Pictet Asset Management Ltd. decreased its stake in Hess Corp. (NYSE:HES) by 10.2% in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 142,700 shares of the oil and gas producer’s stock after selling 16,200 shares during the period. Pictet Asset Management Ltd.’s holdings in Hess were worth $10,214,000 as of its most recent filing with the Securities and Exchange Commission.
Several other hedge funds also recently modified their holdings of the company. Korea Investment CORP increased its stake in shares of Hess by 73.3% in the third quarter. Korea Investment CORP now owns 105,634 shares of the oil and gas producer’s stock valued at $7,561,000 after buying an additional 44,678 shares during the period. Canada Pension Plan Investment Board grew its stake in Hess by 1,660.0% during the third quarter. Canada Pension Plan Investment Board now owns 267,695 shares of the oil and gas producer’s stock worth $19,162,000 after purchasing an additional 252,485 shares during the period. Trexquant Investment LP acquired a new stake in Hess during the third quarter worth approximately $6,541,000. FIL Ltd acquired a new stake in Hess during the third quarter worth approximately $21,289,000. Finally, American International Group Inc. grew its stake in Hess by 1.7% during the third quarter. American International Group Inc. now owns 140,390 shares of the oil and gas producer’s stock worth $10,049,000 after purchasing an additional 2,360 shares during the period. 87.50% of the stock is owned by institutional investors.
Several equities research analysts recently commented on HES shares. Morgan Stanley reaffirmed a “buy” rating and set a $87.00 target price (up previously from $84.00) on shares of Hess in a research note on Tuesday, September 18th. Bank of America reaffirmed a “buy” rating and set a $86.00 target price (up previously from $83.00) on shares of Hess in a research note on Monday, September 17th. Piper Jaffray Companies cut Hess from an “overweight” rating to a “neutral” rating in a research note on Thursday, September 27th. Credit Suisse Group set a $61.00 target price on Hess and gave the stock a “hold” rating in a research note on Monday, September 17th. Finally, KLR Group reaffirmed a “hold” rating and set a $74.00 target price on shares of Hess in a research note on Monday, August 20th. Two analysts have rated the stock with a sell rating, ten have assigned a hold rating and five have given a buy rating to the company’s stock. Hess currently has a consensus rating of “Hold” and a consensus price target of $68.87.
Shares of NYSE:HES opened at $52.61 on Friday. The company has a market capitalization of $15.81 billion, a price-to-earnings ratio of -11.41, a PEG ratio of 533.70 and a beta of 1.55. The company has a debt-to-equity ratio of 0.60, a quick ratio of 2.16 and a current ratio of 2.30. Hess Corp. has a 52-week low of $40.37 and a 52-week high of $74.81.
Hess (NYSE:HES) last announced its quarterly earnings results on Wednesday, October 31st. The oil and gas producer reported $0.38 earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.05) by $0.43. The business had revenue of $1.83 billion for the quarter, compared to analyst estimates of $1.54 billion. Hess had a negative return on equity of 2.65% and a negative net margin of 47.06%. The company’s quarterly revenue was up 11.2% on a year-over-year basis. During the same quarter in the prior year, the company earned ($1.07) earnings per share. Equities research analysts anticipate that Hess Corp. will post 0.02 earnings per share for the current year.
The company also recently declared a quarterly dividend, which will be paid on Monday, December 31st. Shareholders of record on Monday, December 17th will be issued a $0.25 dividend. The ex-dividend date is Friday, December 14th. This represents a $1.00 annualized dividend and a yield of 1.90%. Hess’s payout ratio is currently -21.69%.
In other Hess news, insider Michael R. Turner sold 4,142 shares of the stock in a transaction that occurred on Wednesday, November 21st. The stock was sold at an average price of $56.82, for a total value of $235,348.44. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. 12.09% of the stock is currently owned by corporate insiders.
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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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