Prudential Financial Inc. cut its holdings in Hess Corporation (NYSE:HES) by 25.8% during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 372,738 shares of the oil and gas producer’s stock after selling 129,550 shares during the period. Prudential Financial Inc. owned 0.12% of Hess worth $17,478,000 as of its most recent SEC filing.
A number of other hedge funds and other institutional investors have also bought and sold shares of HES. State of Alaska Department of Revenue lifted its holdings in Hess by 100.9% in the 2nd quarter. State of Alaska Department of Revenue now owns 4,758 shares of the oil and gas producer’s stock worth $208,000 after purchasing an additional 2,390 shares in the last quarter. LS Investment Advisors LLC raised its holdings in shares of Hess by 5.1% during the 2nd quarter. LS Investment Advisors LLC now owns 12,112 shares of the oil and gas producer’s stock worth $531,000 after acquiring an additional 584 shares in the last quarter. Louisiana State Employees Retirement System raised its holdings in shares of Hess by 1.8% during the 2nd quarter. Louisiana State Employees Retirement System now owns 16,800 shares of the oil and gas producer’s stock worth $737,000 after acquiring an additional 300 shares in the last quarter. Aperio Group LLC raised its holdings in shares of Hess by 21.0% during the 2nd quarter. Aperio Group LLC now owns 91,547 shares of the oil and gas producer’s stock worth $4,016,000 after acquiring an additional 15,878 shares in the last quarter. Finally, State Treasurer State of Michigan raised its holdings in shares of Hess by 0.5% during the 2nd quarter. State Treasurer State of Michigan now owns 88,805 shares of the oil and gas producer’s stock worth $3,896,000 after acquiring an additional 400 shares in the last quarter. 89.73% of the stock is currently owned by institutional investors.
Several brokerages have recently issued reports on HES. J P Morgan Chase & Co cut Hess from an “overweight” rating to a “neutral” rating and decreased their price objective for the stock from $52.00 to $45.00 in a report on Thursday, September 14th. BMO Capital Markets reaffirmed a “hold” rating and set a $42.00 price objective on shares of Hess in a report on Friday, September 1st. Zacks Investment Research raised Hess from a “sell” rating to a “hold” rating in a report on Tuesday, September 12th. Morgan Stanley reaffirmed an “equal weight” rating on shares of Hess in a report on Saturday, September 16th. Finally, Scotiabank set a $52.00 price objective on Hess and gave the stock a “buy” rating in a report on Friday, August 11th. Three analysts have rated the stock with a sell rating, nine have assigned a hold rating and seven have assigned a buy rating to the company’s stock. Hess has a consensus rating of “Hold” and an average target price of $51.79.
Hess Corporation (HES) traded down $0.52 during midday trading on Monday, hitting $46.57. The stock had a trading volume of 4,712,023 shares, compared to its average volume of 4,157,589. The company has a debt-to-equity ratio of 0.46, a quick ratio of 1.68 and a current ratio of 1.84. Hess Corporation has a 52-week low of $37.25 and a 52-week high of $65.56.
Hess (NYSE:HES) last released its earnings results on Wednesday, October 25th. The oil and gas producer reported ($1.07) earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of ($1.29) by $0.22. The firm had revenue of $1.67 billion for the quarter, compared to the consensus estimate of $1.27 billion. Hess had a negative return on equity of 9.30% and a negative net margin of 113.21%. The company’s revenue for the quarter was up 39.3% compared to the same quarter last year. During the same quarter in the previous year, the company posted ($1.12) EPS. equities analysts expect that Hess Corporation will post -4.58 earnings per share for the current year.
In other news, insider Brian D. Truelove sold 6,000 shares of the business’s stock in a transaction that occurred on Monday, September 18th. The stock was sold at an average price of $42.53, for a total transaction of $255,180.00. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Insiders own 11.80% of the company’s stock.
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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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