Investors Buy Shares of Hess Corp. (HES) on Weakness
Investors purchased shares of Hess Corp. (NYSE:HES) on weakness during trading on Friday. $52.78 million flowed into the stock on the tick-up and $31.81 million flowed out of the stock on the tick-down, for a money net flow of $20.97 million into the stock. Of all stocks tracked, Hess Corp. had the 28th highest net in-flow for the day. Hess Corp. traded down ($0.23) for the day and closed at $53.08
Several brokerages recently issued reports on HES. Vetr cut shares of Hess Corp. from a “strong-buy” rating to a “buy” rating and set a $62.67 price objective for the company. in a research note on Wednesday, May 11th. Bank of America Corp. reaffirmed a “buy” rating and set a $85.00 price objective on shares of Hess Corp. in a research note on Monday, August 22nd. Zacks Investment Research raised shares of Hess Corp. from a “hold” rating to a “buy” rating and set a $58.00 price objective for the company in a research note on Friday, July 29th. Goldman Sachs Group Inc. reaffirmed a “conviction-buy” rating on shares of Hess Corp. in a research note on Wednesday, June 8th. Finally, Barclays PLC dropped their price objective on shares of Hess Corp. from $68.00 to $64.00 and set an “equal weight” rating for the company in a research note on Thursday, July 28th. One analyst has rated the stock with a sell rating, thirteen have given a hold rating, eight have assigned a buy rating and one has assigned a strong buy rating to the company. The company currently has an average rating of “Hold” and a consensus price target of $60.77.
The stock has a 50 day moving average price of $55.12 and a 200-day moving average price of $54.90. The firm’s market cap is $16.62 billion.
Hess Corp. (NYSE:HES) last announced its earnings results on Wednesday, July 27th. The company reported ($1.10) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($1.24) by $0.14. The business had revenue of $1.27 billion for the quarter, compared to analyst estimates of $1.25 billion. The business’s revenue was down 34.4% on a year-over-year basis. During the same quarter in the previous year, the firm posted ($0.52) EPS. Equities research analysts predict that Hess Corp. will post ($5.03) earnings per share for the current year.
In other news, COO Gregory P. Hill sold 15,000 shares of Hess Corp. stock in a transaction dated Monday, August 8th. The shares were sold at an average price of $55.99, for a total transaction of $839,850.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website.
An institutional investor recently raised its position in Hess Corp. stock. I.G. Investment Management LTD. boosted its position in Hess Corp. (NYSE:HES) by 76.8% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 49,121 shares of the company’s stock after buying an additional 21,340 shares during the period. I.G. Investment Management LTD.’s holdings in Hess Corp. were worth $2,381,000 as of its most recent SEC filing.
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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