Bp Plc Purchases Shares of 35,000 Hess Corp. (HES)
Bp Plc bought a new position in Hess Corp. (NYSE:HES) during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 35,000 shares of the company’s stock, valued at approximately $2,103,000.
Several other institutional investors have also made changes to their positions in HES. Elliott Management Corp raised its position in shares of Hess Corp. by 5.6% in the first quarter. Elliott Management Corp now owns 18,800,000 shares of the company’s stock worth $989,820,000 after buying an additional 1,000,000 shares during the period. Wellington Management Group LLP raised its position in shares of Hess Corp. by 40.2% in the first quarter. Wellington Management Group LLP now owns 17,658,755 shares of the company’s stock worth $929,733,000 after buying an additional 5,067,194 shares during the period. State Street Corp raised its position in shares of Hess Corp. by 9.8% in the first quarter. State Street Corp now owns 13,670,601 shares of the company’s stock worth $719,757,000 after buying an additional 1,216,695 shares during the period. Carmignac Gestion raised its position in shares of Hess Corp. by 11.1% in the second quarter. Carmignac Gestion now owns 4,567,767 shares of the company’s stock worth $274,523,000 after buying an additional 457,827 shares during the period. Finally, Adage Capital Partners GP L.L.C. raised its position in shares of 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 worth $118,131,000 after buying an additional 1,040,700 shares during the period. Institutional investors and hedge funds own 82.91% of the company’s stock.
Hess Corp. (NYSE:HES) traded down 1.70% during mid-day trading on Monday, reaching $50.82. The company’s stock had a trading volume of 2,656,691 shares. The firm has a 50-day moving average of $50.96 and a 200 day moving average of $55.44. Hess Corp. has a 1-year low of $32.41 and a 1-year high of $64.08. The firm’s market capitalization is $15.92 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 Thomson Reuters’ consensus estimate of ($1.24) by $0.14. The business earned $1.27 billion during the quarter, compared to analyst estimates of $1.25 billion. Hess Corp. had a negative return on equity of 7.16% and a negative net margin of 56.22%. The company’s revenue was down 34.4% on a year-over-year basis. During the same quarter in the prior year, the firm posted ($0.52) earnings per share. Equities analysts expect that Hess Corp. will post ($4.87) earnings per share for the current year.
The company also recently disclosed a quarterly dividend, which was paid on Friday, September 30th. Stockholders of record on Monday, September 19th were issued a $0.25 dividend. The ex-dividend date of this dividend was Thursday, September 15th. This represents a $1.00 annualized dividend and a dividend yield of 1.97%. Hess Corp.’s dividend payout ratio (DPR) is -9.60%.
HES has been the topic of a number of research reports. Barclays PLC restated an “equal weight” rating and set a $64.00 target price on shares of Hess Corp. in a research report on Monday, October 10th. Credit Suisse Group AG restated a “hold” rating and set a $66.00 target price on shares of Hess Corp. in a research report on Thursday, July 28th. Simmons increased their price target on Hess Corp. from $59.00 to $64.00 and gave the stock an “overweight” rating in a report on Tuesday, July 12th. Zacks Investment Research raised Hess Corp. from a “hold” rating to a “buy” rating and set a $58.00 price target for the company in a report on Friday, July 29th. Finally, KLR Group initiated coverage on Hess Corp. in a report on Monday, September 12th. They set an “accumulate” rating and a $65.00 price target for the company. One investment analyst has rated the stock with a sell rating, fourteen have assigned a hold rating, eight have given a buy rating and one has given a strong buy rating to the stock. Hess Corp. presently has an average rating of “Hold” and a consensus price target of $61.09.
In other news, COO Gregory P. Hill sold 15,000 shares of the company’s stock in a transaction on Monday, August 8th. The stock was sold at an average price of $55.99, for a total value of $839,850.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. 11.83% of the stock is owned by insiders.
Hess Corp. Company Profile
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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