Hess Corporation (HES) Stake Lessened by Bridgewater Associates LP
Bridgewater Associates LP trimmed its position in Hess Corporation (NYSE:HES) by 76.6% during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 19,503 shares of the oil and gas producer’s stock after selling 63,777 shares during the quarter. Bridgewater Associates LP’s holdings in Hess Corporation were worth $856,000 at the end of the most recent quarter.
Several other institutional investors have also recently made changes to their positions in the company. D Orazio & Associates Inc. raised its stake 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 valued at $106,000 after purchasing an additional 1,600 shares in the last quarter. Oppenheimer Asset Management Inc. grew 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 acquiring an additional 167 shares during the last quarter. Korea Investment CORP grew 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 acquiring an additional 1,552 shares during the last quarter. Lenox Wealth Advisors Inc. bought a new position in Hess Corporation during the second quarter valued at approximately $132,000. Finally, Welch & Forbes LLC grew its position in Hess Corporation by 1.0% during the second quarter. Welch & Forbes LLC now owns 4,668 shares of the oil and gas producer’s stock valued at $205,000 after acquiring an additional 46 shares during the last quarter. 87.15% of the stock is currently owned by hedge funds and other institutional investors.
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In related news, COO Gregory P. Hill sold 11,726 shares of the company’s stock in a transaction that occurred on Thursday, August 24th. The stock was sold at an average price of $38.37, for a total value of $449,926.62. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Barbara J. Lowery-Yilmaz sold 3,873 shares of the company’s stock in a transaction that occurred on Tuesday, August 8th. The stock was sold at an average price of $43.47, for a total value of $168,359.31. The disclosure for this sale can be found here. 11.80% of the stock is owned by corporate insiders.
Shares of Hess Corporation (HES) opened at 42.17 on Friday. The company’s 50-day moving average price is $40.84 and its 200-day moving average price is $45.19. The company’s market cap is $13.26 billion. Hess Corporation has a 12 month low of $37.25 and a 12 month high of $65.56.
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). Hess Corporation had a negative net margin of 118.07% and a negative return on equity of 8.49%. The firm had revenue of $1.23 billion during the quarter, compared to analysts’ expectations of $1.19 billion. During the same period in the previous year, the firm posted ($1.10) earnings per share. The firm’s revenue for the quarter was down 3.2% on a year-over-year basis. Equities analysts forecast that Hess Corporation will post ($4.80) EPS for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 29th. Shareholders of record on Monday, September 18th will be paid a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a yield of 2.37%. The ex-dividend date of this dividend is Friday, September 15th. Hess Corporation’s dividend payout ratio is presently -5.18%.
A number of research analysts have commented on HES shares. Scotiabank set a $53.00 price target on shares of Hess Corporation and gave the company a “buy” rating in a research report on Tuesday, June 20th. Zacks Investment Research upgraded shares of Hess Corporation from a “sell” rating to a “hold” rating in a report on Tuesday, September 12th. Citigroup Inc. cut their price target on shares of Hess Corporation from $55.00 to $49.00 and set a “neutral” rating on the stock in a report on Friday, July 21st. BidaskClub upgraded shares of Hess Corporation from a “strong sell” rating to a “sell” rating in a report on Saturday, July 1st. Finally, Piper Jaffray Companies set a $47.00 price target on shares of Hess Corporation and gave the company a “buy” rating in a report on Friday, August 25th. Three research analysts have rated the stock with a sell rating, eleven have assigned a hold rating and six have assigned a buy rating to the company’s stock. The stock has a consensus rating of “Hold” and an average target price of $52.13.
Hess Corporation Company 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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