgrades For Monday

Wolfe Research analyst Doug Leggate upgrades Hess (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HES#NYSE">HES</a>) from Peer Perform to Outperform and announces $150 price target.

Wolfe Research Upgrades Hess to Outperform, Announces $150 Price Target

In the latest quarter, 11 analysts provided ratings for Hess (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HES#NYSE">HES</a>), showcasing a mix of bullish and bearish perspectives.
Summarizing their recent assessments, the table below illustrates the evolving sentiments in the past 30 days and compares 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;">1</td>
<td style="text-align: right;">7</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;">0</td>
<td style="text-align: right;">3</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;">2</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>3M Ago</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">1</td>
<td style="text-align: right;">2</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
</tr>
</tbody>
</table>
Analysts have recently evaluated Hess and provided 12-month price targets. The average target is $167.55, accompanied by a high estimate of $194.00 and a low estimate of $145.00. A decline of 5.63% from the prior average price target is evident in the current average. 
<img src="https://www.benzinga.com/files/images/story/2024/1727452843_0.png" alt="price target chart" />
<h2>Exploring Analyst Ratings: An In-Depth Overview</h2>
An in-depth analysis of recent analyst actions unveils how financial experts perceive Hess. The following summary outlines 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>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>
<tr>
<td>Bob Brackett</td>
<td>Bernstein</td>
<td>Raises</td>
<td>Outperform</td>
<td>$172.00</td>
<td>$166.00</td>
</tr>
<tr>
<td>Paul Cheng</td>
<td>Scotiabank</td>
<td>Lowers</td>
<td>Sector Perform</td>
<td>$157.00</td>
<td>$165.00</td>
</tr>
</tbody>
</table>
<h3>Key Insights:</h3>
<ul>
<li>Action Taken: Analysts frequently update their recommendations based on evolving market conditions and company performance. Whether they 'Maintain', 'Raise' or 'Lower' their stance, it reflects their reaction 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: Analysts set price targets as an estimate of a stock's future value. Comparing the current and prior price targets provides insight into how analysts' expectations have changed over time. This information can be valuable for investors seeking to understand consensus views on the stock's potential future performance.</li>
</ul>
Capture valuable insights into Hess's market standing by understanding these analyst evaluations alongside pertinent financial indicators. Stay informed and make strategic decisions with 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>About 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: Financial Performance Dissected</h3>
Market Capitalization Highlights: Above the industry average, the company's market capitalization signifies a significant scale, indicating strong confidence and market prominence.
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: Hess's net margin is impressive, surpassing industry averages. With a net margin of 23.64%, the company demonstrates strong profitability and effective cost management.
Return on Equity (ROE): The company's ROE is a standout performer, exceeding industry averages. With an impressive ROE of 7.44%, the company showcases effective utilization of equity capital.
Return on Assets (ROA): Hess's ROA stands out, surpassing industry averages. With an impressive ROA of 3.0%, the company demonstrates effective utilization of assets and strong financial performance.
Debt Management: Hess's debt-to-equity ratio surpasses industry norms, standing at 0.94. This suggests the company carries a substantial amount of debt, posing potential financial challenges.
<h2>The Core of Analyst Ratings: What Every Investor Should Know</h2>
Benzinga tracks 150 analyst firms and reports on their stock expectations. Analysts typically arrive at their conclusions by predicting how much money a company will make in the future, usually the upcoming five years, and how risky or predictable that company's revenue streams are.
Analysts attend company conference calls and meetings, research company financial statements, and communicate with insiders to publish their ratings on stocks. Analysts typically rate each stock once per quarter or whenever the company has a major update.
Some analysts will also offer forecasts for metrics like growth estimates, earnings, and revenue to provide further guidance on stocks. Investors who use analyst ratings should note that this specialized advice comes from humans and may be subject to error.
Which Stocks Are Analysts Recommending Now?
Benzinga Edge gives you instant access to all major analyst upgrades, downgrades, and price targets. Sort by accuracy, upside potential, and more. <a href="https://www.benzinga.com/premium/ideas/benzinga-edge-checkout/?t=be8be9arja3be22bz21&amp;utm_source=benzinga-insights">Click here to stay ahead of the market</a>.
This article was generated by Benzinga's automated content engine and reviewed by an editor.

In-Depth Examination Of 11 Analyst Recommendations For Hess

Wells Fargo analyst Roger Read maintains Hess (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HES#NYSE">HES</a>) with a Equal-Weight and lowers the price target from $171 to $151.

