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HES

Hess Corporation

5/22/2013, 8:28 PM ET

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Wednesday, May 22, 11:07 AM AIG remains at the top Goldman's list of hedge fund hotels (the 50 stocks appearing most frequently among hedge fund top 10 holdings). Google (GOOG) retains its #2 position. Apple (APPL) - in the top spot for 3 years until February - remains at #3. Goldman notes the basket has outperformed the S&P a bit this year and the top 20 has done better by more than 1000 basis points. We smell an ETF offering. The rest of the top 20: C, GM, PCLN, VMED, NWSA, MSFT, HTZ, JPM, APC, PFE, QCOM, CHTR, HES, CBS, EBAY, DAL, EQIX. 4 Comments
Monday, May 20, 11:49 AM Focus will shift to its Bakken assets after proposed changes at Hess (HES), but Raymond James analysts say any breakup value is priced in, and Occidental (OXY) offers a better opportunity for "future multiple re-rating via breakup." OXY, for a while embroiled in a tug of war for leadership, is talking about potential spinoffs now that CEO Steve Chazen has a firmer grip on the company. Comment! [Energy]
Thursday, May 16, 3:45 PM Oil production from Ohio's Utica shale was lower in 2012 than first anticipated but will be "incidental" to gas output in much of the play, Ohio regulators say. Oil production averaged 1,742 bbl/day, while gas totaled 35M cf/day. Chesapeake (CHK) was by far the largest producer, with total 2012 output of 10B cf of gas, followed by Hess (HES) and Gulfport (GPOR); Devon Energy (DVN) produced no gas from its five wells. 1 Comment [Energy]
Thursday, May 16, 2:29 PM Even if the entertainment of a good brawl was denied, Hess (HES -2.3%) shareholders should savor the potential for further gains, Liam Denning writes. Hess has diluted its namesake CEO’s influence by taking the chairmanship away from him, revamped a fossilizing board, raised the dividend for the first time in years, and moved to streamline the company. Plus, it's now a more realistic takeover target. Comment! [Energy, On the Move]
Thursday, May 16, 11:25 AM Hess' (HES -2%) deal to resolve its proxy fight with Elliott Management is a win-win, Deutsche Bank's Paul Sankey says in maintaining his Buy rating and $80 price target. Had Elliott's dissident director slate lost, lots of activist money in the stock - not just Elliott - might have fled; had Hess’ slate lost, concern about a split board and a long strategy review might have undermined some of Hess' recent positive moves. Comment! [Energy, On the Move]
Thursday, May 16, 8:54 AM Hess (HES) reaches agreement with Elliott Management is end its proxy contest. Hess adds three of Elliott's director nominees. Elliott withdraws its slate of five nominees and supports election of Hess' five new directors. The reconstituted Board continues to consist of 14 people. Elliott is represented on the governance and compensation committees. Shares +1.9% premarket. 1 Comment [Energy, On the Move]
Wednesday, May 15, 6:03 PM Third Point discloses new positions in: Anadarko Petroleum (APC), BE Aerospace (BEAV), Cabot Oil (COG), Chimera Investment (CIM), Hess (HES), Hilshire Brands (HSH), Tiffany (TIF), Thermo Fisher (TMO), and Virgin Media (MMED). It raises stakes in: AbbVie (ABBV) and International Paper (IP), and exits Abbott Labs (ABT), Capital One (COF), Coca-Cola Enterprises (CCE), Herbalife (HLF), Illumina (ILMN), MetLife (MET), Morgan Stanley (MS) and Tesoro (TSO). (13-F) 4 Comments
Wednesday, May 15, 5:53 PM David Einhorn’s Greenlight Capital took a 4.9% stake in Oil States International (OIS), a company he declared a target for shareholder activism target last week; Greenlight now ranks as the no. 5 shareholder in OIS. The fund also boosted stakes in Apple (AAPL) to ~2.4M shares from 1.3M (earlier) and Marvell Technology (MRVL) to 51.8M shares, more than 10% of shares out. New stakes: HES, SPR, GMCR, IACI. 8 Comments [Energy, Tech]
Tuesday, May 14, 8:13 AM In the latest twist in the proxy fight between Hess (HES) and Elliott Management, the dissident shareholder proposes a revamped board that would include all nominees put forward by both sides. Hess said yesterday it was prepared to add two of Elliott's nominees if all of its own nominees are elected, which the hedge fund called a "PR stunt." Comment! [Energy]
Monday, May 13, 5:12 PM Better to lose two seats than five: Hess (HES) offers activist investor Elliott Management two seats on its board whom it proposes to choose in consultation with shareholders if all five of the company's nominees are elected at the upcoming annual meeting. Hess said last week it would separate the posts of chairman and CEO. Comment! [Energy]
Monday, May 13, 8:29 AM The five nominees put forth by Elliott Management to join Hess' (HES) board say they have waived their right to receive compensation payments from Elliott, an attempt to woo shareholders just three days before Hess' annual meeting. "Despite a premier collection of assets, the company has failed to convert these advantages into real returns for shareholders," they say. 1 Comment [Energy]
Friday, May 10, 1:29 PM Hess' (HES -2%) about-face in splitting the chairman and CEO roles throws a bone to activist investors staging a proxy fight, but Elliott Management isn't biting, calling it “a reaction to the shareholder vote currently underway.” The suddenness of the move sends a signal there's blood in the water ahead of next Thursday's shareholder meeting, WSJ's Liam Denning writes. Comment! [Energy, On the Move]
Friday, May 10, 7:11 AM Hess (HES) will split the role of Chairman and CEO following its annual meeting (May 16). "As we continue our transformation to a pure play E&P company, we have heard from shareholders who approve of our strategy while also expressing a desire for better accountability, increased board oversight, and the adoption of best-in-class corporate governance practices. We understand our shareholders views, and recognize that our corporate governance structure should have been improved sooner. Separating the roles of Chairman and CEO and declassifying our Board reflects our commitment to shareholders." (PR) Comment! [Breaking News, Energy]
Thursday, May 9, 11:30 AM The shale bonanza has sparked a switch in the behavior of oil firms: Companies have been selling off assets overseas and pumping money back into the U.S. Conoco (COP) has been involved in six major foreign sales in the past year totaling $11B, and much of it is being redirected into North Dakota and Texas shale. Other firms redirecting overseas assets to the U.S.: HES, DVN, APA, MRO, MUR, NBL. 3 Comments [Energy]
Monday, May 6, 9:38 AM A group of Hess (HES) director nominees releases a letter to shareholders defending their role at the company, while Hess separately accuses proxy advisory firm ISS of having an "institutional bias toward activist shareholders." The letters are the latest in a long battle between HES and Elliott Management, whose plan to break up the company HES says has been "discredited by the market." Comment! [Energy]
Friday, May 3, 8:10 AM Proxy advisory firm ISS endorses the full slate of five candidates for Hess' (HES) board nominated by activist hedge fund Elliott Management, a day after Glass Lewis made a similar recommendation. ISS says the dissident nominees "have more relevant, robust experience - particularly boardroom experience - than the management nominees." Comment! [Energy]

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