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John B. Hess, Chief Executive Officer of Hess Corp (NYSE:HES), has sold a significant portion of his holdings in the company, according to a recent regulatory filing. The sale comes as the company, currently valued at $48.8 billion, trades near its 52-week high with strong financial metrics according to InvestingPro data. The transactions, which took place on March 27 and 28, involved the sale of a total of 349,000 shares of common stock. These sales were executed at prices ranging from $158.37 to $160.35 per share, resulting in a total value of approximately $55.6 million. The company maintains a strong financial health score of "GREAT" on InvestingPro, with a P/E ratio of 17.6x and a 39-year track record of consistent dividend payments.
Following these transactions, Hess retains ownership of 2,209,679 shares indirectly through a trust. The sales were conducted at weighted average prices, with specific transactions occurring within the stated price ranges. The company, based in New York, continues to be a significant player in the petroleum refining sector, with InvestingPro analysis suggesting the stock is currently trading below its Fair Value. Subscribers can access 10+ additional exclusive insights about Hess Corp’s valuation and growth prospects.
In other recent news, Hess Corporation reported strong fourth-quarter earnings, surpassing analyst expectations with an earnings per share (EPS) of $1.76 compared to the anticipated $1.53. Revenue also exceeded forecasts, reaching $3.23 billion against the expected $2.96 billion. Despite these positive results, Hess provided a cautious production outlook for the first quarter of 2025, estimating production between 465,000 and 475,000 barrels of oil equivalent per day due to planned maintenance and weather impacts. Raymond (NSE:RYMD) James maintained a Market Perform rating on Hess, noting the company’s robust operational performance but adjusting future production estimates. Meanwhile, CFRA raised its price target for Hess shares to $154, maintaining a Hold rating, citing uncertainties surrounding Hess’s merger with Chevron (NYSE:CVX). The merger with Chevron is anticipated to conclude in September or October 2025, with arbitration hearings scheduled to begin in May. Hess also declared a regular quarterly dividend of 50 cents per share, continuing its commitment to returning value to shareholders. The company’s ongoing expansion in the Stabroek Block in Guyana remains a focal point for investors and analysts alike.
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