Hess Corporation (HES) Position Cut by Great West Life Assurance Co. Can
Great West Life Assurance Co. Can lowered its position in shares of Hess Corporation (NYSE:HES) by 6.3% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 397,806 shares of the oil and gas producer’s stock after selling 26,611 shares during the period. Great West Life Assurance Co. Can’s holdings in Hess Corporation were worth $17,420,000 as of its most recent filing with the SEC.
A number of other hedge funds and other institutional investors have also added to or reduced their stakes in HES. D Orazio & Associates Inc. increased its position in Hess Corporation by 266.7% in the first quarter. D Orazio & Associates Inc. now owns 2,200 shares of the oil and gas producer’s stock worth $106,000 after buying an additional 1,600 shares during the period. Oppenheimer Asset Management Inc. purchased a new position in Hess Corporation during the first quarter worth $111,000. State of Alaska Department of Revenue purchased a new position in Hess Corporation during the first quarter worth $114,000. Financial Architects Inc increased its position in Hess Corporation by 147.6% in the first quarter. Financial Architects Inc now owns 2,600 shares of the oil and gas producer’s stock worth $125,000 after buying an additional 1,550 shares during the period. Finally, Lenox Wealth Advisors Inc. purchased a new position in Hess Corporation during the second quarter worth $132,000. 85.80% of the stock is owned by institutional investors and hedge funds.
Hess Corporation (NYSE:HES) opened at 44.35 on Monday. The stock’s 50 day moving average price is $43.32 and its 200 day moving average price is $48.15. Hess Corporation has a 12-month low of $39.89 and a 12-month high of $65.56. The company’s market capitalization is $13.94 billion.
Hess Corporation (NYSE:HES) last announced its quarterly earnings data on Wednesday, July 26th. The oil and gas producer reported ($1.46) earnings per share for the quarter, missing analysts’ consensus estimates of ($1.32) by $0.14. The company had revenue of $1.23 billion for the quarter, compared to analysts’ expectations of $1.19 billion. Hess Corporation had a negative net margin of 118.07% and a negative return on equity of 8.49%. Hess Corporation’s quarterly revenue was down 3.2% compared to the same quarter last year. During the same period last year, the firm earned ($1.10) earnings per share. On average, equities analysts anticipate that Hess Corporation will post ($4.77) EPS for the current fiscal year.
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A number of research analysts have weighed in on the company. BMO Capital Markets set a $55.00 target price on Hess Corporation and gave the stock a “hold” rating in a report on Saturday, June 17th. Scotiabank set a $50.00 target price on Hess Corporation and gave the stock a “buy” rating in a report on Saturday, July 1st. Wolfe Research downgraded Hess Corporation from an “outperform” rating to a “market perform” rating in a report on Monday, July 17th. Bank of America Corporation reiterated a “buy” rating and set a $80.00 target price on shares of Hess Corporation in a report on Friday, April 14th. Finally, Cowen and Company set a $55.00 target price on Hess Corporation and gave the stock a “hold” rating in a report on Monday, July 10th. Four equities research analysts have rated the stock with a sell rating, nine have assigned a hold rating and seven have assigned a buy rating to the company. Hess Corporation currently has an average rating of “Hold” and a consensus price target of $53.91.
About Hess Corporation
Hess Corporation is an exploration and production company. The Company is engaged in exploration, development, production, transportation, purchase and sale of crude oil, natural gas liquids (NGL) and natural gas. The Company’s segments include Exploration and Production, and Bakken Midstream. Its Exploration and Production segment explores for, develops, produces, purchases and sells crude oil, NGLs and natural gas with production operations primarily in the United States, Denmark, Equatorial Guinea, the Malaysia/Thailand Joint Development Area (JDA), Malaysia and Norway.
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