Hess ( HES ) shares are up 1.4% to $69.80 in late day trading after closing up 3.5% Monday after the company told shareholders it plans to buy back as much as $4 billion in stock and doubled its annual dividend to $1 per share. Its stock earlier touched a day high $70.49 compared to a year high $70.77
Hess is aiming to drop its energy trading and gasoline station business to focus on exploration and production. The company decreased E&P capital expenditures by 17% in 2013 and plans to continue reductions in 2014.
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
