Cowen and Company Reiterates Hold Rating for Hess Corporation (HES)
Hess Corporation (NYSE:HES)‘s stock had its “hold” rating reissued by stock analysts at Cowen and Company in a report released on Tuesday. They currently have a $50.00 price objective on the oil and gas producer’s stock. Cowen and Company’s price objective would indicate a potential upside of 28.90% from the company’s current price.
A number of other research firms also recently weighed in on HES. BMO Capital Markets reissued a “hold” rating and issued a $55.00 target price on shares of Hess Corporation in a report on Monday, May 15th. KLR Group reissued a “buy” rating and issued a $60.00 target price (up previously from $58.00) on shares of Hess Corporation in a report on Saturday, April 29th. Scotiabank set a $53.00 target price on Hess Corporation and gave the company 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 lowered their target price for the company from $69.00 to $58.00 in a report on Tuesday, May 30th. Finally, ValuEngine raised Hess Corporation from a “strong sell” rating to a “sell” rating in a report on Friday, June 2nd. Four analysts have rated the stock with a sell rating, eight have issued a hold rating and six have given a buy rating to the company’s stock. The company has a consensus rating of “Hold” and a consensus target price of $54.06.
Hess Corporation (NYSE:HES) opened at 38.79 on Tuesday. The firm has a 50 day moving average of $42.45 and a 200 day moving average of $46.52. The firm’s market capitalization is $12.20 billion. Hess Corporation has a 12-month low of $37.55 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 analysts’ consensus estimates 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 the consensus estimate of $1.19 billion. During the same period in the prior year, the company posted ($1.10) EPS. The firm’s revenue was down 3.2% compared to the same quarter last year. On average, analysts forecast that Hess Corporation will post ($4.79) EPS for the current fiscal year.
In other Hess Corporation news, insider Barbara J. Lowery-Yilmaz sold 3,873 shares of the company’s stock in a transaction dated Tuesday, August 8th. The stock was sold at an average price of $43.47, for a total value of $168,359.31. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Corporate insiders own 11.80% of the company’s stock.
Several hedge funds have recently added to or reduced their stakes in HES. Great West Life Assurance Co. Can boosted its stake in Hess Corporation by 73.9% in the first quarter. Great West Life Assurance Co. Can now owns 424,417 shares of the oil and gas producer’s stock valued at $20,508,000 after buying an additional 180,409 shares in the last quarter. Sei Investments Co. boosted its stake in Hess Corporation by 7.5% in the first quarter. Sei Investments Co. now owns 130,055 shares of the oil and gas producer’s stock valued at $6,270,000 after buying an additional 9,101 shares in the last quarter. Chevy Chase Trust Holdings Inc. boosted its stake in Hess Corporation by 0.3% in the second quarter. Chevy Chase Trust Holdings Inc. now owns 235,633 shares of the oil and gas producer’s stock valued at $10,337,000 after buying an additional 772 shares in the last quarter. Two Sigma Securities LLC acquired a new stake in Hess Corporation during the first quarter valued at about $268,000. Finally, Cornerstone Capital Management Holdings LLC. boosted its stake in Hess Corporation by 4.4% in the first quarter. Cornerstone Capital Management Holdings LLC. now owns 97,344 shares of the oil and gas producer’s stock valued at $4,692,000 after buying an additional 4,124 shares in the last quarter. Hedge funds and other institutional investors own 86.32% 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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