Traders Sell Hess Corporation (NYSE:HES) on Strength Following Analyst Downgrade

Investors sold shares of Hess Corporation (NYSE:HES) on strength during trading on Monday after BidaskClub downgraded the stock from a sell rating to a strong sell rating. $13.78 million flowed into the stock on the tick-up and $65.87 million flowed out of the stock on the tick-down, for a money net flow of $52.09 million out of the stock. Of all companies tracked, Hess Corporation had the 0th highest net out-flow for the day. Hess Corporation traded up $0.67 for the day and closed at $44.13

Several other equities research analysts have also recently commented on the company. Bank of America Corporation restated a “buy” rating and set a $80.00 price target on shares of Hess Corporation in a research note on Friday, April 14th. Barclays PLC cut their price target on Hess Corporation from $39.00 to $37.00 and set an “overweight” rating for the company in a research note on Monday, April 17th. BMO Capital Markets restated a “hold” rating and set a $55.00 price target 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 cut their price target for the stock from $46.13 to $45.84 in a research note on Friday, May 5th. They noted that the move was a valuation call. Finally, Cowen and Company set a $55.00 price objective on Hess Corporation and gave the stock a “hold” rating in a research report on Monday, July 10th. 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 stock. Hess Corporation 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 the stock in a transaction on Tuesday, August 8th. The stock was sold at an average price of $43.47, for a total transaction of $168,359.31. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. 11.80% of the stock is owned by company insiders.

Several hedge funds have recently bought and sold shares of the stock. Condor Capital Management raised its stake in shares of Hess Corporation by 0.3% in the second quarter. Condor Capital Management now owns 13,579 shares of the oil and gas producer’s stock worth $596,000 after buying an additional 39 shares during the last quarter. Welch & Forbes LLC raised its stake in shares of Hess Corporation by 1.0% in the second quarter. Welch & Forbes LLC now owns 4,668 shares of the oil and gas producer’s stock worth $205,000 after buying an additional 46 shares during the last quarter. Bollard Group LLC raised its stake in shares of Hess Corporation by 0.6% in the second quarter. Bollard Group LLC now owns 10,462 shares of the oil and gas producer’s stock worth $459,000 after buying an additional 62 shares during the last quarter. Linscomb & Williams Inc. raised its stake in shares of Hess Corporation by 0.3% in the second quarter. Linscomb & Williams Inc. now owns 21,171 shares of the oil and gas producer’s stock worth $929,000 after buying an additional 71 shares during the last quarter. Finally, Conning Inc. raised its stake in shares of Hess Corporation by 1.3% in the second quarter. Conning Inc. now owns 7,687 shares of the oil and gas producer’s stock worth $337,000 after buying an additional 99 shares during the last quarter. 86.32% of the stock is currently owned by institutional investors and hedge funds.

The firm’s market cap is $12.09 billion. The stock has a 50 day moving average price of $42.91 and a 200 day moving average price of $46.90.

Hess Corporation (NYSE:HES) last released its quarterly earnings data on Wednesday, July 26th. The oil and gas producer reported ($1.46) earnings per share for the quarter, missing the 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 company had revenue of $1.23 billion during the quarter, compared to the consensus estimate of $1.19 billion. During the same quarter in the prior year, the company posted ($1.10) earnings per share. The company’s revenue for the quarter was down 3.2% on a year-over-year basis. On average, equities research analysts predict that Hess Corporation will post ($4.79) earnings per share for the current year.

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Hess Corporation Company Profile

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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