Wells Fargo Maintains Equal-Weight on Hess, Lowers Price Target to $151

Antitrust regulators are set to prevent Hess Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HES#NYSE">HES</a>) CEO John Hess from joining the board of Chevron Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CVX#NYSE">CVX</a>) as part of a $53-billion merger deal.
What Happened: Chevron has tentatively agreed to this condition to secure approval for the merger, The Wall Street Journal reported on Friday, <a href="https://www.wsj.com/business/energy-oil/ftc-plans-to-block-hess-ceo-from-chevron-board-9e2b942a?mod=hp_listb_pos5">citing</a> sources familiar with the matter. 
The deal still faces an arbitration case involving Exxon Mobil Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XOM#NYSE">XOM</a>) and China National Offshore Oil Corporation over rights to a key oil project in Guyana.
The decision is a setback for John Hess, who was anticipated to join Chevron's board post-merger. However, he is expected to serve in an advisory capacity with Chevron, according to the report.
The Federal Trade Commission had paused its antitrust review of the Chevron-Hess deal until the arbitration process concluded. 
A significant arbitration hearing is scheduled for May 2025. The FTC has increased scrutiny on oil and gas mergers, previously barring former Pioneer Natural Resources CEO Scott Sheffield from joining Exxon's board under similar conditions, according to the report.
FTC, Chevron Corp, and Hess Corp did not immediately respond to&nbsp;<a href="http://pro.benzinga.com/" target="_blank" rel="noreferrer noopener">Benzinga</a>'s request for comment.
See Also: <a href="https://www.benzinga.com/news/24/09/41040634/analyst-counters-pete-buttigiegs-assertion-that-inflation-went-down-after-bidens-ira-2022-they-are-s?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Analyst Counters Pete Buttigieg&#8217;s Assertion That Inflation Went Down After Biden&#8217;s IRA 2022: &#8216;They Are Still Rising And You Don&#8217;t Seem To Care&#8230; At All&#8217;</a>
Why It Matters: The decision to block John Hess from joining Chevron's board is a significant development in the ongoing merger between the two oil giants. 
The merger, valued at $53 billion, had already received <a href="https://www.benzinga.com/markets/equities/24/09/41003399/chevron-hess-merger-could-soon-get-ftc-approval-report">approval from Hess shareholders in May</a>. However, regulatory hurdles and arbitration issues have delayed its finalization.
In recent months, Chevron has been actively navigating regulatory <a href="https://www.benzinga.com/markets/equities/24/09/40964773/chevron-prioritizes-gas-sales-over-lng-plant-investment-report">landscapes and strategic decisions</a>. For instance, the company ruled out taking an equity stake in Woodside Energy Group Limited's upcoming acquisition of Driftwood LNG in Louisiana, opting instead to monetize its U.S. gas directly to the market.
Additionally, Chevron CEO Michael Wirth has publicly criticized President Joe Biden&#8216;s administration&#8217;s pause on liquefied natural gas export decisions, arguing that it could lead to higher energy costs and jeopardize <a href="https://www.benzinga.com/markets/equities/24/09/40920735/chevron-slams-bidens-lng-export-pause-touts-natural-gas-for-ai-growth-report">supplies for America&#8217;s European allies</a>.
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Image Via Shutterstock 
This story was generated using <a href="https://www.benzinga.com/author/benzinga-neuro">Benzinga Neuro</a> and edited by <a href="https://www.benzinga.com/topic/Kaustubh-Bagalkote" target="_blank" rel="noreferrer noopener">Kaustubh Bagalkote</a>

John Hess Blocked From Joining Chevron Board As Part Of FTC Deal For Antitrust Approval Of $53B Chevron-Hess Merger: Report

<a href="https://www.bloomberg.com/news/articles/2024-09-26/chevron-agrees-hess-ceo-won-t-join-board-in-deal-with-us-ftc?utm_source=google&amp;utm_medium=bd&amp;cmpId=google">https://www.bloomberg.com/news/articles/2024-09-26/chevron-agrees-hess-ceo-won-t-join-board-in-deal-with-us-ftc?utm_source=google&amp;utm_medium=bd&amp;cmpId=google</a>
&nbsp;
Chevron Corp. agreed that Hess Corp. Chief Executive Officer John Hess won't join the company's board as part of an agreement with the US Federal Trade Commission allowing the companies' merger to proceed, people familiar with the matter said.

Reported Earlier, 'Chevron Agrees Hess CEO Won't Join Board In Deal With US FTC' - Bloomberg News

