Hess Corporation (NYSE:HES) Downgraded to Market Perform at Wolfe Research

Wolfe Research cut shares of Hess Corporation (NYSE:HES) from an outperform rating to a market perform rating in a report issued on Monday, July 17th.

A number of other analysts have also commented on HES. BMO Capital Markets set a $55.00 target price on shares of Hess Corporation and gave the stock a hold rating in a report on Saturday, June 17th. Scotiabank set a $50.00 target price on shares of Hess Corporation and gave the stock a buy rating in a report on Saturday, July 1st. Bank of America Corporation reaffirmed a buy rating and set a $80.00 target price on shares of Hess Corporation in a report on Friday, April 14th. Cowen and Company set a $55.00 target price on shares of Hess Corporation and gave the stock a hold rating in a report on Monday, July 10th. Finally, Wells Fargo & Company raised shares of Hess Corporation from a market perform rating to an outperform rating and lowered their target price for the stock from $46.13 to $45.84 in a report on Friday, May 5th. They noted that the move was a valuation call. Four research analysts have rated the stock with a sell rating, nine have assigned a hold rating and seven have issued a buy rating to the company. Hess Corporation currently has an average rating of Hold and a consensus target price of $53.91.

Hess Corporation (HES) opened at 44.35 on Monday. Hess Corporation has a 52 week low of $39.89 and a 52 week high of $65.56. The company’s market capitalization is $13.94 billion. The firm’s 50-day moving average price is $43.32 and its 200-day moving average price is $48.15.

Hess Corporation (NYSE:HES) last issued its quarterly earnings results on Wednesday, July 26th. The oil and gas producer reported ($1.46) earnings per share for the quarter, missing analysts’ consensus estimates of ($1.32) by $0.14. The company had revenue of $1.23 billion during the quarter, compared to analyst estimates of $1.19 billion. Hess Corporation had a negative net margin of 118.07% and a negative return on equity of 8.49%. The business’s revenue for the quarter was down 3.2% on a year-over-year basis. During the same period in the prior year, the business earned ($1.10) EPS. On average, equities analysts expect that Hess Corporation will post ($4.77) earnings per share for the current year.

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A number of large investors have recently modified their holdings of HES. Great West Life Assurance Co. Can raised its position in shares of Hess Corporation by 73.9% in the first quarter. Great West Life Assurance Co. Can now owns 424,417 shares of the oil and gas producer’s stock worth $20,508,000 after buying an additional 180,409 shares during the period. Sei Investments Co. raised its position in shares of Hess Corporation by 7.5% in the first quarter. Sei Investments Co. now owns 130,055 shares of the oil and gas producer’s stock worth $6,270,000 after buying an additional 9,101 shares during the period. Two Sigma Securities LLC acquired a new position in shares of Hess Corporation during the first quarter worth about $268,000. Cornerstone Capital Management Holdings LLC. raised its position in shares of Hess Corporation by 4.4% in the first quarter. Cornerstone Capital Management Holdings LLC. now owns 97,344 shares of the oil and gas producer’s stock worth $4,692,000 after buying an additional 4,124 shares during the last quarter. Finally, Xact Kapitalforvaltning AB raised its position in shares of Hess Corporation by 6.6% in the first quarter. Xact Kapitalforvaltning AB now owns 21,238 shares of the oil and gas producer’s stock worth $1,024,000 after buying an additional 1,310 shares during the last quarter. 85.80% of the stock is currently owned by hedge funds and other institutional investors.

About Hess Corporation

Hess Corporation is an exploration and production company. The Company is engaged in exploration, development, production, transportation, purchase and sale of crude oil, natural gas liquids (NGL) and natural gas. The Company’s segments include Exploration and Production, and Bakken Midstream. Its Exploration and Production segment explores for, develops, produces, purchases and sells crude oil, NGLs and natural gas with production operations primarily in the United States, Denmark, Equatorial Guinea, the Malaysia/Thailand Joint Development Area (JDA), Malaysia and Norway.