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 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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