Upstream energy player HessCorporation HES has decided to contribute $1 million for providing relief to victims of the tropical storm — Harvey.
The cyclone has been responsible for heavy downpour in the Texas and Louisiana Gulf Coast regions. Thousands have been reallocated as water levels continue to rise. Harvey has also claimed a number of lives while a few have been injured.
Hess is encouraging its employees to contribute to the American Red Cross, Hurricane Harvey Relief Fund and United Way of Greater Houston. Matching gift program is also being organized by the upstream firm.
It is to be noted that apart from Hess, players like ConocoPhillips COP and ExxonMobil XOM have also donated handsomely toward the relief funds.
On Aug 30, ConocoPhillips announced that it has raised its contributions to the American Red Cross to $2.5 million. For the United Way of Greater Houston, the company has allocated $2.5 million. Meanwhile, for Harvey relief efforts, ExxonMobil has increased its contributions to $9.5 million.
New York-based Hess is involved in the exploration and development of oil and natural gas. We are concerned about the company’s weak balance sheet. The company’s long-term debt load has increased significantly since 2014.
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Also, the company’s pricing performance fails to impress. Year to date, Hess has lost almost 39%, underperforming the industry’s 33.2% decline.
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As a result, Hess currently carries a Zacks Rank #4 (Sell).
A better-ranked player in the energy sector is Range Resources Corporation RRC, with a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Based in Fort Worth, TX, Range Resources is an independent oil and gas company, engaged in the exploration, development and acquisition of U.S. oil and gas resources. The company’s 2017 revenues are expected to grow 122.8%.
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