BMO Capital Markets reissued their hold rating on shares of Hess Corporation (NYSE:HES) in a research note released on Friday. BMO Capital Markets currently has a $42.00 price target on the oil and gas producer’s stock.
Several other brokerages have also recently issued reports on HES. Scotiabank set a $53.00 price objective on Hess Corporation and gave the company a buy rating in a research note on Tuesday, June 20th. Citigroup Inc cut their price objective on Hess Corporation from $55.00 to $49.00 and set a neutral rating on the stock in a research note on Friday, July 21st. BidaskClub upgraded Hess Corporation from a strong sell rating to a sell rating in a research note on Saturday, July 1st. Barclays PLC restated an equal weight rating and set a $50.00 price objective (down previously from $61.00) on shares of Hess Corporation in a research note on Wednesday, July 12th. Finally, Zacks Investment Research cut Hess Corporation from a hold rating to a sell rating in a research note on Wednesday, June 21st. Four equities research analysts have rated the stock with a sell rating, eight have given a hold rating and seven have assigned a buy rating to the company’s stock. The company has an average rating of Hold and a consensus target price of $53.56.
Hess Corporation (NYSE HES) traded up 1.41% during midday trading on Friday, reaching $39.45. The company’s stock had a trading volume of 2,024,293 shares. Hess Corporation has a 1-year low of $37.25 and a 1-year high of $65.56. The company’s market capitalization is $12.40 billion. The company has a 50 day moving average of $41.62 and a 200-day moving average of $45.88.
Hess Corporation (NYSE:HES) last released its quarterly earnings results on Wednesday, July 26th. The oil and gas producer reported ($1.46) EPS for the quarter, missing the Thomson Reuters’ consensus estimate of ($1.32) by $0.14. Hess Corporation had a negative return on equity of 8.49% and a negative net margin of 118.07%. The business had revenue of $1.23 billion during the quarter, compared to analyst estimates of $1.19 billion. During the same quarter last year, the firm posted ($1.10) EPS. The company’s revenue was down 3.2% compared to the same quarter last year. Equities research analysts anticipate that Hess Corporation will post ($4.79) earnings per share for the current fiscal year.
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In other news, COO Gregory P. Hill sold 11,726 shares of the stock in a transaction on Thursday, August 24th. The stock was sold at an average price of $38.37, for a total transaction of $449,926.62. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Barbara J. Lowery-Yilmaz sold 3,873 shares of the stock in a transaction on Tuesday, August 8th. The shares were sold at an average price of $43.47, for a total value of $168,359.31. The disclosure for this sale can be found here. 11.80% of the stock is currently owned by corporate insiders.
Several large investors have recently made changes to their positions in the company. BlackRock Inc. lifted its position in shares of Hess Corporation by 4,680.2% during the 1st quarter. BlackRock Inc. now owns 28,963,519 shares of the oil and gas producer’s stock valued at $1,396,331,000 after acquiring an additional 28,357,619 shares during the last quarter. Vanguard Group Inc. lifted its holdings in shares of Hess Corporation by 2.3% in the second quarter. Vanguard Group Inc. now owns 19,787,281 shares of the oil and gas producer’s stock valued at $868,068,000 after purchasing an additional 449,097 shares in the last quarter. State Street Corp lifted its holdings in shares of Hess Corporation by 1.3% in the second quarter. State Street Corp now owns 15,518,364 shares of the oil and gas producer’s stock valued at $680,786,000 after purchasing an additional 198,888 shares in the last quarter. Hotchkis & Wiley Capital Management LLC lifted its holdings in shares of Hess Corporation by 5.1% in the second quarter. Hotchkis & Wiley Capital Management LLC now owns 8,083,402 shares of the oil and gas producer’s stock valued at $354,619,000 after purchasing an additional 391,200 shares in the last quarter. Finally, Alliancebernstein L.P. lifted its holdings in shares of Hess Corporation by 6.3% in the second quarter. Alliancebernstein L.P. now owns 7,027,470 shares of the oil and gas producer’s stock valued at $308,295,000 after purchasing an additional 416,608 shares in the last quarter. Institutional investors own 87.15% of the company’s stock.
Hess Corporation Company Profile
Hess Corporation is an exploration and production company. The Company is engaged in exploration, development, production, transportation, purchase and sale of crude oil, natural gas liquids (NGL) and natural gas. The Company’s segments include Exploration and Production, and Bakken Midstream. Its Exploration and Production segment explores for, develops, produces, purchases and sells crude oil, NGLs and natural gas with production operations primarily in the United States, Denmark, Equatorial Guinea, the Malaysia/Thailand Joint Development Area (JDA), Malaysia and Norway.
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