Hess rallies after Elliott says value could be $126 per share Shares of Hess Corp. (HES) are moving higher after Elliott Management Corporation sent a letter to the company's shareholders urging them to elect its slate of five independent directors to the board. In the letter, Elliott said that if managed appropriately, the equity value of Hess could be up to $126 per share. Elliott estimates that a spin-off of Hess Resource Co. could create over $28 per share of additional value for shareholders, while divesting the company's downstream assets and tax efficiently monetizing its midstream assets could create $11 per share of additional value. Shares of Hess Corp. are up 10%, or $6.15, to $68.62 in early trading.
News For HES From The Last 14 Days
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