Performance of Hess stock
Hess (HES) stock rose 2.9% after the company posted better-than-expected 1Q18 earnings and revenue. As shown in the graph below, Hess stock started moving upwards in September 2017, mirroring crude oil prices (UCO) (DBO).
Hess stock has been rallying after activist hedge fund Elliott Management renewed its mission to bring changes at Hess last year, stating that the company would be better off buying back stock that is perceived to be undervalued. On March 8, Hess announced its plans to buy back $1 billion in stock by the end of 2018, in addition to the $500 million share repurchase program the company announced in late 2017. Following the news, HES stock rose ~4%.