State of New Jersey Common Pension Fund D Reduces Stake in Hess Corporation (NYSE:HES)
State of New Jersey Common Pension Fund D decreased its position in Hess Corporation (NYSE:HES) by 42.6% during the second quarter, according to its most recent 13F filing with the SEC. The firm owned 155,000 shares of the oil and gas producer’s stock after selling 115,000 shares during the period. State of New Jersey Common Pension Fund D’s holdings in Hess Corporation were worth $6,800,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in HES. Bessemer Group Inc. boosted its position in Hess Corporation by 6.0% in the second quarter. Bessemer Group Inc. now owns 59,326 shares of the oil and gas producer’s stock worth $2,603,000 after buying an additional 3,365 shares during the period. CIBC Asset Management Inc boosted its position in Hess Corporation by 44.0% in the second quarter. CIBC Asset Management Inc now owns 52,247 shares of the oil and gas producer’s stock worth $2,292,000 after buying an additional 15,955 shares during the period. Kornitzer Capital Management Inc. KS boosted its position in Hess Corporation by 11.0% in the second quarter. Kornitzer Capital Management Inc. KS now owns 977,952 shares of the oil and gas producer’s stock worth $42,903,000 after buying an additional 97,304 shares during the period. Klingenstein Fields & Co. LLC boosted its position in Hess Corporation by 0.7% in the second quarter. Klingenstein Fields & Co. LLC now owns 608,194 shares of the oil and gas producer’s stock worth $26,682,000 after buying an additional 4,325 shares during the period. Finally, Eagle Global Advisors LLC boosted its position in Hess Corporation by 47.2% in the second quarter. Eagle Global Advisors LLC now owns 113,238 shares of the oil and gas producer’s stock worth $4,968,000 after buying an additional 36,316 shares during the period. Institutional investors own 85.80% of the company’s stock.
Shares of Hess Corporation (HES) opened at 41.33 on Friday. Hess Corporation has a 52-week low of $39.89 and a 52-week high of $65.56. The stock’s 50 day moving average price is $43.26 and its 200-day moving average price is $47.48. The stock’s market cap is $12.99 billion.
Hess Corporation (NYSE:HES) last posted its earnings results on Wednesday, July 26th. The oil and gas producer reported ($1.46) earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of ($1.32) by $0.14. The business had revenue of $1.23 billion for the quarter, compared to analyst estimates of $1.19 billion. Hess Corporation had a negative net margin of 118.07% and a negative return on equity of 8.49%. The business’s revenue was down 3.2% compared to the same quarter last year. During the same quarter in the previous year, the firm posted ($1.10) EPS. On average, analysts predict that Hess Corporation will post ($4.75) earnings per share for the current fiscal year.
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A number of research analysts have commented on the company. BMO Capital Markets set a $42.00 price target on Hess Corporation and gave the stock a “hold” rating in a research note on Friday, July 28th. BidaskClub cut Hess Corporation from a “sell” rating to a “strong sell” rating in a research note on Friday, July 28th. Citigroup Inc. decreased their price target on Hess Corporation from $55.00 to $49.00 and set a “neutral” rating on the stock in a research note on Friday, July 21st. Cowen and Company set a $50.00 price target on Hess Corporation and gave the stock a “hold” rating in a research note on Wednesday, July 19th. Finally, Wolfe Research cut Hess Corporation from an “outperform” rating to a “market perform” rating in a research note on Monday, July 17th. Four equities research analysts have rated the stock with a sell rating, nine have issued a hold rating and six have given a buy rating to the company. The company presently has a consensus rating of “Hold” and an average target price of $53.91.
In related news, insider Barbara J. Lowery-Yilmaz sold 3,873 shares of Hess Corporation stock in a transaction on Tuesday, August 8th. The shares were sold at an average price of $43.47, for a total transaction of $168,359.31. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Insiders own 11.80% of the company’s stock.
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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