Hess (HES) PT Set at $61.00 by Credit Suisse Group
Hess (NYSE:HES) has been given a $61.00 price objective by equities researchers at Credit Suisse Group in a note issued to investors on Monday. The firm presently has a “hold” rating on the oil and gas producer’s stock. Credit Suisse Group’s target price suggests a potential downside of 10.97% from the stock’s current price.
HES has been the topic of a number of other research reports. Zacks Investment Research cut Hess from a “buy” rating to a “hold” rating in a research note on Wednesday, July 25th. Capital One Financial reissued an “underweight” rating on shares of Hess in a research note on Friday, June 29th. Bank of America set a $80.00 price target on Hess and gave the stock a “buy” rating in a research note on Wednesday, July 25th. Morgan Stanley started coverage on Hess in a research note on Thursday, July 12th. They issued an “overweight” rating and a $84.00 price target on the stock. Finally, Barclays cut Hess from an “equal weight” rating to an “underweight” rating and lifted their price target for the stock from $55.00 to $66.00 in a research note on Wednesday, July 11th. Three investment analysts have rated the stock with a sell rating, seven have issued a hold rating and five have given a buy rating to the stock. Hess has an average rating of “Hold” and an average price target of $64.62.
Shares of Hess stock opened at $68.52 on Monday. The company has a current ratio of 2.41, a quick ratio of 2.29 and a debt-to-equity ratio of 0.56. Hess has a 52 week low of $40.26 and a 52 week high of $71.14. The stock has a market capitalization of $19.78 billion, a price-to-earnings ratio of -14.86 and a beta of 1.42.
In other Hess news, insider Michael R. Turner sold 10,243 shares of Hess stock in a transaction dated Friday, June 29th. The stock was sold at an average price of $67.96, for a total transaction of $696,114.28. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, COO Gregory P. Hill sold 11,480 shares of Hess stock in a transaction dated Thursday, August 2nd. The shares were sold at an average price of $65.69, for a total value of $754,121.20. Following the transaction, the chief operating officer now directly owns 76,511 shares in the company, valued at approximately $5,026,007.59. The disclosure for this sale can be found here. Insiders own 12.09% of the company’s stock.
A number of large investors have recently added to or reduced their stakes in HES. Robeco Institutional Asset Management B.V. grew its stake in Hess by 23.5% during the 1st quarter. Robeco Institutional Asset Management B.V. now owns 27,607 shares of the oil and gas producer’s stock valued at $1,396,000 after acquiring an additional 5,250 shares in the last quarter. Aperio Group LLC grew its stake in Hess by 36.9% during the 1st quarter. Aperio Group LLC now owns 127,500 shares of the oil and gas producer’s stock valued at $6,454,000 after acquiring an additional 34,398 shares in the last quarter. Korea Investment CORP grew its stake in Hess by 2,541.1% during the 1st quarter. Korea Investment CORP now owns 69,856 shares of the oil and gas producer’s stock valued at $3,536,000 after acquiring an additional 67,211 shares in the last quarter. Private Advisor Group LLC purchased a new position in Hess during the 1st quarter valued at about $520,000. Finally, Rockefeller Capital Management L.P. purchased a new position in Hess during the 1st quarter valued at about $412,000. 88.74% of the stock is currently owned by institutional investors.
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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