Chevy Chase Trust Holdings Inc. raised its stake in Hess Corporation (NYSE:HES) by 0.3% during the second quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 235,633 shares of the oil and gas producer’s stock after buying an additional 772 shares during the period. Chevy Chase Trust Holdings Inc. owned 0.07% of Hess Corporation worth $10,337,000 at the end of the most recent reporting period.
Several other hedge funds have also added to or reduced their stakes in HES. Independence Advisors LLC purchased a new position in Hess Corporation during the second quarter valued at $230,000. D Orazio & Associates Inc. boosted its position in Hess Corporation by 266.7% in the first quarter. D Orazio & Associates Inc. now owns 2,200 shares of the oil and gas producer’s stock valued at $106,000 after buying an additional 1,600 shares in the last quarter. Oppenheimer Asset Management Inc. purchased a new position in Hess Corporation during the first quarter valued at $111,000. State of Alaska Department of Revenue purchased a new position in Hess Corporation during the first quarter valued at $114,000. Finally, Federated Investors Inc. PA boosted its position in Hess Corporation by 47.7% in the fourth quarter. Federated Investors Inc. PA now owns 2,577 shares of the oil and gas producer’s stock valued at $161,000 after buying an additional 832 shares in the last quarter. Hedge funds and other institutional investors own 85.80% of the company’s stock.
Shares of Hess Corporation (NYSE:HES) opened at 44.35 on Monday. Hess Corporation has a 12 month low of $39.89 and a 12 month high of $65.56. The firm’s market cap 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 earnings results on Wednesday, July 26th. The oil and gas producer reported ($1.46) earnings per share (EPS) 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% compared to the same quarter last year. During the same quarter last year, the company posted ($1.10) EPS. Analysts expect that Hess Corporation will post ($4.77) earnings per share for the current year.
Several research firms have recently issued reports on HES. Barclays PLC lowered their price objective on Hess Corporation from $39.00 to $37.00 and set an “overweight” rating for the company in a research note on Monday, April 17th. ValuEngine raised Hess Corporation from a “strong sell” rating to a “sell” rating in a research note on Friday, June 2nd. Bank of America Corporation reissued a “buy” rating and set a $80.00 price target on shares of Hess Corporation in a research note on Friday, April 14th. KLR Group reissued a “buy” rating and set a $60.00 price target (up from $58.00) on shares of Hess Corporation in a research note on Saturday, April 29th. Finally, Citigroup Inc. decreased their price target on Hess Corporation from $55.00 to $49.00 and set a “neutral” rating for the company in a research note on Friday, July 21st. Four 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. The stock has an average rating of “Hold” and an average price target of $53.91.
Hess Corporation Company Profile
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.
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