Hess Corporation (HES) Upgraded to “Buy” at Zacks Investment Research
Hess Corporation (NYSE:HES) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report issued on Wednesday. The firm currently has a $50.00 price objective on the oil and gas producer’s stock. Zacks Investment Research‘s target price points to a potential upside of 12.79% from the company’s current price.
According to Zacks, “Hess is among the leading producers of crude in the Bakken oil shale play in North Dakota. The company has interests in the best areas of the play. With the projection of healthy oil price following the possibility that OPEC might extend the production cut deal beyond March 2018, we believe that Bakken play should contribute to the company’s production growth in the long run. Hess declared new oil discovery from the Payara-1 well located off the coast of Guyana. The project may add significant value in the coming years. Also, the company has a strong earnings surprise history. Hess’ earnings beat the Zacks Consensus Estimate in three of the last four quarters, with an average positive earnings surprise of 2.6%.”
Several other research analysts also recently commented on HES. BMO Capital Markets set a $55.00 price objective on shares of Hess Corporation and gave the stock a “hold” rating in a report on Saturday, June 17th. Scotiabank set a $50.00 price objective on shares of Hess Corporation and gave the stock a “buy” rating in a report on Saturday, July 1st. Morgan Stanley reaffirmed an “equal weight” rating on shares of Hess Corporation in a report on Saturday, September 16th. BidaskClub raised shares of Hess Corporation from a “strong sell” rating to a “sell” rating in a report on Saturday, July 1st. Finally, Piper Jaffray Companies set a $47.00 price objective on shares of Hess Corporation and gave the stock a “buy” rating in a report on Friday, August 25th. Three analysts have rated the stock with a sell rating, nine have given a hold rating and seven have given a buy rating to the stock. Hess Corporation currently has an average rating of “Hold” and an average price target of $51.92.
Shares of Hess Corporation (HES) traded up 0.05% during trading on Wednesday, hitting $44.33. The stock had a trading volume of 3,874,573 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 $13.94 billion. The firm has a 50-day moving average of $42.58 and a 200 day moving average of $44.67.
Hess Corporation (NYSE:HES) last released its quarterly earnings data 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). The business had revenue of $1.23 billion during the quarter, compared to the consensus estimate of $1.19 billion. Hess Corporation had a negative return on equity of 8.49% and a negative net margin of 118.07%. The firm’s quarterly revenue was down 3.2% on a year-over-year basis. During the same period last year, the business posted ($1.10) earnings per share. Equities research analysts predict that Hess Corporation will post ($4.79) earnings per share for the current fiscal year.
In other news, insider Barbara J. Lowery-Yilmaz sold 3,873 shares of the firm’s stock in a transaction on Tuesday, August 8th. The shares were sold at an average price of $43.47, for a total transaction of $168,359.31. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, COO Gregory P. Hill sold 11,726 shares of the firm’s stock in a transaction on Thursday, August 24th. The shares were sold at an average price of $38.37, for a total transaction of $449,926.62. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 21,599 shares of company stock worth $873,466. Corporate insiders own 11.80% of the company’s stock.
Several institutional investors have recently bought and sold shares of the company. Condor Capital Management raised its position in shares of Hess Corporation by 0.3% during the 2nd quarter. Condor Capital Management now owns 13,579 shares of the oil and gas producer’s stock valued at $596,000 after buying an additional 39 shares in the last quarter. Welch & Forbes LLC raised its position in shares of Hess Corporation by 1.0% during the 2nd quarter. Welch & Forbes LLC now owns 4,668 shares of the oil and gas producer’s stock valued at $205,000 after buying an additional 46 shares in the last quarter. Bollard Group LLC raised its position in shares of Hess Corporation by 0.6% during the 2nd quarter. Bollard Group LLC now owns 10,462 shares of the oil and gas producer’s stock valued at $459,000 after buying an additional 62 shares in the last quarter. Linscomb & Williams Inc. raised its position in shares of Hess Corporation by 0.3% during the 2nd quarter. Linscomb & Williams Inc. now owns 21,171 shares of the oil and gas producer’s stock valued at $929,000 after buying an additional 71 shares in the last quarter. Finally, Conning Inc. raised its position in shares of Hess Corporation by 1.3% during the 2nd quarter. Conning Inc. now owns 7,687 shares of the oil and gas producer’s stock valued at $337,000 after buying an additional 99 shares in the last quarter. Hedge funds and other institutional investors own 87.20% 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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