First Quadrant L P CA lowered its stake in Hess Corp. (NYSE:HES) by 65.8% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 4,000 shares of the oil and gas producer’s stock after selling 7,700 shares during the period. First Quadrant L P CA’s holdings in Hess were worth $207,000 at the end of the most recent quarter.
A number of other institutional investors also recently modified their holdings of the business. CIBC Asset Management Inc boosted its position in Hess by 1.4% in the second quarter. CIBC Asset Management Inc now owns 24,371 shares of the oil and gas producer’s stock valued at $1,263,000 after buying an additional 333 shares in the last quarter. Raymond James & Associates boosted its position in Hess by 4.6% in the second quarter. Raymond James & Associates now owns 43,523 shares of the oil and gas producer’s stock valued at $2,255,000 after buying an additional 1,895 shares in the last quarter. Vident Investment Advisory LLC acquired a new stake in Hess in the second quarter valued at approximately $297,000. Cambridge Investment Research Advisors Inc. acquired a new stake in Hess in the second quarter valued at approximately $238,000. Finally, Calamos Advisors LLC boosted its position in Hess by 40.5% in the second quarter. Calamos Advisors LLC now owns 413,528 shares of the oil and gas producer’s stock valued at $21,425,000 after buying an additional 119,246 shares in the last quarter. Hedge funds and other institutional investors own 87.35% of the company’s stock.
HES opened at $49.21 on Friday. Hess Corp. has a 1-year low of $26.06 and a 1-year high of $74.11. The company has a quick ratio of 2.07, a current ratio of 2.19 and a debt-to-equity ratio of 1.19. The company has a fifty day moving average price of $49.42 and a two-hundred day moving average price of $49.13.
Hess (NYSE:HES) last posted its quarterly earnings results on Wednesday, July 29th. The oil and gas producer reported ($1.05) earnings per share for the quarter, beating the consensus estimate of ($1.14) by $0.09. Hess had a negative net margin of 58.62% and a negative return on equity of 8.81%. The firm had revenue of $842.00 million during the quarter, compared to the consensus estimate of $996.22 million. During the same period in the previous year, the firm posted ($0.09) earnings per share. The business’s revenue was down 50.4% compared to the same quarter last year. On average, equities analysts expect that Hess Corp. will post -1.66 earnings per share for the current year.
HES has been the topic of a number of recent research reports. Susquehanna Bancshares lifted their price target on shares of Hess from $45.00 to $54.00 in a report on Friday, May 8th. Scotiabank cut their price target on shares of Hess from $65.00 to $60.00 and set a “sector outperform” rating on the stock in a report on Monday, July 13th. JPMorgan Chase & Co. upgraded shares of Hess from a “neutral” rating to an “overweight” rating and lifted their price target for the stock from $37.00 to $53.00 in a report on Monday, June 1st. Credit Suisse Group lifted their price target on shares of Hess from $40.00 to $46.00 and gave the stock a “neutral” rating in a report on Friday, May 8th. Finally, UBS Group lifted their price target on shares of Hess from $37.00 to $49.00 and gave the stock a “neutral” rating in a report on Monday, June 29th. Two analysts have rated the stock with a sell rating, six have given a hold rating and sixteen have issued a buy rating to the company. The company currently has a consensus rating of “Buy” and an average target price of $59.00.
In other news, COO Gregory P. Hill sold 19,500 shares of the business’s stock in a transaction dated Tuesday, June 2nd. The shares were sold at an average price of $51.68, for a total transaction of $1,007,760.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, SVP Andrew P. Slentz sold 4,200 shares of the business’s stock in a transaction dated Tuesday, June 9th. The stock was sold at an average price of $57.58, for a total transaction of $241,836.00. The disclosure for this sale can be found here. Insiders own 12.22% of the company’s stock.
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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