Hess (NYSE:HES) Rating Reiterated by Bank of America

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Hess (NYSE:HES)‘s stock had its “buy” rating restated by research analysts at Bank of America in a research report issued to clients and investors on Monday, September 17th. They currently have a $86.00 target price on the oil and gas producer’s stock, up from their prior target price of $83.00. Bank of America’s price target suggests a potential upside of 29.99% from the company’s current price.

Other analysts have also issued research reports about the stock. Zacks Investment Research raised shares of Hess from a “hold” rating to a “buy” rating and set a $72.00 price target for the company in a report on Monday, July 23rd. BMO Capital Markets reaffirmed a “hold” rating and set a $60.00 target price on shares of Hess in a report on Thursday, July 12th. Credit Suisse Group set a $55.00 target price on shares of Hess and gave the stock a “hold” rating in a report on Friday, June 29th. KLR Group reaffirmed a “hold” rating and set a $74.00 target price on shares of Hess in a report on Monday, August 20th. Finally, Mizuho assumed coverage on shares of Hess in a report on Monday, July 23rd. They set a “neutral” rating and a $80.00 target price for the company. Three analysts have rated the stock with a sell rating, eight have issued a hold rating and five have assigned a buy rating to the company. The stock has an average rating of “Hold” and a consensus price target of $66.71.

Shares of NYSE HES traded up $0.66 during mid-day trading on Monday, hitting $66.16. 2,600,315 shares of the stock were exchanged, compared to its average volume of 3,791,442. The company has a current ratio of 2.41, a quick ratio of 2.29 and a debt-to-equity ratio of 0.56. The firm has a market cap of $21.45 billion, a price-to-earnings ratio of -14.35 and a beta of 1.41. Hess has a twelve month low of $40.26 and a twelve month high of $74.81.

Hess (NYSE:HES) last issued its quarterly earnings results on Wednesday, July 25th. The oil and gas producer reported ($0.23) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.32) by $0.09. The business had revenue of $1.57 billion during the quarter, compared to analyst estimates of $1.35 billion. Hess had a negative net margin of 59.77% and a negative return on equity of 6.04%. Hess’s revenue for the quarter was up 30.3% compared to the same quarter last year. During the same quarter last year, the business posted ($1.46) earnings per share. On average, analysts forecast that Hess will post -0.72 earnings per share for the current year.

In other news, COO Gregory P. Hill sold 11,480 shares of Hess stock in a transaction on Thursday, August 2nd. The shares were sold at an average price of $65.69, for a total transaction of $754,121.20. Following the transaction, the chief operating officer now directly owns 76,511 shares of the company’s stock, valued at $5,026,007.59. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Company insiders own 12.09% of the company’s stock.

A number of institutional investors and hedge funds have recently bought and sold shares of HES. Robeco Institutional Asset Management B.V. lifted its position in Hess by 23.5% in 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 lifted its position 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 worth $6,454,000 after buying an additional 34,398 shares in the last quarter. Korea Investment CORP lifted its position 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 worth $3,536,000 after buying an additional 67,211 shares in the last quarter. Private Advisor Group LLC bought a new stake in Hess during the 1st quarter worth about $520,000. Finally, Rockefeller Capital Management L.P. bought a new stake in Hess during the 1st quarter worth about $412,000. 88.80% of the stock is currently owned by institutional investors and hedge funds.

About Hess

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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Analyst Recommendations for Hess (NYSE:HES)

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