Employees Retirement System of Texas Buys 18,745 Shares of Hess Corp. (HES)
Employees Retirement System of Texas grew its stake in Hess Corp. (NYSE:HES) by 16.4% in the 2nd quarter, HoldingsChannel.com reports. The institutional investor owned 132,745 shares of the oil and gas producer’s stock after buying an additional 18,745 shares during the quarter. Employees Retirement System of Texas’ holdings in Hess were worth $8,879,000 as of its most recent SEC filing.
Several other institutional investors and hedge funds also recently made changes to their positions in the company. Investec Asset Management North America Inc. boosted its stake in shares of Hess by 7.7% in the 2nd quarter. Investec Asset Management North America Inc. now owns 67,924 shares of the oil and gas producer’s stock valued at $4,543,000 after buying an additional 4,872 shares during the period. Investec Asset Management LTD lifted its stake in Hess by 4.5% during the second quarter. Investec Asset Management LTD now owns 2,005,513 shares of the oil and gas producer’s stock worth $134,149,000 after purchasing an additional 87,208 shares during the last quarter. Investec Asset Management PTY Ltd purchased a new stake in Hess during the second quarter worth approximately $3,341,000. Dimensional Fund Advisors LP lifted its stake in Hess by 0.4% during the second quarter. Dimensional Fund Advisors LP now owns 2,427,477 shares of the oil and gas producer’s stock worth $162,356,000 after purchasing an additional 9,173 shares during the last quarter. Finally, Chicago Equity Partners LLC purchased a new stake in Hess during the second quarter worth approximately $5,478,000. Institutional investors and hedge funds own 89.20% of the company’s stock.
Several equities research analysts recently weighed in on HES shares. Bank of America set a $80.00 target price on Hess and gave the stock a “buy” rating in a research note on Wednesday, July 25th. Zacks Investment Research upgraded Hess from a “hold” rating to a “buy” rating and set a $72.00 target price for the company in a research note on Monday, July 23rd. BMO Capital Markets restated a “hold” rating and set a $60.00 target price on shares of Hess in a research note on Thursday, July 12th. Credit Suisse Group set a $55.00 target price on Hess and gave the stock a “hold” rating in a research note on Friday, June 29th. Finally, KLR Group restated a “hold” rating and set a $74.00 target price on shares of Hess in a research note on Monday, August 20th. Three equities research analysts have rated the stock with a sell rating, seven have assigned a hold rating and five have assigned a buy rating to the stock. The stock currently has a consensus rating of “Hold” and a consensus target price of $63.46.
HES stock opened at $68.17 on Friday. Hess Corp. has a fifty-two week low of $37.25 and a fifty-two week high of $71.14. The company has a debt-to-equity ratio of 0.56, a quick ratio of 2.29 and a current ratio of 2.41.
Hess (NYSE:HES) last released its quarterly earnings results on Wednesday, July 25th. The oil and gas producer reported ($0.23) EPS for the quarter, topping the consensus estimate of ($0.32) by $0.09. The company had revenue of $1.57 billion for the quarter, compared to analyst estimates of $1.35 billion. Hess had a negative return on equity of 6.04% and a negative net margin of 59.77%. The firm’s revenue was up 30.3% compared to the same quarter last year. During the same quarter in the previous year, the company posted ($1.46) earnings per share. sell-side analysts forecast that Hess Corp. will post -0.86 EPS for the current year.
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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