Overbrook Management Corp Lowers Holdings in Hess Corporation (HES)
Overbrook Management Corp decreased its position in shares of Hess Corporation (NYSE:HES) by 10.6% during the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 8,450 shares of the oil and gas producer’s stock after selling 1,000 shares during the period. Overbrook Management Corp’s holdings in Hess Corporation were worth $371,000 at the end of the most recent reporting period.
Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. D Orazio & Associates Inc. raised its position in Hess Corporation by 266.7% during the first quarter. D Orazio & Associates Inc. now owns 2,200 shares of the oil and gas producer’s stock valued at $106,000 after purchasing an additional 1,600 shares in the last quarter. Oppenheimer Asset Management Inc. raised its position in Hess Corporation by 7.3% during the second quarter. Oppenheimer Asset Management Inc. now owns 2,464 shares of the oil and gas producer’s stock valued at $108,000 after purchasing an additional 167 shares in the last quarter. State of Alaska Department of Revenue purchased a new stake in Hess Corporation during the first quarter valued at about $114,000. Korea Investment CORP raised its position in Hess Corporation by 142.0% during the second quarter. Korea Investment CORP now owns 2,645 shares of the oil and gas producer’s stock valued at $116,000 after purchasing an additional 1,552 shares in the last quarter. Finally, Lenox Wealth Advisors Inc. purchased a new stake in Hess Corporation during the second quarter valued at about $132,000. Institutional investors and hedge funds own 87.15% of the company’s stock.
Shares of Hess Corporation (NYSE HES) traded up 1.42% on Wednesday, reaching $42.01. The company had a trading volume of 2,294,540 shares. The firm’s market capitalization is $13.21 billion. The stock’s 50 day moving average is $41.10 and its 200 day moving average is $45.39. Hess Corporation has a 52 week low of $37.25 and a 52 week high of $65.56.
Hess Corporation (NYSE:HES) last posted its quarterly earnings data 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 return on equity of 8.49% and a negative net margin of 118.07%. The firm had revenue of $1.23 billion during the quarter, compared to analysts’ expectations of $1.19 billion. During the same period last year, the company earned ($1.10) earnings per share. The business’s revenue for the quarter was down 3.2% compared to the same quarter last year. On average, equities analysts anticipate that Hess Corporation will post ($4.83) EPS for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 29th. Investors of record on Monday, September 18th will be given a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a yield of 2.41%. The ex-dividend date of this dividend is Friday, September 15th. Hess Corporation’s dividend payout ratio (DPR) is currently -5.18%.
HES has been the topic of several analyst reports. Scotiabank set a $53.00 price objective on Hess Corporation and gave the stock a “buy” rating in a report on Tuesday, May 16th. Goldman Sachs Group, Inc. (The) downgraded Hess Corporation from a “buy” rating to a “neutral” rating and decreased their price objective for the stock from $69.00 to $58.00 in a report on Tuesday, May 30th. ValuEngine upgraded Hess Corporation from a “strong sell” rating to a “sell” rating in a report on Friday, June 2nd. BMO Capital Markets set a $55.00 price objective on Hess Corporation and gave the stock a “hold” rating in a report on Saturday, June 17th. Finally, Zacks Investment Research downgraded Hess Corporation from a “hold” rating to a “sell” rating in a report on Wednesday, June 21st. Three analysts have rated the stock with a sell rating, nine have assigned a hold rating and seven have issued a buy rating to the stock. Hess Corporation currently has a consensus rating of “Hold” and a consensus price target of $53.56.
In related news, insider Barbara J. Lowery-Yilmaz sold 3,873 shares of the stock in a transaction dated Tuesday, August 8th. The shares were sold at an average price of $43.47, for a total value of $168,359.31. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, COO Gregory P. Hill sold 11,726 shares of the stock in a transaction dated Thursday, August 24th. The stock was sold at an average price of $38.37, for a total transaction of $449,926.62. The disclosure for this sale can be found here. Corporate insiders own 11.80% of the company’s stock.
Hess Corporation Profile
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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