Chevron Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CVX#NYSE">CVX</a>)&nbsp;shares are trading higher on Monday. The oil giant&#8217;s merger with Hess Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HES#NYSE">HES</a>) may see a ray of hope, with the deal reportedly expected to receive Federal Trade Commission approval sooner.
In May 2024, Hess shareholders approved the proposed $53 billion merger. However, the deal still required regulatory approval and was expected to face arbitration with Hess&#8217; partners <a target="_blank" href="https://www.benzinga.com/m-a/24/05/39047788/hess-shareholders-approve-53-billion-merger-with-chevron" rel="noreferrer noopener">in Guyana, which could push the deal into 2025</a>.&nbsp;
The U.S. Federal Trade Commission may approve Chevron&#8217;s $53 billion acquisition of Hess as early as this week, reported Reuters.
In August, Exxon Mobil Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XOM#NYSE">XOM</a>) and its partner&nbsp;CNOOC Ltd filed arbitration claims, asserting their right of first refusal to any sale of&nbsp;Hess&#8217;&nbsp;stake <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">in a Guyana oil-producing joint venture</a>.
The arbitration panel is expected to hear these claims in May 2025, further delaying the deal.
Related: <a target="_blank" href="https://www.benzinga.com/markets/equities/24/07/39746845/exxon-mobil-arbitration-throws-wrench-in-chevron-hess-merger-timeline-report" rel="noreferrer noopener">Exxon Mobil Arbitration Throws Wrench in Chevron-Hess Merger Timeline: Report</a>
As per Reuters, Chevron and Hess expect a decision by August, while Exxon anticipates it will come by September 2025.
Notably, in July, the final members were appointed to a three-person arbitration panel tasked with resolving the&nbsp;Exxon Mobil&nbsp;dispute over&nbsp;the $53 billion merger. The deal was initially planned to close in the first half of the year.
Investors can gain exposure to the Chevron via&nbsp;E.A. Series Trust Strive U.S. Energy ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DRLL#NYSE">DRLL</a>) and&nbsp;SPDR Select Sector Fund – Energy Select Sector&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLE#NYSE">XLE</a>).
Price Action: CVX shares are up 1.12% at $149.20 and HES is up 1.97% at $138.00 premarket at the last check Tuesday.
Photo by Jonathan Weiss on Shutterstock
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Chevron-Hess Merger Could Soon Get FTC Approval: Report

Hess (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HES#NYSE">HES</a>) has outperformed the market over the past 5 years by 1.61% on an annualized basis producing an average annual return of 15.3%. Currently, Hess has a market capitalization of $39.83 billion. 
Buying $100 In HES: If an investor had bought $100 of HES stock 5 years ago, it would be worth $200.09 today based on a price of $129.28 for HES at the time of writing.
<h3>Hess's Performance Over Last 5 Years</h3>
<img src="https://www.benzinga.com/files/images/story/2024/1726675422_0.png" alt="comp_fig" />
Finally -- what's the point of all this? The key insight to take from this article is to note how much of a difference compounded returns can make in your cash growth over a period of time.
This article was generated by Benzinga's automated content engine and reviewed by an editor.

$100 Invested In This Stock 5 Years Ago Would Be Worth $200 Today

UBS analyst Josh Silverstein maintains Hess (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HES#NYSE">HES</a>) with a Buy and lowers the price target from $192 to $173.

UBS Maintains Buy on Hess, Lowers Price Target to $173

Wells Fargo analyst Roger Read maintained a Hold rating on Hess (HES – Research Report) yesterday and set a price target of $151.00. The company's ...

Wells Fargo Sticks to Their Hold Rating for Hess (HES)

Chevron Corp. ($CVX) is on the brink of obtaining regulatory clearance for its $53 billion acquisition of Hess Corp. ($HES), with the U.S. Federal ...

M&A News: Chevron's (CVX) $53B Hess Acquisition Deal Nears FTC Approval

Chevron Corp. ($CVX) is on the brink of obtaining regulatory clearance for its $53 billion acquisition of Hess Corp. ($HES) with the U.S. Federal T...

M&A News: Chevron's (CVX) $53B Hess Merger Nears FTC Approval

FTC confirms Chevron-Hess deal approval barring John Hess from board

Hess upgraded at Wolfe on potential merger outcomes, Guyana resource boost

The U.S. Federal Trade Commission (FTC) has officially approved oil major Chevron's ($CVX) $53 billion acquisition of rival Hess Corp. ($HES). But ...

U.S. Regulator Officially Approves Chevron's (NYSE:CVX) Acquisition of Hess Corp. (NYSE:HES)

In a report released today, Ryan Todd from Piper Sandler maintained a Buy rating on Hess (HES – Research Report), with a price target of $167.00. T...

Piper Sandler Sticks to Its Buy Rating for Hess (HES)

Merger Arbitrage: Energized By All-Stock Transactions In Oil & Gas

Hess Corporation: Time Value Clock Is Ticking While Management Remains Silent

Chevron ($CVX) is in talks to sell its natural gas assets in East Texas to Tokyo Gas ($TKGSF), Japan's largest gas supplier, according to the Finan...

Chevron (CVX) Plans $1B Sale of East Texas Assets to Tokyo Gas

AMED

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JNPR

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Press Releases

Glass Lewis Recommends Hess Shareholders Vote For Proposed Merger With Chevron

Hess Corporation Receives Stockholder Approval for Proposed Merger with Chevron

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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

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