Investors Buy Shares of Hess Corp. (HES) on Weakness
Traders bought shares of Hess Corp. (NYSE:HES) on weakness during trading hours on Friday. $39.84 million flowed into the stock on the tick-up and $22.16 million flowed out of the stock on the tick-down, for a money net flow of $17.68 million into the stock. Of all equities tracked, Hess Corp. had the 21st highest net in-flow for the day. Hess Corp. traded down ($0.79) for the day and closed at $54.12
Several research firms have issued reports on HES. Vetr upgraded Hess Corp. from a “hold” rating to a “buy” rating and set a $62.67 target price on the stock in a research note on Friday, April 29th. Credit Suisse Group AG lowered Hess Corp. from an “outperform” rating to a “neutral” rating and boosted their price target for the stock from $60.00 to $65.00 in a research note on Thursday, April 28th. They noted that the move was a valuation call. Tigress Financial lowered Hess Corp. from a “buy” rating to a “neutral” rating in a research note on Tuesday, May 3rd. Zacks Investment Research lowered Hess Corp. from a “buy” rating to a “hold” rating in a research note on Wednesday, April 6th. Finally, Simmons boosted their price target on Hess Corp. from $59.00 to $64.00 and gave the stock an “overweight” rating in a research note on Tuesday, July 12th. One investment analyst has rated the stock with a sell rating, thirteen have issued a hold rating, ten have given a buy rating and one has issued a strong buy rating to the company’s stock. The stock has a consensus rating of “Hold” and an average price target of $62.26.
The firm’s market capitalization is $16.23 billion. The firm has a 50-day moving average of $57.64 and a 200 day moving average of $51.87.
Hess Corp. (NYSE:HES) last released its quarterly earnings results on Wednesday, April 27th. The company reported ($1.72) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($1.83) by $0.11. The firm had revenue of $993 million for the quarter, compared to analysts’ expectations of $1.08 billion. During the same quarter in the prior year, the business earned ($0.98) EPS. The company’s quarterly revenue was down 35.9% compared to the same quarter last year. On average, analysts anticipate that Hess Corp. will post ($5.08) earnings per share for the current year.
The company also recently declared a quarterly dividend, which was paid on Thursday, June 30th. Investors of record on Thursday, June 16th were paid a dividend of $0.25 per share. The ex-dividend date was Wednesday, June 15th. This represents a $1.00 dividend on an annualized basis and a yield of 1.85%.
A number of hedge funds and institutional investors have recently added to or reduced their stakes in HES. Vanguard Group Inc. increased its position in Hess Corp. by 4.1% in the fourth quarter. Vanguard Group Inc. now owns 14,968,564 shares of the company’s stock worth $725,675,000 after buying an additional 590,910 shares in the last quarter. Standard Life Investments LTD increased its position in Hess Corp. by 24.1% in the fourth quarter. Standard Life Investments LTD now owns 2,636,878 shares of the company’s stock worth $127,849,000 after buying an additional 512,362 shares in the last quarter. Mizuho Trust & Banking Co. Ltd. increased its position in Hess Corp. by 3.4% in the fourth quarter. Mizuho Trust & Banking Co. Ltd. now owns 464,377 shares of the company’s stock worth $22,369,000 after buying an additional 15,305 shares in the last quarter. State of New Jersey Common Pension Fund D increased its position in Hess Corp. by 31.3% in the fourth quarter. State of New Jersey Common Pension Fund D now owns 210,000 shares of the company’s stock worth $10,181,000 after buying an additional 50,000 shares in the last quarter. Finally, Guinness Asset Management Ltd increased its position in Hess Corp. by 1.0% in the fourth quarter. Guinness Asset Management Ltd now owns 144,802 shares of the company’s stock worth $7,020,000 after buying an additional 1,412 shares in the last quarter.
Hess Corporation is an exploration and production (E&P) company. The Company is engaged in exploration, development, production, transportation, purchase and sale of crude oil, natural gas liquids, and natural gas. Its segments include E&P, which is engaged in the sale of crude oil, natural gas liquids and natural gas, and Bakken Midstream, which provides services, including crude oil and natural gas gathering, processing of natural gas and the fractionation of natural gas liquids, transportation of crude oil by rail car, terminaling and loading crude oil and natural gas liquids, and the storage and terminaling of propane, located in the Bakken shale play of North Dakota.
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