Hess (NYSE:HES)‘s stock had its “buy” rating reaffirmed by equities research analysts at Morgan Stanley in a research note issued on Friday. They presently have a $92.00 price objective on the oil and gas producer’s stock, up from their previous price objective of $87.00. Morgan Stanley’s price target would indicate a potential upside of 39.06% from the stock’s previous close.
Several other equities research analysts have also recently issued reports on HES. Piper Jaffray Companies cut shares of Hess from an “overweight” rating to a “neutral” rating in a research report on Thursday, September 27th. Sanford C. Bernstein initiated coverage on shares of Hess in a research report on Thursday, September 27th. They set an “outperform” rating and a $89.00 price objective for the company. Barclays cut shares of Hess from an “equal weight” rating to an “underweight” rating and lifted their price objective for the stock from $55.00 to $66.00 in a research report on Wednesday, July 11th. Capital One Financial reaffirmed an “underweight” rating on shares of Hess in a research report on Friday, June 29th. Finally, Credit Suisse Group set a $55.00 price objective on shares of Hess and gave the stock a “hold” rating in a research report on Friday, June 29th. Three research analysts have rated the stock with a sell rating, eight have issued a hold rating and five have given a buy rating to the company. The company has an average rating of “Hold” and a consensus price target of $66.71.
NYSE:HES opened at $66.16 on Friday. The firm has a market capitalization of $21.45 billion, a price-to-earnings ratio of -14.49 and a beta of 1.41. The company has a debt-to-equity ratio of 0.56, a current ratio of 2.41 and a quick ratio of 2.29. Hess has a 52 week low of $40.26 and a 52 week high of $74.81.
Hess (NYSE:HES) last posted its quarterly earnings results on Wednesday, July 25th. The oil and gas producer reported ($0.23) EPS for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.32) by $0.09. The business had revenue of $1.57 billion during the quarter, compared to the consensus estimate of $1.35 billion. Hess had a negative net margin of 59.77% and a negative return on equity of 6.04%. The company’s quarterly revenue was up 30.3% compared to the same quarter last year. During the same quarter in the previous year, the firm posted ($1.46) earnings per share. On average, sell-side analysts anticipate that Hess will post -0.72 earnings per share for the current fiscal year.
In other news, COO Gregory P. Hill sold 11,480 shares of Hess stock in a transaction on Thursday, August 2nd. The shares were sold at an average price of $65.69, for a total transaction of $754,121.20. Following the completion of the sale, the chief operating officer now directly owns 76,511 shares of the company’s stock, valued at approximately $5,026,007.59. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. 12.09% of the stock is currently owned by insiders.
A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Northern Trust Corp lifted its position in Hess by 0.3% in the second quarter. Northern Trust Corp now owns 3,047,025 shares of the oil and gas producer’s stock valued at $203,815,000 after acquiring an additional 7,856 shares during the last quarter. Dimensional Fund Advisors LP lifted its position in Hess by 0.4% in the second quarter. Dimensional Fund Advisors LP now owns 2,427,477 shares of the oil and gas producer’s stock valued at $162,356,000 after acquiring an additional 9,173 shares during the last quarter. Investec Asset Management LTD lifted its position in Hess by 4.5% in the second quarter. Investec Asset Management LTD now owns 2,005,513 shares of the oil and gas producer’s stock valued at $134,149,000 after acquiring an additional 87,208 shares during the last quarter. Packer & Co Ltd lifted its position in Hess by 10.8% in the second quarter. Packer & Co Ltd now owns 1,239,800 shares of the oil and gas producer’s stock valued at $82,930,000 after acquiring an additional 121,000 shares during the last quarter. Finally, Guggenheim Capital LLC lifted its position in Hess by 2.9% in the first quarter. Guggenheim Capital LLC now owns 1,097,119 shares of the oil and gas producer’s stock valued at $55,538,000 after acquiring an additional 30,886 shares during the last quarter. 88.80% of the stock is owned by hedge funds and other institutional investors.
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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