10 Most Promising Energy Stocks According to Hedge Funds

5. Hess Corporation (NYSE:HES)

Number of Hedge Fund Holders: 73

Hess Corporation (NYSE:HES) is a US-based independent energy company engaged in the exploration, development, production, purchase, transport, and sale of crude oil, natural gas liquids (NGLs), and natural gas on a global scale.

Hess Corporation (NYSE:HES) has kept a steady dividend payment record since 1987. Recently, the company announced an increase in the quarterly dividend to 50 cents per share, marking a 14.3% increase from the previous dividend.

The company is set to be acquired by Chevron (NYSE:CVX) for $53 billion. This acquisition aligns with the broader trend of major energy companies expanding their shale oil production footprint in the United States. Hess Corporation (NYSE:HES) shareholders will receive 1.025 Chevron (NYSE:CVX) shares for each of their Hess Corporation (NYSE:HES) shares, making the deal attractive for investors. The company’s stock has been rated a “Moderate Buy.”

Bailard Inc. was the leading hedge fund investor in the company as of Q2 2024, with a stake worth over $2.5 million.