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Envestnet Asset Management Inc. Lowers Stock Holdings in Hess Corp. (NYSE:HES)

By September 1, 2019 No Comments

Envestnet Asset Management Inc. lowered its holdings in shares of Hess Corp. (NYSE:HES) by 3.3% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 43,634 shares of the oil and gas producer’s stock after selling 1,476 shares during the quarter. Envestnet Asset Management Inc.’s holdings in Hess were worth $2,774,000 at the end of the most recent reporting period.

Other hedge funds have also modified their holdings of the company. Dimensional Fund Advisors LP increased its position in shares of Hess by 1.3% in the fourth quarter. Dimensional Fund Advisors LP now owns 2,452,944 shares of the oil and gas producer’s stock worth $99,348,000 after purchasing an additional 31,800 shares during the last quarter. Geode Capital Management LLC increased its position in shares of Hess by 4.1% in the fourth quarter. Geode Capital Management LLC now owns 3,244,017 shares of the oil and gas producer’s stock worth $131,146,000 after purchasing an additional 127,569 shares during the last quarter. Mercer Global Advisors Inc. ADV bought a new position in shares of Hess in the first quarter worth approximately $720,000. Creative Planning increased its position in shares of Hess by 12.8% in the first quarter. Creative Planning now owns 6,304 shares of the oil and gas producer’s stock worth $380,000 after purchasing an additional 717 shares during the last quarter. Finally, Los Angeles Capital Management & Equity Research Inc. increased its position in shares of Hess by 157.4% in the first quarter. Los Angeles Capital Management & Equity Research Inc. now owns 17,024 shares of the oil and gas producer’s stock worth $1,025,000 after purchasing an additional 10,410 shares during the last quarter. Institutional investors own 96.84% of the company’s stock.

Several research firms recently weighed in on HES. Piper Jaffray Companies set a $61.00 price objective on shares of Hess and gave the stock a “hold” rating in a research report on Friday, August 16th. Capital One Financial upgraded shares of Hess from an “underweight” rating to an “equal weight” rating in a research report on Wednesday, May 15th. Barclays initiated coverage on shares of Hess in a research report on Monday, August 19th. They set an “overweight” rating and a $93.00 price target on the stock. Morgan Stanley set a $69.00 price target on shares of Hess and gave the company a “buy” rating in a research report on Monday, June 24th. Finally, Wells Fargo & Co reiterated a “buy” rating on shares of Hess in a research report on Wednesday, July 31st. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating and seven have issued a buy rating to the stock. Hess currently has a consensus rating of “Hold” and an average target price of $70.08.

In other news, insider Barbara J. Lowery-Yilmaz sold 7,305 shares of the stock in a transaction that occurred on Tuesday, August 6th. The stock was sold at an average price of $57.18, for a total transaction of $417,699.90. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Michael R. Turner sold 30,345 shares of the stock in a transaction that occurred on 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 sale, the insider now directly owns 94,537 shares of the company’s stock, valued at approximately $6,160,976.29. The disclosure for this sale can be found here. In the last three months, insiders have sold 48,908 shares of company stock valued at $3,090,015. Insiders own 12.22% of the company’s stock.

Shares of NYSE HES opened at $62.95 on Friday. Hess Corp. has a one year low of $35.59 and a one year high of $74.81. The company has a debt-to-equity ratio of 0.68, a current ratio of 1.58 and a quick ratio of 1.46. The firm’s 50 day simple moving average is $60.95 and its two-hundred day simple moving average is $60.76. The stock has a market capitalization of $19.17 billion, a P/E ratio of -85.07 and a beta of 1.97.

Hess (NYSE:HES) last issued its quarterly earnings results on Wednesday, July 31st. The oil and gas producer reported ($0.09) EPS for the quarter, beating analysts’ consensus estimates of ($0.10) by $0.01. The business had revenue of $1.70 billion for the quarter, compared to analysts’ expectations of $1.52 billion. Hess had a net margin of 1.09% and a return on equity of 0.46%. The business’s quarterly revenue was up 8.4% on a year-over-year basis. During the same period last year, the business earned ($0.23) earnings per share. As a group, equities analysts expect that Hess Corp. will post -0.4 earnings per share for the current fiscal year.

Hess Profile

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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Institutional Ownership by Quarter for Hess (NYSE:HES)

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