Oppenheimer Asset Management Inc. bought a new position in shares of Hess Corp. (NYSE:HES) during the 3rd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor bought 3,093 shares of the oil and gas producer’s stock, valued at approximately $221,000.
A number of other large investors have also added to or reduced their stakes in HES. IFM Investors Pty Ltd boosted its holdings in Hess by 44.0% during the second quarter. IFM Investors Pty Ltd now owns 12,858 shares of the oil and gas producer’s stock worth $860,000 after buying an additional 3,926 shares in the last quarter. State of Alaska Department of Revenue boosted its holdings in Hess by 27.1% during the second quarter. State of Alaska Department of Revenue now owns 57,638 shares of the oil and gas producer’s stock worth $3,854,000 after buying an additional 12,300 shares in the last quarter. Xact Kapitalforvaltning AB boosted its holdings in Hess by 2.7% during the second quarter. Xact Kapitalforvaltning AB now owns 32,138 shares of the oil and gas producer’s stock worth $2,150,000 after buying an additional 831 shares in the last quarter. Viking Fund Management LLC purchased a new stake in Hess during the second quarter worth about $4,013,000. Finally, Trinity Street Asset Management LLP purchased a new stake in shares of Hess in the second quarter valued at about $33,160,000. 88.65% of the stock is currently owned by institutional investors and hedge funds.
NYSE:HES opened at $59.15 on Friday. The company has a debt-to-equity ratio of 0.59, a current ratio of 2.30 and a quick ratio of 2.29. Hess Corp. has a 1-year low of $40.37 and a 1-year high of $74.81.
Hess (NYSE:HES) last posted its quarterly earnings data on Wednesday, October 31st. The oil and gas producer reported $0.38 earnings per share for the quarter, beating analysts’ consensus estimates of ($0.05) by $0.43. The business had revenue of $1.83 billion during the quarter, compared to analyst estimates of $1.54 billion. Hess had a negative net margin of 47.06% and a negative return on equity of 2.64%. The company’s revenue was up 11.2% on a year-over-year basis. During the same quarter in the previous year, the business posted ($1.07) earnings per share. As a group, analysts anticipate that Hess Corp. will post 0.03 EPS for the current fiscal year.
Several analysts have issued reports on the stock. Sanford C. Bernstein assumed coverage on shares of Hess in a report on Thursday, September 27th. They issued an “outperform” rating and a $89.00 price target on the stock. Piper Jaffray Companies downgraded shares of Hess from an “overweight” rating to a “neutral” rating in a report on Thursday, September 27th. Bank of America reaffirmed a “buy” rating and issued a $86.00 price target (up previously from $83.00) on shares of Hess in a report on Monday, September 17th. Morgan Stanley reaffirmed a “buy” rating and issued a $87.00 price target (up previously from $84.00) on shares of Hess in a report on Tuesday, September 18th. Finally, Credit Suisse Group set a $61.00 price target on shares of Hess and gave the company a “hold” rating in a report on Monday, September 17th. Two investment analysts have rated the stock with a sell rating, ten have assigned a hold rating and four have issued a buy rating to the company. The stock currently has a consensus rating of “Hold” and an average price target of $66.64.
Hess Company Profile
Hess Corporation, an exploration and production company, develops, produces, purchases, transports, and sells crude oil, natural gas liquids (NGLs), and natural gas. It operates through two segments, Exploration and Production, and Midstream. The company conducts production operations primarily in the United States, Denmark, the Malaysia/Thailand Joint Development Area, and Malaysia; and exploration activities primarily offshore Guyana, Suriname, Canada, and in the Gulf of Mexico.
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