Hess Corp. (HES) Shares Sold by State Treasurer State of Michigan
State Treasurer State of Michigan trimmed its holdings in Hess Corp. (NYSE:HES) by 3.4% in the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 79,205 shares of the oil and gas producer’s stock after selling 2,800 shares during the quarter. State Treasurer State of Michigan’s holdings in Hess were worth $3,760,000 at the end of the most recent quarter.
Several other institutional investors have also added to or reduced their stakes in HES. Legacy Advisors LLC bought a new position in shares of Hess in the third quarter valued at about $134,000. Advisor Group Inc. raised its holdings in shares of Hess by 9.7% in the second quarter. Advisor Group Inc. now owns 4,107 shares of the oil and gas producer’s stock valued at $167,000 after buying an additional 362 shares during the last quarter. Exane Derivatives raised its holdings in shares of Hess by 65.2% in the fourth quarter. Exane Derivatives now owns 3,536 shares of the oil and gas producer’s stock valued at $168,000 after buying an additional 1,395 shares during the last quarter. Bollard Group LLC bought a new position in shares of Hess in the fourth quarter valued at about $191,000. Finally, Point View Wealth Management Inc. bought a new position in shares of Hess in the third quarter valued at about $208,000. 89.85% of the stock is owned by institutional investors and hedge funds.
A number of research firms recently issued reports on HES. BMO Capital Markets reaffirmed a “hold” rating and issued a $50.00 price target on shares of Hess in a report on Thursday, January 11th. Macquarie began coverage on Hess in a report on Wednesday, January 17th. They issued an “outperform” rating and a $65.00 price target for the company. Morgan Stanley lifted their price target on Hess from $49.00 to $57.00 and gave the company an “equal weight” rating in a report on Wednesday, January 24th. Barclays reaffirmed a “hold” rating and issued a $49.00 price target on shares of Hess in a report on Monday, January 8th. Finally, Zacks Investment Research lowered Hess from a “buy” rating to a “hold” rating in a research report on Wednesday, November 8th. Five analysts have rated the stock with a sell rating, eight have issued a hold rating and eight have assigned a buy rating to the company’s stock. The company currently has an average rating of “Hold” and a consensus target price of $52.28.
Shares of Hess Corp. (NYSE HES) opened at $44.11 on Thursday. The company has a debt-to-equity ratio of 0.52, a current ratio of 2.53 and a quick ratio of 1.68. Hess Corp. has a 12-month low of $37.25 and a 12-month high of $55.48.
Hess (NYSE:HES) last posted its earnings results on Monday, February 5th. The oil and gas producer reported ($1.01) earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.91) by ($0.10). The company had revenue of $1.30 billion for the quarter, compared to analyst estimates of $1.32 billion. Hess had a negative return on equity of 9.82% and a negative net margin of 74.55%. Hess’s quarterly revenue was down 6.5% compared to the same quarter last year. During the same quarter in the previous year, the firm posted ($1.01) earnings per share. sell-side analysts predict that Hess Corp. will post -2.48 EPS for the current fiscal year.
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, the Malaysia/Thailand Joint Development Area (JDA), Malaysia and Norway.
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