Commonwealth Bank of Australia lowered its position in shares of Hess Corporation (NYSE:HES) by 34.3% in the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 43,633 shares of the oil and gas producer’s stock after selling 22,756 shares during the quarter. Commonwealth Bank of Australia’s holdings in Hess Corporation were worth $1,913,000 at the end of the most recent quarter.
Other hedge funds have also recently made changes to their positions in the company. Independence Advisors LLC bought a new position in Hess Corporation during the second quarter valued at about $230,000. D Orazio & Associates Inc. boosted its stake in Hess Corporation by 266.7% during 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. bought a new position in Hess Corporation during the first quarter valued at about $111,000. State of Alaska Department of Revenue acquired a new position in shares of Hess Corporation in the 1st quarter valued at $114,000. Finally, Korea Investment CORP boosted its position in shares of Hess Corporation by 142.0% in the 2nd quarter. Korea Investment CORP now owns 2,645 shares of the oil and gas producer’s stock valued at $116,000 after purchasing an additional 1,552 shares during the period. 87.15% of the stock is owned by institutional investors and hedge funds.
HES has been the subject of a number of recent analyst reports. Capital One Financial Corporation lowered Hess Corporation from an “equal weight” rating to an “underweight” rating and decreased their price target for the company from $65.00 to $50.00 in a research report on Wednesday, June 21st. Atlantic Securities lowered Hess Corporation from an “overweight” rating to a “neutral” rating and decreased their price target for the company from $68.00 to $45.00 in a research report on Tuesday, June 27th. Cowen and Company reiterated a “hold” rating and issued a $50.00 price target on shares of Hess Corporation in a research report on Tuesday, August 22nd. Scotiabank set a $53.00 price target on Hess Corporation and gave the company a “buy” rating in a research report on Tuesday, May 16th. Finally, Piper Jaffray Companies set a $47.00 price target on Hess Corporation and gave the company a “buy” rating in a research report on Friday, August 25th. Three equities research analysts have rated the stock with a sell rating, nine have given a hold rating and seven have assigned a buy rating to the company’s stock. Hess Corporation has an average rating of “Hold” and an average target price of $53.56.
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In related news, COO Gregory P. Hill sold 11,726 shares of the company’s stock in a transaction dated Thursday, August 24th. The stock was sold at an average price of $38.37, for a total transaction of $449,926.62. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Barbara J. Lowery-Yilmaz sold 3,873 shares of the company’s stock in a transaction dated Tuesday, August 8th. The stock was sold at an average price of $43.47, for a total value of $168,359.31. The disclosure for this sale can be found here. Corporate insiders own 11.80% of the company’s stock.
Shares of Hess Corporation (HES) opened at 41.42 on Wednesday. The firm’s market capitalization is $13.02 billion. Hess Corporation has a 12 month low of $37.25 and a 12 month high of $65.56. The firm’s 50-day moving average price is $41.10 and its 200-day moving average price is $45.39.
Hess Corporation (NYSE:HES) last posted its quarterly earnings data on Wednesday, July 26th. The oil and gas producer reported ($1.46) earnings per share for the quarter, missing the consensus estimate of ($1.32) by ($0.14). The firm had revenue of $1.23 billion for the quarter, compared to analyst estimates of $1.19 billion. Hess Corporation had a negative return on equity of 8.49% and a negative net margin of 118.07%. The firm’s quarterly revenue was down 3.2% on a year-over-year basis. During the same period in the prior year, the company earned ($1.10) earnings per share. On average, equities analysts anticipate that Hess Corporation will post ($4.83) earnings per share for the current year.
The business also recently announced a quarterly dividend, which will be paid on Friday, September 29th. Investors of record on Monday, September 18th will be issued a dividend of $0.25 per share. The ex-dividend date is Friday, September 15th. This represents a $1.00 annualized dividend and a yield of 2.41%. Hess Corporation’s payout ratio is presently -5.18%.
Hess Corporation 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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