Hess Corporation (HES)

Hess Corporation Stock (HES) dropped by 6.46% from $153.18 to $143.29 in the trading on Friday October 27, 2023. The reason why HES stock down today is due to the lower value of its all-stock offer. Chevron Corp.’s post-earnings selloff shrank the value of its all-stock offer for Hess Corp. by roughly $6.5 billion. That crimped the returns investors are set to reap from the 1.025 Chevron shares they will receive for each unit of Hess stock. The deal premium for Hess investors shrank to 3.1% from 10% when the agreement was announced on Oct. 23.

Shares of Hess Corporation (HES) dropped by 3.77% from $161.30 to $155.22 in the trading on Tuesday, October 24, 2023. The reason why HES stock down is due to a downgrade rating. Raymond James downgraded HES's rating from Outperform to Market Perform. This rating downgrade negatively affected investor sentiment, resulting in the stock price decline.