Business

Singer: Fix Hess mess and stock could soar

Paul Singer’s Elliott Management issued a 71-page report yesterday blasting oil and gas giant Hess, saying the company could be worth a lot more if it would spin off assets and revamp its board.

The $21 billion hedge fund, which has been exchanging barbs with the Woodbridge, NJ, company since January, said Hess could hit $128 a share if only management, including CEO John Hess, would make changes.

Hess shares closed up 2 percent at $71.69 yesterday.

“Hess does not want to be accountable to shareholders,” Elliott said in its report.

Hess recently made a number of changes, including six new directors and the sale of its gas stations.

But Elliott isn’t satisfied. It pointed out that new lead independent director John Mullin is an executor of the estate of founder Leon Hess.

Hess spokesman Jon Pepper called Elliott’s presentation “backward-looking.”

“Further, analysts have overwhelmingly rejected Elliott’s flawed and value-destructive agenda to split the company in two,” he said.