Hess Corporation (HES) Lowered to Neutral at J P Morgan Chase & Co
Hess Corporation (NYSE:HES) was downgraded by equities research analysts at J P Morgan Chase & Co from an “overweight” rating to a “neutral” rating in a report released on Thursday, MarketBeat Ratings reports. They presently have a $45.00 target price on the oil and gas producer’s stock, down from their prior target price of $52.00. J P Morgan Chase & Co’s target price indicates a potential upside of 6.71% from the company’s previous close.
HES has been the topic of several other research reports. ValuEngine upgraded shares of Hess Corporation from a “strong sell” rating to a “sell” rating in a research note on Friday, June 2nd. Barclays PLC reaffirmed an “equal weight” rating and issued a $50.00 target price (down from $61.00) on shares of Hess Corporation in a research report on Wednesday, July 12th. BMO Capital Markets reaffirmed a “hold” rating and issued a $42.00 target price on shares of Hess Corporation in a research report on Friday, September 1st. Citigroup Inc. reduced their target price on Hess Corporation from $55.00 to $49.00 and set a “neutral” rating for the company in a research report on Friday, July 21st. Finally, Cowen and Company set a $50.00 target price on Hess Corporation and gave the stock a “hold” rating in a research report on Wednesday, July 19th. Three analysts have rated the stock with a sell rating, eleven have issued a hold rating and six have assigned a buy rating to the stock. Hess Corporation currently has an average rating of “Hold” and a consensus price target of $52.13.
Hess Corporation (HES) traded up 0.40% during mid-day trading on Thursday, reaching $42.17. 4,526,085 shares of the company traded hands. Hess Corporation has a 52-week low of $37.25 and a 52-week high of $65.56. The company’s market capitalization is $13.26 billion. The stock has a 50 day moving average price of $40.84 and a 200-day moving average price of $45.19.
Hess Corporation (NYSE:HES) last announced its quarterly earnings data on Wednesday, July 26th. The oil and gas producer reported ($1.46) earnings per share (EPS) for the quarter, missing the consensus estimate of ($1.32) by ($0.14). The company had revenue of $1.23 billion during the quarter, compared to analyst estimates of $1.19 billion. Hess Corporation had a negative return on equity of 8.49% and a negative net margin of 118.07%. The company’s revenue was down 3.2% on a year-over-year basis. During the same quarter in the previous year, the business posted ($1.10) EPS. Analysts expect that Hess Corporation will post ($4.80) EPS for the current fiscal year.
In related news, insider Barbara J. Lowery-Yilmaz sold 3,873 shares of Hess Corporation stock in a transaction dated Tuesday, August 8th. The stock was sold at an average price of $43.47, for a total value of $168,359.31. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, COO Gregory P. Hill sold 11,726 shares of Hess Corporation stock in a transaction dated Thursday, August 24th. The stock was sold at an average price of $38.37, for a total value of $449,926.62. The disclosure for this sale can be found here. 11.80% of the stock is owned by company insiders.
A number of hedge funds have recently made changes to their positions in the stock. Independence Advisors LLC acquired a new position in shares of Hess Corporation during the 2nd quarter worth about $230,000. D Orazio & Associates Inc. grew its position in shares of Hess Corporation by 266.7% during the 1st quarter. D Orazio & Associates Inc. now owns 2,200 shares of the oil and gas producer’s stock worth $106,000 after buying an additional 1,600 shares during the period. Oppenheimer Asset Management Inc. acquired a new position in shares of Hess Corporation during the 1st quarter worth about $111,000. Korea Investment CORP grew its position in shares of Hess Corporation by 142.0% during the 2nd quarter. Korea Investment CORP now owns 2,645 shares of the oil and gas producer’s stock worth $116,000 after buying an additional 1,552 shares during the period. Finally, Lenox Wealth Advisors Inc. acquired a new position in shares of Hess Corporation during the 2nd quarter worth about $132,000. Hedge funds and other 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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