Hess (HES) Receives Buy Rating from Morgan Stanley
Morgan Stanley reiterated their buy rating on shares of Hess (NYSE:HES) in a report published on Friday morning. They currently have a $92.00 price objective on the oil and gas producer’s stock, up from their previous price objective of $87.00.
Several other research firms also recently weighed in on HES. Piper Jaffray Companies downgraded Hess from an overweight rating to a neutral rating in a research note on Thursday, September 27th. Sanford C. Bernstein initiated coverage on Hess in a research note on Thursday, September 27th. They set an outperform rating and a $89.00 price target on the stock. Barclays cut Hess from an equal weight rating to an underweight rating and boosted their price objective for the company from $55.00 to $66.00 in a report on Wednesday, July 11th. Capital One Financial reissued an underweight rating on shares of Hess in a report on Friday, June 29th. Finally, Credit Suisse Group set a $55.00 price objective on Hess and gave the company a hold rating in a report on Friday, June 29th. Three research analysts have rated the stock with a sell rating, eight have assigned a hold rating and five have assigned a buy rating to the company. Hess currently has a consensus rating of Hold and an average target price of $66.71.
Hess stock traded up $0.66 during trading hours on Friday, hitting $66.16. 2,600,315 shares of the stock traded hands, compared to its average volume of 3,791,442. The company has a debt-to-equity ratio of 0.56, a quick ratio of 2.29 and a current ratio of 2.41. The company has a market cap of $21.45 billion, a PE ratio of -14.35 and a beta of 1.41. Hess has a 1 year low of $40.26 and a 1 year high of $74.81.
The business also recently disclosed a quarterly dividend, which was paid on Friday, September 28th. Stockholders of record on Monday, September 17th were issued a $0.25 dividend. The ex-dividend date was Friday, September 14th. This represents a $1.00 annualized dividend and a dividend yield of 1.51%. Hess’s dividend payout ratio (DPR) is presently -21.69%.
In related news, COO Gregory P. Hill sold 11,480 shares of the company’s stock in a transaction dated Thursday, August 2nd. The stock was sold at an average price of $65.69, for a total value of $754,121.20. Following the completion of the transaction, the chief operating officer now owns 76,511 shares of the company’s stock, valued at approximately $5,026,007.59. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 12.09% of the company’s stock.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in HES. Xact Kapitalforvaltning AB grew its position in shares of Hess by 2.7% in the second quarter. Xact Kapitalforvaltning AB now owns 32,138 shares of the oil and gas producer’s stock valued at $2,150,000 after purchasing an additional 831 shares in the last quarter. Advisor Partners LLC grew its position in shares of Hess by 16.6% in the second quarter. Advisor Partners LLC now owns 9,331 shares of the oil and gas producer’s stock valued at $624,000 after purchasing an additional 1,328 shares in the last quarter. Daiwa Securities Group Inc. grew its position in shares of Hess by 14.9% in the second quarter. Daiwa Securities Group Inc. now owns 10,386 shares of the oil and gas producer’s stock valued at $695,000 after purchasing an additional 1,346 shares in the last quarter. Harvest Fund Management Co. Ltd purchased a new stake in shares of Hess in the second quarter valued at approximately $104,000. Finally, Tower Research Capital LLC TRC grew its position in Hess by 509.4% in the second quarter. Tower Research Capital LLC TRC now owns 2,084 shares of the oil and gas producer’s stock worth $140,000 after acquiring an additional 1,742 shares during the period. 88.80% of the stock is owned by institutional investors.
Hess Company Profile
Hess Corporation, an exploration and production company, develops, produces, purchases, transports, and sells crude oil, natural gas liquids (NGLs), and natural gas. It operates through two segments, Exploration and Production, and Midstream. The company conducts production operations primarily in the United States, Denmark, the Malaysia/Thailand Joint Development Area, and Malaysia; and exploration activities primarily offshore Guyana, Suriname, Canada, and in the Gulf of Mexico.
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