I'll add a bit to my losing position in HES also.
The way I look at it, HES's stated bv has steadily marched up from $15/sh ten years ago to about $55 now. During that time, in only one year ('03) has the average p/bk been below 1 (It was .83.) Right now the stated b/pk number is about $52/$55, again under one. From '02 to '08 d/e has come down to .33, where it's remained.
The company has exploration opportunities, and I suspect and I will bet, that HES will produce, and that stated bv will continue to increase and the p/bv will move up beyond 1. So I'm a holder and a buyer now.
If one is looking at insider sales, there have been some substantial (imo) multiple insider sales in February in the $61 area. In my view that's somewhat offset by a relatively small buy by the insider controlling person, Mr. Hess, of 25,000 shares at $54.79 in the previous month. Possibly a good sign that buyers now can come in and get shares under what Mr. Hess recently paid.
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