Hess Corporation (HES) Position Decreased by Solaris Asset Management LLC
Solaris Asset Management LLC reduced its position in shares of Hess Corporation (NYSE:HES) by 18.5% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 48,430 shares of the oil and gas producer’s stock after selling 11,013 shares during the period. Solaris Asset Management LLC’s holdings in Hess Corporation were worth $2,125,000 as of its most recent filing with the SEC.
Several other large investors have also recently made changes to their positions in HES. D Orazio & Associates Inc. increased its stake in shares of 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 in the last quarter. Oppenheimer Asset Management Inc. purchased a new stake in shares of Hess Corporation during the first quarter worth approximately $111,000. State of Alaska Department of Revenue purchased a new stake in shares of Hess Corporation during the first quarter worth approximately $114,000. Korea Investment CORP increased its stake in shares of Hess Corporation by 142.0% in the second quarter. Korea Investment CORP now owns 2,645 shares of the oil and gas producer’s stock worth $116,000 after buying an additional 1,552 shares in the last quarter. Finally, Financial Architects Inc increased its stake in shares of 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 in the last quarter. 85.80% of the stock is currently owned by institutional investors.
Shares of Hess Corporation (NYSE:HES) opened at 42.62 on Wednesday. The company has a 50 day moving average of $43.22 and a 200 day moving average of $48.06. The firm’s market cap is $13.40 billion. Hess Corporation has a 52 week low of $39.89 and a 52 week high of $65.56.
Hess Corporation (NYSE:HES) last issued its quarterly earnings results on Wednesday, July 26th. The oil and gas producer reported ($1.46) earnings per share for the quarter, missing the Zacks’ consensus estimate of ($1.32) by $0.14. Hess Corporation had a negative net margin of 118.07% and a negative return on equity of 8.49%. The business had revenue of $1.23 billion during the quarter, compared to analyst estimates of $1.19 billion. During the same period in the previous year, the company posted ($1.10) earnings per share. Hess Corporation’s revenue was down 3.2% compared to the same quarter last year. On average, equities research analysts anticipate that Hess Corporation will post ($4.75) EPS for the current fiscal year.
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HES has been the topic of a number of recent analyst reports. Scotiabank set a $53.00 price objective on shares of Hess Corporation and gave the company a “buy” rating in a research report on Tuesday, June 20th. KLR Group reissued a “buy” rating and issued a $60.00 price objective (up from $58.00) on shares of Hess Corporation in a research report on Saturday, April 29th. Bank of America Corporation reissued a “buy” rating and issued a $80.00 price objective on shares of Hess Corporation in a research report on Friday, April 14th. Barclays PLC reissued an “equal weight” rating and issued a $50.00 price objective (down from $61.00) on shares of Hess Corporation in a research report on Wednesday, July 12th. Finally, BMO Capital Markets set a $55.00 price objective on shares of Hess Corporation and gave the company a “hold” rating in a research report on Saturday, June 17th. Four equities research analysts have rated the stock with a sell rating, nine have issued a hold rating and seven have assigned a buy rating to the company’s stock. The stock presently has a consensus 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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