Cypress Asset Management Inc. TX reduced its position in Hess Corporation (NYSE:HES) by 35.6% during the second quarter, according to its most recent disclosure with the SEC. The institutional investor owned 13,122 shares of the oil and gas producer’s stock after selling 7,241 shares during the period. Cypress Asset Management Inc. TX’s holdings in Hess Corporation were worth $576,000 as of its most recent SEC filing.
Other hedge funds also recently made changes to their positions in the company. Great West Life Assurance Co. Can raised its position in Hess Corporation by 73.9% in the first quarter. Great West Life Assurance Co. Can now owns 424,417 shares of the oil and gas producer’s stock worth $20,508,000 after buying an additional 180,409 shares during the last quarter. Sei Investments Co. raised its position in Hess Corporation by 7.5% in the first quarter. Sei Investments Co. now owns 130,055 shares of the oil and gas producer’s stock worth $6,270,000 after buying an additional 9,101 shares during the last quarter. Two Sigma Securities LLC acquired a new position in Hess Corporation during the first quarter worth approximately $268,000. Cornerstone Capital Management Holdings LLC. raised its position in Hess Corporation by 4.4% in the first quarter. Cornerstone Capital Management Holdings LLC. now owns 97,344 shares of the oil and gas producer’s stock worth $4,692,000 after buying an additional 4,124 shares during the last quarter. Finally, Advisors Asset Management Inc. raised its position in Hess Corporation by 8.5% in the first quarter. Advisors Asset Management Inc. now owns 14,422 shares of the oil and gas producer’s stock worth $695,000 after buying an additional 1,131 shares during the last quarter. 85.80% of the stock is owned by institutional investors.
Shares of Hess Corporation (NYSE HES) traded down 0.98% on Friday, hitting $41.33. The stock had a trading volume of 2,096,532 shares. The firm’s market capitalization is $12.99 billion. The company has a 50 day moving average of $43.26 and a 200-day moving average of $47.48. Hess Corporation has a 12-month low of $39.89 and a 12-month high of $65.56.
Hess Corporation (NYSE:HES) last announced its quarterly earnings data on Wednesday, July 26th. The oil and gas producer reported ($1.46) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($1.32) by $0.14. The firm had revenue of $1.23 billion during the quarter, compared to the consensus estimate of $1.19 billion. Hess Corporation had a negative net margin of 118.07% and a negative return on equity of 8.49%. The business’s revenue was down 3.2% compared to the same quarter last year. During the same period last year, the business earned ($1.10) earnings per share. Equities analysts predict that Hess Corporation will post ($4.75) EPS for the current fiscal year.
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HES has been the topic of a number of recent analyst reports. Barclays PLC dropped their price objective on Hess Corporation from $39.00 to $37.00 and set an “overweight” rating on the stock in a research note on Monday, April 17th. BMO Capital Markets reiterated a “hold” rating and issued a $55.00 price objective on shares of Hess Corporation in a research note on Monday, May 15th. Wells Fargo & Company upgraded Hess Corporation from a “market perform” rating to an “outperform” rating and lowered their price target for the company from $46.13 to $45.84 in a research note on Friday, May 5th. They noted that the move was a valuation call. Cowen and Company set a $55.00 price target on Hess Corporation and gave the company a “hold” rating in a research note on Monday, July 10th. Finally, Capital One Financial Corporation lowered Hess Corporation from an “equal weight” rating to an “underweight” rating and lowered their price target for the company from $65.00 to $50.00 in a research note on Wednesday, June 21st. Four equities research analysts have rated the stock with a sell rating, nine have issued a hold rating and six have assigned a buy rating to the company. The stock presently has an average rating of “Hold” and a consensus price target of $54.06.
In related news, insider Barbara J. Lowery-Yilmaz sold 3,873 shares of Hess Corporation 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 legal filing with the SEC, which is available through the SEC website. Company insiders own 11.80% of the company’s stock.
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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