DNB Asset Management AS cut its stake in Hess Corp. (NYSE:HES) by 13.6% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 36,736 shares of the oil and gas producer’s stock after selling 5,791 shares during the period. DNB Asset Management AS’s holdings in Hess were worth $2,335,000 as of its most recent SEC filing.
Other hedge funds have also made changes to their positions in the company. FMR LLC boosted its stake in shares of Hess by 66.0% in the 1st quarter. FMR LLC now owns 31,017,189 shares of the oil and gas producer’s stock valued at $1,868,166,000 after purchasing an additional 12,335,629 shares during the last quarter. Primecap Management Co. CA boosted its stake in Hess by 0.5% during the 1st quarter. Primecap Management Co. CA now owns 8,332,535 shares of the oil and gas producer’s stock worth $501,869,000 after acquiring an additional 39,500 shares during the last quarter. Northern Trust Corp boosted its stake in Hess by 1.8% during the 1st quarter. Northern Trust Corp now owns 3,321,478 shares of the oil and gas producer’s stock worth $200,052,000 after acquiring an additional 58,618 shares during the last quarter. Geode Capital Management LLC boosted its stake in Hess by 4.1% during the 4th quarter. Geode Capital Management LLC now owns 3,244,017 shares of the oil and gas producer’s stock worth $131,146,000 after acquiring an additional 127,569 shares during the last quarter. Finally, Norges Bank bought a new position in Hess during the 4th quarter worth approximately $106,016,000. Institutional investors own 92.62% of the company’s stock.
In other news, insider Michael R. Turner sold 30,345 shares of the business’s stock in a transaction dated Wednesday, June 26th. The shares were sold at an average price of $65.17, for a total value of $1,977,583.65. Following the completion of the sale, the insider now owns 94,537 shares of the company’s stock, valued at $6,160,976.29. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Barbara J. Lowery-Yilmaz sold 7,305 shares of the company’s stock in a transaction dated Tuesday, August 6th. The stock was sold at an average price of $57.18, for a total transaction of $417,699.90. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 48,908 shares of company stock valued at $3,090,015. Company insiders own 12.22% of the company’s stock.
HES traded up $0.20 during trading on Friday, reaching $59.82. 2,356,900 shares of the stock were exchanged, compared to its average volume of 3,195,054. The stock has a market cap of $18.15 billion, a P/E ratio of -80.84 and a beta of 1.97. Hess Corp. has a twelve month low of $35.59 and a twelve month high of $74.81. The stock’s 50 day moving average price is $61.37 and its two-hundred day moving average price is $60.34. The company has a debt-to-equity ratio of 0.68, a quick ratio of 1.46 and a current ratio of 1.58.
Hess (NYSE:HES) last issued its earnings results on Wednesday, July 31st. The oil and gas producer reported ($0.09) earnings per share for the quarter, topping the Zacks’ consensus estimate of ($0.10) by $0.01. Hess had a net margin of 1.09% and a return on equity of 0.46%. The business had revenue of $1.70 billion for the quarter, compared to the consensus estimate of $1.52 billion. During the same period in the previous year, the company earned ($0.23) earnings per share. The firm’s revenue for the quarter was up 8.4% on a year-over-year basis. Equities research analysts predict that Hess Corp. will post -0.39 earnings per share for the current fiscal year.
HES has been the topic of several recent analyst reports. Morgan Stanley set a $69.00 price objective on shares of Hess and gave the stock a “buy” rating in a research note on Monday, June 24th. Wells Fargo & Co reissued a “buy” rating on shares of Hess in a research note on Wednesday, July 31st. ValuEngine downgraded shares of Hess from a “buy” rating to a “hold” rating in a report on Wednesday, May 1st. MKM Partners upgraded shares of Hess from a “neutral” rating to a “buy” rating and set a $75.00 target price on the stock in a report on Tuesday, May 28th. Finally, Capital One Financial upgraded shares of Hess from an “underweight” rating to an “equal weight” rating in a report on Wednesday, May 15th. One research analyst has rated the stock with a sell rating, eight have given a hold rating and seven have assigned a buy rating to the stock. Hess has an average rating of “Hold” and an average price target of $69.46.
Hess Corporation, an exploration and production company, explores for, 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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