Waratah Capital Advisors Ltd. Takes $2.37 Million Position in Hess Corp. (HES)
Waratah Capital Advisors Ltd. purchased a new stake in shares of Hess Corp. (NYSE:HES) during the first quarter, HoldingsChannel.com reports. The firm purchased 39,263 shares of the oil and gas producer’s stock, valued at approximately $2,365,000.
Several other large investors also recently added to or reduced their stakes in the company. Legal & General Group Plc increased its stake in shares of Hess by 3.0% during the third quarter. Legal & General Group Plc now owns 1,410,643 shares of the oil and gas producer’s stock valued at $101,026,000 after acquiring an additional 41,581 shares during the period. State of Alaska Department of Revenue increased its stake in shares of Hess by 8.9% during the fourth quarter. State of Alaska Department of Revenue now owns 63,398 shares of the oil and gas producer’s stock valued at $2,566,000 after acquiring an additional 5,161 shares during the period. DNB Asset Management AS increased its stake in shares of Hess by 1.5% during the fourth quarter. DNB Asset Management AS now owns 45,516 shares of the oil and gas producer’s stock valued at $1,843,000 after acquiring an additional 655 shares during the period. Fruth Investment Management increased its stake in shares of Hess by 24.4% during the fourth quarter. Fruth Investment Management now owns 5,100 shares of the oil and gas producer’s stock valued at $206,000 after acquiring an additional 1,000 shares during the period. Finally, Meeder Asset Management Inc. acquired a new position in shares of Hess during the fourth quarter valued at approximately $108,000. 91.16% of the stock is owned by hedge funds and other institutional investors.
In other Hess news, COO Gregory P. Hill sold 7,134 shares of Hess stock in a transaction that occurred on Monday, March 4th. The shares were sold at an average price of $58.90, for a total transaction of $420,192.60. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, SVP Timothy B. Goodell sold 3,946 shares of Hess stock in a transaction that occurred on Monday, March 4th. The stock was sold at an average price of $58.90, for a total transaction of $232,419.40. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 64,611 shares of company stock worth $3,878,760. Corporate insiders own 12.22% of the company’s stock.
Hess (NYSE:HES) last posted its quarterly earnings results on Thursday, April 25th. The oil and gas producer reported $0.09 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.26) by $0.35. The firm had revenue of $1.60 billion for the quarter, compared to analyst estimates of $1.43 billion. Hess had a negative net margin of 0.75% and a positive return on equity of 0.20%. The firm’s quarterly revenue was up 15.0% compared to the same quarter last year. During the same quarter in the previous year, the business posted ($0.27) earnings per share. As a group, equities analysts predict that Hess Corp. will post 0.12 EPS for the current fiscal year.
HES has been the topic of a number of research analyst reports. Morgan Stanley set a $63.00 price objective on shares of Hess and gave the company a “buy” rating in a research note on Tuesday, January 29th. Zacks Investment Research upgraded shares of Hess from a “strong sell” rating to a “hold” rating in a research note on Wednesday, February 6th. ValuEngine upgraded shares of Hess from a “hold” rating to a “buy” rating in a research note on Saturday, April 13th. MKM Partners reiterated a “neutral” rating and set a $71.00 price objective on shares of Hess in a research note on Tuesday, April 16th. Finally, Capital One Financial upgraded shares of Hess from an “underweight” rating to an “equal weight” rating in a research note on Wednesday. One investment analyst has rated the stock with a sell rating, nine have assigned a hold rating and five have given a buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and an average target price of $68.69.
Hess Corporation, an exploration and production company, explores for, 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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