Concert Wealth Management Inc. Raises Stake in Hess Corp. (HES)
Concert Wealth Management Inc. boosted its stake in shares of Hess Corp. (NYSE:HES) by 8.9% during the second quarter, Holdings Channel reports. The firm owned 5,999 shares of the company’s stock after buying an additional 488 shares during the period. Concert Wealth Management Inc.’s holdings in Hess Corp. were worth $360,000 as of its most recent filing with the SEC.
A number of other institutional investors have also recently bought and sold shares of HES. Elliott Management Corp boosted its position in Hess Corp. by 5.6% in the first quarter. Elliott Management Corp now owns 18,800,000 shares of the company’s stock valued at $989,820,000 after buying an additional 1,000,000 shares during the period. Adage Capital Partners GP L.L.C. boosted its position in Hess Corp. by 86.5% in the first quarter. Adage Capital Partners GP L.L.C. now owns 2,243,700 shares of the company’s stock valued at $118,131,000 after buying an additional 1,040,700 shares during the period. Carmignac Gestion boosted its position in Hess Corp. by 11.1% in the second quarter. Carmignac Gestion now owns 4,567,767 shares of the company’s stock valued at $274,523,000 after buying an additional 457,827 shares during the period. Geode Capital Management LLC boosted its position in Hess Corp. by 12.2% in the first quarter. Geode Capital Management LLC now owns 2,169,803 shares of the company’s stock valued at $114,008,000 after buying an additional 236,612 shares during the period. Finally, Candriam Luxembourg S.C.A. boosted its position in Hess Corp. by 31.1% in the second quarter. Candriam Luxembourg S.C.A. now owns 168,204 shares of the company’s stock valued at $10,110,000 after buying an additional 39,947 shares during the period. 82.92% of the stock is owned by hedge funds and other institutional investors.
Shares of Hess Corp. (NYSE:HES) traded up 0.35% during mid-day trading on Friday, reaching $51.70. The company had a trading volume of 3,858,916 shares. The stock has a 50 day moving average of $51.10 and a 200-day moving average of $55.44. Hess Corp. has a one year low of $32.41 and a one year high of $64.08. The firm’s market capitalization is $16.19 billion.
Hess Corp. (NYSE:HES) last announced its quarterly earnings data on Wednesday, July 27th. The company reported ($1.10) earnings per share for the quarter, beating the consensus estimate of ($1.24) by $0.14. Hess Corp. had a negative net margin of 56.22% and a negative return on equity of 7.16%. The firm had revenue of $1.27 billion for the quarter, compared to analyst estimates of $1.25 billion. During the same quarter in the prior year, the business earned ($0.52) earnings per share. The business’s quarterly revenue was down 34.4% compared to the same quarter last year. Equities analysts predict that Hess Corp. will post ($4.87) EPS for the current year.
The business also recently disclosed a quarterly dividend, which was paid on Friday, September 30th. Stockholders of record on Monday, September 19th were issued a dividend of $0.25 per share. The ex-dividend date was Thursday, September 15th. This represents a $1.00 annualized dividend and a dividend yield of 1.93%. Hess Corp.’s dividend payout ratio is currently -9.60%.
Several equities research analysts have recently weighed in on HES shares. KLR Group started coverage on Hess Corp. in a research note on Monday, September 12th. They issued an “accumulate” rating and a $65.00 price objective on the stock. Bank of America Corp. reiterated a “buy” rating and issued a $85.00 price objective on shares of Hess Corp. in a research note on Monday, August 22nd. Zacks Investment Research upgraded Hess Corp. from a “hold” rating to a “buy” rating and set a $58.00 price objective on the stock in a research note on Friday, July 29th. Barclays PLC reiterated an “equal weight” rating and issued a $64.00 price objective on shares of Hess Corp. in a research note on Monday. Finally, Credit Suisse Group AG reiterated a “hold” rating and issued a $66.00 price objective on shares of Hess Corp. in a research note on Thursday, July 28th. One equities research analyst has rated the stock with a sell rating, fourteen have assigned a hold rating, eight have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and an average target price of $61.09.
In other news, COO Gregory P. Hill sold 15,000 shares of the company’s 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 document filed with the SEC, which is accessible through this link. Insiders own 11.83% of the company’s stock.
About Hess Corp.
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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