Published On: Thu, Sep 15th, 2016

Hess Corp. (HES) Trading Down 2.3%

Shares of Hess Corp. (NYSE:HES) fell 2.3% during trading on Wednesday . The stock traded as low as $46.61 and last traded at $46.66, with a volume of 2,565,149 shares. The stock had previously closed at $47.77.
Several research firms have commented on HES. KLR Group began coverage on shares of Hess Corp. in a research report on Monday. They issued an “accumulate” rating and a $65.00 target price for the company. Goldman Sachs Group Inc. restated a “conviction-buy” rating on shares of Hess Corp. in a research note on Friday, May 20th. Barclays PLC reduced their price objective on shares of Hess Corp. from $68.00 to $64.00 and set an “equal weight” rating for the company in a research note on Thursday, July 28th. Credit Suisse Group AG restated a “hold” rating and issued a $66.00 price objective on shares of Hess Corp. in a research note on Thursday, July 28th. Finally, Zacks Investment Research cut shares of Hess Corp. from a “buy” rating to a “hold” rating in a research note on Thursday, August 4th. One analyst has rated the stock with a sell rating, fourteen have assigned a hold rating, eight have given a buy rating and one has given a strong buy rating to the company. Hess Corp. currently has a consensus rating of “Hold” and an average price target of $60.61.
The company has a 50 day moving average price of $54.22 and a 200 day moving average price of $55.52. The company’s market cap is $14.69 billion.

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Hess Corp. (NYSE:HES) last posted its earnings results on Wednesday, July 27th. The company reported ($1.10) earnings per share for the quarter, topping the Zacks’ consensus estimate of ($1.24) by $0.14. Hess Corp. had a negative return on equity of 7.16% and a negative net margin of 56.22%. The company earned $1.27 billion during the quarter, compared to the consensus estimate of $1.25 billion. During the same quarter last year, the firm earned ($0.52) earnings per share. The company’s revenue was down 34.4% on a year-over-year basis. On average, equities research analysts forecast that Hess Corp. will post ($5.02) earnings per share for the current year.
The company also recently announced a quarterly dividend, which will be paid on Friday, September 30th. Stockholders of record on Monday, September 19th will be issued a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a dividend yield of 2.13%. The ex-dividend date is Thursday, September 15th. Hess Corp.’s dividend payout ratio is currently -9.60%.
In other news, COO Gregory P. Hill sold 15,000 shares of Hess Corp. stock in a transaction on Monday, August 8th. The stock was sold at an average price of $55.99, for a total transaction of $839,850.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Insiders own 11.83% of the company’s stock.
Large investors have recently bought and sold shares of the company. Elliott Management Corp increased its position in Hess Corp. by 5.6% in the first quarter. Elliott Management Corp now owns 18,800,000 shares of the company’s stock worth $989,820,000 after buying an additional 1,000,000 shares during the period. Adage Capital Partners GP L.L.C. increased its position in Hess Corp. by 86.5% in the first quarter. Adage Capital Partners GP L.L.C. now owns 2,243,700 shares of the company’s stock worth $118,131,000 after buying an additional 1,040,700 shares during the period. Geode Capital Management LLC increased its position in Hess Corp. by 12.2% in the first quarter. Geode Capital Management LLC now owns 2,169,803 shares of the company’s stock worth $114,008,000 after buying an additional 236,612 shares during the period. Zurich Insurance Group Ltd FI bought a new position in Hess Corp. during the first quarter worth approximately $2,482,000. Finally, Legal & General Group Plc increased its position in Hess Corp. by 11.0% in the first quarter. Legal & General Group Plc now owns 1,395,055 shares of the company’s stock worth $73,445,000 after buying an additional 138,708 shares during the period. 82.93% of the stock is owned by institutional investors.
About Hess Corp.
Hess Corporation is an exploration and production (E&P) company. The Company is engaged in exploration, development, production, transportation, purchase and sale of crude oil, natural gas liquids, and natural gas. Its segments include E&P, which is engaged in the sale of crude oil, natural gas liquids and natural gas, and Bakken Midstream, which provides services, including crude oil and natural gas gathering, processing of natural gas and the fractionation of natural gas liquids, transportation of crude oil by rail car, terminaling and loading crude oil and natural gas liquids, and the storage and terminaling of propane, located in the Bakken shale play of North Dakota.

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