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Investec Asset Management PTY Ltd Boosts Stake in Hess Corp. (NYSE:HES)

By August 19, 2019 No Comments

Investec Asset Management PTY Ltd boosted its position in Hess Corp. (NYSE:HES) by 54.8% during the 2nd quarter, according to its most recent Form 13F filing with the SEC. The fund owned 24,386 shares of the oil and gas producer’s stock after purchasing an additional 8,634 shares during the period. Investec Asset Management PTY Ltd’s holdings in Hess were worth $1,556,000 as of its most recent SEC filing.

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

Shares of HES stock traded up $0.20 during mid-day trading on Friday, hitting $59.82. The stock had a trading volume of 2,356,900 shares, compared to its average volume of 3,214,240. 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 has a market capitalization of $18.07 billion, a P/E ratio of -80.84 and a beta of 1.97. Hess Corp. has a 12-month low of $35.59 and a 12-month high of $74.81. The firm’s 50-day moving average is $61.37 and its two-hundred day moving average is $60.34.

Hess (NYSE:HES) last issued its quarterly earnings data on Wednesday, July 31st. The oil and gas producer reported ($0.09) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.10) by $0.01. Hess had a return on equity of 0.46% and a net margin of 1.09%. The firm had revenue of $1.70 billion during the quarter, compared to analysts’ expectations of $1.52 billion. During the same period in the prior year, the business posted ($0.23) EPS. The firm’s quarterly revenue was up 8.4% on a year-over-year basis. Analysts expect that Hess Corp. will post -0.39 EPS for the current year.

In other news, insider Barbara J. Lowery-Yilmaz sold 7,305 shares of the 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 sale was disclosed in a document filed with the SEC, which is available through this link. Also, insider Michael R. Turner sold 30,345 shares of the firm’s stock in a transaction dated Wednesday, June 26th. The stock was 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 in the company, valued at $6,160,976.29. 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 over the last ninety days. 12.22% of the stock is currently owned by corporate insiders.

Several equities analysts have recently weighed in on HES shares. MKM Partners raised Hess from a “neutral” rating to a “buy” rating and set a $75.00 target price on the stock in a research report on Tuesday, May 28th. Morgan Stanley set a $69.00 target price on Hess and gave the company a “buy” rating in a research report on Monday, June 24th. Wells Fargo & Co reissued a “buy” rating on shares of Hess in a research report on Wednesday, July 31st. Capital One Financial raised Hess from an “underweight” rating to an “equal weight” rating in a research report on Wednesday, May 15th. Finally, Zacks Investment Research upgraded Hess from a “hold” rating to a “buy” rating and set a $72.00 price objective for the company in a report on Tuesday, April 30th. One analyst has rated the stock with a sell rating, eight have issued a hold rating and seven have issued a buy rating to the company’s stock. The stock has an average rating of “Hold” and an average target price of $69.46.

Hess Company 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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