Sheaff Brock Investment Advisors LLC lowered its stake in Hess Corporation (NYSE:HES) by 5.8% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 14,678 shares of the oil and gas producer’s stock after selling 899 shares during the quarter. Sheaff Brock Investment Advisors LLC’s holdings in Hess Corporation were worth $644,000 as of its most recent filing with the Securities & Exchange Commission.
Several other institutional investors and hedge funds have also modified their holdings of the company. Chevy Chase Trust Holdings Inc. lifted its position in Hess Corporation by 0.3% in the 2nd quarter. Chevy Chase Trust Holdings Inc. now owns 235,633 shares of the oil and gas producer’s stock worth $10,337,000 after buying an additional 772 shares during the last quarter. Sei Investments Co. increased its stake in Hess Corporation by 7.5% in the 1st quarter. Sei Investments Co. now owns 130,055 shares of the oil and gas producer’s stock worth $6,270,000 after purchasing an additional 9,101 shares during the period. Swiss National Bank increased its stake in Hess Corporation by 2.8% in the 2nd quarter. Swiss National Bank now owns 1,037,865 shares of the oil and gas producer’s stock worth $45,531,000 after purchasing an additional 28,200 shares during the period. Two Sigma Securities LLC purchased a new position in Hess Corporation in the 1st quarter worth approximately $268,000. Finally, Cornerstone Capital Management Holdings LLC. increased its stake in Hess Corporation by 4.4% in the 1st quarter. Cornerstone Capital Management Holdings LLC. now owns 97,344 shares of the oil and gas producer’s stock worth $4,692,000 after purchasing an additional 4,124 shares during the period. Hedge funds and other institutional investors own 87.15% of the company’s stock.
A number of research analysts have recently issued reports on HES shares. Goldman Sachs Group, Inc. (The) downgraded Hess Corporation from a “buy” rating to a “neutral” rating and lowered their price target for the company from $69.00 to $58.00 in a report on Tuesday, May 30th. ValuEngine upgraded Hess Corporation from a “strong sell” rating to a “sell” rating in a research report on Friday, June 2nd. BMO Capital Markets set a $55.00 price objective on Hess Corporation and gave the company a “hold” rating in a research report on Saturday, June 17th. Zacks Investment Research cut Hess Corporation from a “hold” rating to a “sell” rating in a research report on Wednesday, June 21st. Finally, Capital One Financial Corporation cut Hess Corporation from an “equal weight” rating to an “underweight” rating and cut their target price for the stock from $65.00 to $50.00 in a research report on Wednesday, June 21st. Three analysts have rated the stock with a sell rating, eleven have given a hold rating and six have assigned a buy rating to the stock. The stock presently has an average rating of “Hold” and an average price target of $52.13.
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Hess Corporation (NYSE:HES) traded up 0.40% on Friday, reaching $42.17. The company’s stock had a trading volume of 4,526,085 shares. The company has a 50 day moving average of $40.84 and a 200 day moving average of $45.19. Hess Corporation has a 52 week low of $37.25 and a 52 week high of $65.56. The firm’s market capitalization is $13.26 billion.
Hess Corporation (NYSE:HES) last posted its earnings results on Wednesday, July 26th. The oil and gas producer reported ($1.46) earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of ($1.32) by ($0.14). Hess Corporation had a negative net margin of 118.07% and a negative return on equity of 8.49%. The business had revenue of $1.23 billion for the quarter, compared to analyst estimates of $1.19 billion. During the same quarter in the previous year, the firm posted ($1.10) EPS. The business’s revenue was down 3.2% compared to the same quarter last year. On average, analysts forecast that Hess Corporation will post ($4.80) earnings per share for the current year.
The business also recently announced a quarterly dividend, which will be paid on Friday, September 29th. Stockholders of record on Monday, September 18th will be given a $0.25 dividend. This represents a $1.00 annualized dividend and a dividend yield of 2.37%. The ex-dividend date of this dividend is Friday, September 15th. Hess Corporation’s payout ratio is currently -5.18%.
In other news, insider Barbara J. Lowery-Yilmaz sold 3,873 shares of the company’s stock in a transaction that occurred on Tuesday, August 8th. The shares were sold at an average price of $43.47, for a total value of $168,359.31. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, COO Gregory P. Hill sold 11,726 shares of the company’s stock in a transaction that occurred on Thursday, August 24th. The stock was sold at an average price of $38.37, for a total transaction of $449,926.62. The disclosure for this sale can be found here. 11.80% of the stock is currently owned by insiders.
About Hess Corporation
Hess Corporation is an exploration and production company. The Company is engaged in exploration, development, production, transportation, purchase and sale of crude oil, natural gas liquids (NGL) and natural gas. The Company’s segments include Exploration and Production, and Bakken Midstream. Its Exploration and Production segment explores for, develops, produces, purchases and sells crude oil, NGLs and natural gas with production operations primarily in the United States, Denmark, Equatorial Guinea, the Malaysia/Thailand Joint Development Area (JDA), Malaysia and Norway.
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