ValuEngine Downgrades Hess (HES) to Hold

Hess (NYSE:HES) was downgraded by equities researchers at ValuEngine from a “buy” rating to a “hold” rating in a research note issued on Thursday.

Several other equities analysts have also issued reports on HES. Barclays lowered Hess from an “equal weight” rating to an “underweight” rating and boosted their price target for the company from $55.00 to $66.00 in a research note on Wednesday, July 11th. BMO Capital Markets restated a “hold” rating and set a $60.00 price target on shares of Hess in a research note on Thursday, July 12th. Morgan Stanley started coverage on Hess in a research note on Thursday, July 12th. They set an “overweight” rating and a $84.00 price target on the stock. Zacks Investment Research lowered Hess from a “buy” rating to a “hold” rating in a research note on Thursday, July 12th. Finally, Mizuho started coverage on Hess in a research note on Monday, July 23rd. They set a “neutral” rating and a $80.00 price target on the stock. Two research analysts have rated the stock with a sell rating, ten have assigned a hold rating and four have assigned a buy rating to the stock. The stock has a consensus rating of “Hold” and a consensus target price of $66.71.

Shares of Hess stock traded down $1.49 during trading on Thursday, reaching $56.35. The company’s stock had a trading volume of 3,465,723 shares, compared to its average volume of 3,727,017. Hess has a one year low of $40.37 and a one year high of $74.81. The company has a current ratio of 2.30, a quick ratio of 2.29 and a debt-to-equity ratio of 0.59.

Hess (NYSE:HES) last issued its quarterly earnings results on Wednesday, October 31st. The oil and gas producer reported $0.38 earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.05) by $0.43. Hess had a negative return on equity of 2.64% and a negative net margin of 47.06%. The firm had revenue of $1.83 billion for the quarter, compared to analyst estimates of $1.54 billion. During the same period in the previous year, the company posted ($1.07) earnings per share. The company’s quarterly revenue was up 11.2% compared to the same quarter last year. As a group, research analysts predict that Hess will post -0.14 earnings per share for the current year.

Several hedge funds have recently added to or reduced their stakes in HES. Harvest Fund Management Co. Ltd bought a new stake in shares of Hess in the 2nd quarter valued at approximately $104,000. Palo Capital Inc. bought a new stake in shares of Hess in the 3rd quarter valued at approximately $116,000. Tower Research Capital LLC TRC grew its stake in shares of Hess by 509.4% in the 2nd quarter. Tower Research Capital LLC TRC now owns 2,084 shares of the oil and gas producer’s stock valued at $140,000 after purchasing an additional 1,742 shares during the period. Cornerstone Wealth Management LLC bought a new stake in shares of Hess in the 2nd quarter valued at approximately $154,000. Finally, Fox Run Management L.L.C. bought a new stake in shares of Hess in the 3rd quarter valued at approximately $204,000. Institutional investors own 88.72% of the company’s stock.

Hess Company Profile

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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