Industry News

Investec Asset Management LTD Increases Stock Position in Hess Corp. (NYSE:HES)

By August 18, 2019 No Comments

Investec Asset Management LTD grew its stake in shares of Hess Corp. (NYSE:HES) by 11.4% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 2,225,863 shares of the oil and gas producer’s stock after buying an additional 227,717 shares during the quarter. Investec Asset Management LTD owned 0.73% of Hess worth $141,498,000 at the end of the most recent quarter.

Several other large investors also recently made changes to their positions in HES. FMR LLC boosted its stake in Hess by 66.0% in the first quarter. FMR LLC now owns 31,017,189 shares of the oil and gas producer’s stock valued at $1,868,166,000 after acquiring an additional 12,335,629 shares in the last quarter. JPMorgan Chase & Co. raised its position in shares of Hess by 225.5% during the first quarter. JPMorgan Chase & Co. now owns 1,199,047 shares of the oil and gas producer’s stock worth $72,220,000 after purchasing an additional 830,695 shares during the period. Impala Asset Management LLC raised its position in shares of Hess by 31.3% during the first quarter. Impala Asset Management LLC now owns 2,340,424 shares of the oil and gas producer’s stock worth $140,964,000 after purchasing an additional 557,252 shares during the period. Amundi Pioneer Asset Management Inc. raised its position in shares of Hess by 128.5% during the first quarter. Amundi Pioneer Asset Management Inc. now owns 811,209 shares of the oil and gas producer’s stock worth $48,859,000 after purchasing an additional 456,211 shares during the period. Finally, Packer & Co Ltd raised its position in shares of Hess by 23.7% during the second quarter. Packer & Co Ltd now owns 2,094,952 shares of the oil and gas producer’s stock worth $133,176,000 after purchasing an additional 400,736 shares during the period. 92.62% of the stock is currently owned by hedge funds and other institutional investors.

In other Hess news, 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 value of $417,699.90. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, insider Michael R. Turner sold 11,258 shares of the company’s stock in a transaction dated Tuesday, August 13th. The shares were sold at an average price of $61.71, for a total value of $694,731.18. The disclosure for this sale can be found here. Insiders have sold a total of 48,908 shares of company stock worth $3,090,015 in the last 90 days. 12.22% of the stock is currently owned by corporate insiders.

HES has been the subject of a number of analyst reports. ValuEngine downgraded Hess from a “buy” rating to a “hold” rating in a research note on Wednesday, May 1st. Morgan Stanley set a $69.00 price target on Hess and gave the company a “buy” rating in a research note on Monday, June 24th. Capital One Financial upgraded Hess from an “underweight” rating to an “equal weight” rating in a research note on Wednesday, May 15th. Zacks Investment Research upgraded Hess from a “hold” rating to a “buy” rating and set a $72.00 price target for the company in a research note on Tuesday, April 30th. Finally, Wells Fargo & Co restated a “buy” rating on shares of Hess in a research note on Wednesday, July 31st. One investment analyst has rated the stock with a sell rating, eight have assigned a hold rating and seven have given a buy rating to the company. The company presently has a consensus rating of “Hold” and an average target price of $69.46.

Shares of NYSE HES traded up $0.20 during midday trading on Friday, hitting $59.82. 2,356,900 shares of the company’s stock were exchanged, compared to its average volume of 3,214,240. The company has a quick ratio of 1.46, a current ratio of 1.58 and a debt-to-equity ratio of 0.68. Hess Corp. has a 12 month low of $35.59 and a 12 month high of $74.81. The company’s 50 day moving average price is $61.37 and its 200 day moving average price is $60.34. The firm has a market capitalization of $18.07 billion, a PE ratio of -80.84 and a beta of 1.97.

Hess (NYSE:HES) last released its quarterly earnings results on Wednesday, July 31st. The oil and gas producer reported ($0.09) earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.10) by $0.01. The business had revenue of $1.70 billion during the quarter, compared to analysts’ expectations of $1.52 billion. Hess had a return on equity of 0.46% and a net margin of 1.09%. The firm’s revenue for the quarter was up 8.4% compared to the same quarter last year. During the same period last year, the firm posted ($0.23) EPS. On average, equities research analysts anticipate that Hess Corp. will post -0.39 EPS for the current 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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