Hess Corporation (NYSE: HES) bounced up 8% today on oil prices going up. Looking at HES stock price was as in the $60.00/discuss or higher range for most of 2019. At the beginning of 2020, HES was closer to the $70.00/share array. More lately, HES is trading in the $37.50 range. HES stock investors that bought last year and earlier this year are looking at 50% loss.
U.S. markets continued to rally on optimism surrounding the coronavirus. President Donald Trump said the U.S. is approaching the top of the “coronavirus curve,” implying data may soon begin to ease. Democrats jumped on board with an expansion of small-business support. House Speaker Nancy Pelosi (D-CA) and Senate Minority Leader Chuck Schumer (D-NY) support providing small businesses with the emergency funds discussed by Senate Republicans yesterday. New York Governor Andrew Cuomo said the state’s efforts to fight the coronavirus outbreak is working. During his daily briefing on the situation in the country, he said projections indicate the curve for coronavirus cases is flattening. Markets rallied late in the day on hopes for an OPEC+ production cut.
The top sectors today were real estate, materials, and energy. Energy rallied late in the day on headlines from the Algerian oil minister that OPEC+ production cuts could reach 10 million barrels per day. Marathon Petroleum (MPC) and Hess (HES) led the sector. Darden Restaurants (DRI) and Twitter (TWTR) both jumped on positive analyst commentary. Annaly (NLY) soared after providing a positive update on its business.
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Hess Corporation was founded in 1920 and is headquartered in New York. The company is an exploration and production company, investigates, it operates through two segments, exploration/production, and midstream. The HES conducts production operations mostly in the USA, Denmark, the Malaysia/Thailand Joint Development Area, and Malaysia; and mining activities, mostly overseas Guyana, Suriname, Canada, and also at the Gulf of Mexico. The company is also involved with the collecting, compressing, and processing of natural gas.
Hess Corporation Lawsuit
Investors may be tempted to buy HES stock or debt because of the recent low price, but they want to be very cautious. The last jump in stocks is likely only temporary, and the key. market fundamentals for oil remain bleak
The oil price war is far from over, and Haselkorn & Thibaut (InvestmentFraudLawyers.com) is currently investigating financial advisors that sold HES stock and debt to investors. The investor lawyers are reviewing allegations that investors were sold HES stock and other energy products without fully understanding the risk. In addition, it is alleged that financial advisors chased income from energy investments without fully disclosing the risk to clients.