Hess Corporation HES completed the previously-announced divestment of its subsidiary, Hess Denmark ApS, to Ineos E&P AS in a $150-MILLION deal. The transaction has an effective date of Jan 1, 2021.Through its affiliate, Hess has a 61.5% ownership interest in the South Arne Field, located in the Danish sector of the North Sea. Ineos acquired full control of the South Arne oil field, which complements its existing 36.8% interest in the field. Ineos also acquired a 4.8% interest in the Solsort field, which is already operated by the company.Ineos currently operates the nearby Siri field area in Denmark. By assuming the full operatorship of South Arne, the company expects to achieve operational and cost synergies between the two fields. Notably, the increased operating position in Denmark enhances Ineos’ ability to lead the Greensand carbon storage project in the Siri area.Hess’ Denmark business involved operating activities focused on oil production. Hence, the acquisition improves Ineos’ balance of oil and gas assets, and is expected to unlock growth prospects that can be developed in Denmark’s offshore oil and gas sector.Meanwhile, Hess intends to use the net proceeds from the divestment to invest in world-class offshore resources in Guyana. The divestiture enables Hess to continue focusing on its portfolio, and strengthen its cash and liquidity position.Price PerformanceShares of the company have underperformed the industry in the past six months. Hess’s stock has gained 1.7% compared with the industry’s 7% growth. Image Source: Zacks Investment Research Zacks Rank & Stocks to ConsiderThe company currently carries a Zack Rank #3 (Hold).Some better-ranked players in the energy space are Summit Midstream Partners, LP SMLP, Devon Energy Corporation DVN and Goodrich Petroleum Corporation GDP, each currently sporting a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.Summit’s earnings for 2021 are expected to increase 114.2% year over year.Devon’s earnings for 2021 are expected to rise 38.9% year over year.In the past 60 days, the Zacks Consensus Estimate for Goodrich’s 2021 earnings has been raised by 68.2%. More Stock News: This Is Bigger than the iPhone! It could become the mother of all technological revolutions. Apple sold a mere 1 billion iPhones in 10 years but a new breakthrough is expected to generate more than 77 billion devices by 2025, creating a $1.3 trillion market. Zacks has just released a Special Report that spotlights this fast-emerging phenomenon and 4 tickers for taking advantage of it. If you don't buy now, you may kick yourself in 2022.Click here for the 4 trades >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Devon Energy Corporation (DVN): Free Stock Analysis Report Hess Corporation (HES): Free Stock Analysis Report Summit Midstream Partners, LP (SMLP): Free Stock Analysis Report Goodrich Petroleum Corporation (GDP): Free Stock Analysis Report To read this article on Zacks.com click here.