Beck Mack & Oliver LLC lessened its position in shares of Hess Corporation (NYSE:HES) by 39.6% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 10,200 shares of the oil and gas producer’s stock after selling 6,700 shares during the quarter. Beck Mack & Oliver LLC’s holdings in Hess Corporation were worth $478,000 as of its most recent SEC filing.
A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in HES. Thrivent Financial For Lutherans grew its holdings in Hess Corporation by 6.2% during the 1st quarter. Thrivent Financial For Lutherans now owns 9,900 shares of the oil and gas producer’s stock valued at $477,000 after buying an additional 580 shares in the last quarter. Oppenheimer Asset Management Inc. purchased a new position in shares of Hess Corporation in the 1st quarter worth approximately $111,000. Tudor Investment Corp ET AL purchased a new position in shares of Hess Corporation in the 1st quarter worth approximately $551,000. KAMES CAPITAL plc boosted its holdings in shares of Hess Corporation by 8.6% in the 2nd quarter. KAMES CAPITAL plc now owns 442,295 shares of the oil and gas producer’s stock worth $19,395,000 after purchasing an additional 34,991 shares during the period. Finally, Xact Kapitalforvaltning AB boosted its holdings in shares of Hess Corporation by 9.9% in the 2nd quarter. Xact Kapitalforvaltning AB now owns 23,347 shares of the oil and gas producer’s stock worth $1,024,000 after purchasing an additional 2,109 shares during the period. Institutional investors and hedge funds own 87.89% of the company’s stock.
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In other news, insider Brian D. Truelove sold 6,000 shares of the company’s stock in a transaction on Monday, September 18th. The stock was sold at an average price of $42.53, for a total transaction of $255,180.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, COO Gregory P. Hill sold 11,726 shares of the company’s stock in a transaction on Thursday, August 24th. The stock was sold at an average price of $38.37, for a total value of $449,926.62. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 21,599 shares of company stock valued at $873,466. Insiders own 11.80% of the company’s stock.
Hess Corporation (NYSE HES) traded up 1.95% on Wednesday, hitting $45.02. The stock had a trading volume of 980,639 shares. The company’s 50-day moving average price is $44.42 and its 200 day moving average price is $44.26. The firm’s market cap is $14.15 billion. Hess Corporation has a one year low of $37.25 and a one year high of $65.56.
Hess Corporation (NYSE:HES) last issued its quarterly earnings results on Wednesday, October 25th. The oil and gas producer reported ($1.07) earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of ($1.29) by $0.22. The company had revenue of $1.67 billion during the quarter, compared to the consensus estimate of $1.27 billion. Hess Corporation had a negative return on equity of 9.69% and a negative net margin of 113.21%. Hess Corporation’s revenue was up 39.3% on a year-over-year basis. During the same period in the previous year, the firm posted ($1.12) EPS. Analysts expect that Hess Corporation will post ($4.65) earnings per share for the current year.
A number of equities analysts recently issued reports on HES shares. Scotiabank set a $52.00 price objective on Hess Corporation and gave the company a “buy” rating in a report on Friday, August 11th. Piper Jaffray Companies set a $47.00 price objective on Hess Corporation and gave the company a “buy” rating in a report on Friday, August 25th. Zacks Investment Research upgraded Hess Corporation from a “hold” rating to a “buy” rating and set a $50.00 price objective for the company in a report on Wednesday, October 11th. Barclays PLC restated an “equal weight” rating and set a $50.00 price objective (down previously from $61.00) on shares of Hess Corporation in a report on Wednesday, July 12th. Finally, Morgan Stanley restated an “equal weight” rating on shares of Hess Corporation in a report on Saturday, September 16th. Three analysts have rated the stock with a sell rating, nine have given a hold rating and seven have issued a buy rating to the stock. Hess Corporation has a consensus rating of “Hold” and an average price target of $51.66.
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.
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