Hess Corp. (NYSE:HES) was not only one of Elliot Management’s top picks last quarter, it was THE top pick, occupying the largest position in its equity portfolio, with 18.8 million shares. Furthermore, Mr. Singer’s firm has held the stock as a top pick since 2013. Although in 2014 the company did not perform well, year-to-date the stock has gained 1.8% and the company was rated as a strong buy by several analysts. The high price target estimate is set at $105 per share, while the mean short term price target is at $84.50 per share. Hess Corp. (NYSE:HES) is currently trading at around $75 per share, meaning considerable growth is expected this year.
Elliot Management is also bullish regarding Anadarko Petroleum Corporation (NYSE:APC), holding a stake of 4.61 million shares at the end of the year. Last quarter, the New York-based hedge fund increased its exposure to the company by 885,400 shares. Furthermore, the stock has already gained 2% year-to-date, after struggling to reach a 4% growth rate in 2014. Paul Singer is not alone in his optimistic assessment of the company, as analysts indicate that Anadarko is on the right path to improve its bottom line performance by investing in high-margin oil assets. As Anadarko Petroleum Corporation (NYSE:APC) was able to maintain stable shares despite the troubled crude oil market, numerous institutional investors have become bullish regarding the stock. Ken Griffin’s Citadel Investment Group for example owns 4.92 million shares, after increasing its exposure to the equity by 35% last quarter.
Paul Singer appears to have been right to take a bearish stance towards Chevron Corporation (NYSE:CVX), as the stock has already dropped around 5% year-to-date. The drop in oil prices has hit the company hard and Elliot Management disclosed acquiring a new put position of 2.0 million shares during the last quarter. Although Chevron Corporation (NYSE:CVX) is backed by major funds such as Ken Fisher’s Fisher Asset Management, which owns 3.44 million shares, Mr. Singer’s firm does not seem to agree.