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Here’s What’s Been Driving Hess Stock

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Performance of Hess stock

Initially in 2017, Hess (HES) stock was on a downward trend. But since September 2017, it has been trending upward, as you can see in the graph below.

Year-over-year, Hess stock has fallen 9%. Crude oil prices have increased 22% in the same period. The Energy Select Sector SPDR ETF (XLE), the broader energy fund, has risen 3% in the same period, and the S&P 500 SPDR ETF, the broader market fund, has risen 24%.

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Sell assets, focus on buybacks

Hess stock has rallied recently, and hedge fund Elliott Management wants the upstream company to sell some of its assets and focus on buybacks instead of dividends. Following that news, HES stock rose 1.7%.

The uptrend in crude oil prices has also been driving HES stock.

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