Elliott Management beneficially owns around 4% of Hess common stock, which would be around $976 million worth of shares by my calculations (the current market cap is around $24.4 billion).
The slugfest between Hess and Singer continues.
Meanwhile, if you want to catch the next HES-style energy opportunity, our own Jim Cramer and Stephanie Link like Occidental Petroleum (OXY), which pays a delectable 3.28% current yield-to-price and trades at slightly more than 10 times forward (one-year) earnings.
You'd be well-served to watch Wednesday's video interview with them. It spells out the investment thesis for OXY and the potential surprises that may mirror what happened to HES.Cramer says OXY is "undermanaged like Hess," which speaks to why this writer owns both companies. HES has already made a major move higher and OXY, for now, is still unaware that it might be entering its own shareholder slugfest that may send shares significantly higher in the months ahead. At the time of publication the author was long HES and OXY. Follow @m8a2r1 This article was written by an independent contributor, separate from TheStreet's regular news coverage. Jim Cramer and Stephanie Link actively manage a real money portfolio for his charitable trust- enjoy advance notice of every trade, full access to the portfolio, and deep coverage of the latest economic events and market movements.