Mitchell Group Inc. Cuts Position in Hess Co. (HES)

Mitchell Group Inc. trimmed its holdings in Hess Co. (NYSE:HES) by 11.0% during the 3rd quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 538,416 shares of the oil and gas producer’s stock after selling 66,260 shares during the quarter. Hess accounts for approximately 4.0% of Mitchell Group Inc.’s investment portfolio, making the stock its 11th biggest holding. Mitchell Group Inc. owned 0.17% of Hess worth $25,246,000 as of its most recent SEC filing.

A number of other large investors have also bought and sold shares of the business. Condor Capital Management boosted its holdings in Hess by 0.3% in the second quarter. Condor Capital Management now owns 13,579 shares of the oil and gas producer’s stock valued at $596,000 after purchasing an additional 39 shares during the last quarter. Welch & Forbes LLC boosted its holdings in Hess by 1.0% in the second quarter. Welch & Forbes LLC now owns 4,668 shares of the oil and gas producer’s stock valued at $205,000 after purchasing an additional 46 shares during the last quarter. Linscomb & Williams Inc. boosted its holdings in Hess by 0.3% in the second quarter. Linscomb & Williams Inc. now owns 21,171 shares of the oil and gas producer’s stock valued at $929,000 after purchasing an additional 71 shares during the last quarter. Conning Inc. boosted its holdings in Hess by 1.3% in the second quarter. Conning Inc. now owns 7,687 shares of the oil and gas producer’s stock valued at $337,000 after purchasing an additional 99 shares during the last quarter. Finally, Calamos Wealth Management LLC boosted its stake in shares of Hess by 0.7% during the 2nd quarter. Calamos Wealth Management LLC now owns 15,330 shares of the oil and gas producer’s stock worth $673,000 after acquiring an additional 107 shares in the last quarter. 88.07% of the stock is currently owned by institutional investors.

In other Hess news, COO Gregory P. Hill sold 11,726 shares of the firm’s stock in a transaction that occurred on Thursday, August 24th. The shares were sold at an average price of $38.37, for a total value of $449,926.62. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider Brian D. Truelove sold 6,000 shares of the firm’s stock in a transaction that occurred on Monday, September 18th. The shares were sold at an average price of $42.53, for a total transaction of $255,180.00. The disclosure for this sale can be found here. 11.80% of the stock is currently owned by company insiders.

Several equities research analysts have recently issued reports on the stock. Zacks Investment Research lowered shares of Hess from a “buy” rating to a “hold” rating in a research note on Wednesday, November 8th. Morgan Stanley increased their target price on shares of Hess from $43.00 to $49.00 and gave the stock an “equal weight” rating in a research note on Wednesday, October 18th. BMO Capital Markets set a $42.00 target price on shares of Hess and gave the stock a “hold” rating in a research note on Friday, July 28th. Scotiabank set a $50.00 target price on shares of Hess and gave the stock a “buy” rating in a research note on Friday. Finally, BidaskClub lowered shares of Hess from a “sell” rating to a “strong sell” rating in a research note on Friday, July 28th. Three research analysts have rated the stock with a sell rating, nine have assigned a hold rating and seven have assigned a buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and an average price target of $51.79.

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Hess Co. (NYSE HES) traded down $0.99 during trading on Tuesday, reaching $43.56. 2,784,900 shares of the company traded hands, compared to its average volume of 4,167,071. Hess Co. has a 12-month low of $37.25 and a 12-month high of $65.56. The company has a debt-to-equity ratio of 0.46, a current ratio of 1.84 and a quick ratio of 1.68.

Hess (NYSE:HES) last posted its 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. Hess had a negative net margin of 42.60% and a negative return on equity of 18.93%. The firm had revenue of $1.67 billion during the quarter, compared to the consensus estimate of $1.27 billion. During the same quarter last year, the firm earned ($1.12) EPS. The firm’s revenue for the quarter was up 39.3% on a year-over-year basis. sell-side analysts expect that Hess Co. will post -4.64 EPS for the current year.

About Hess

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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Institutional Ownership by Quarter for Hess (NYSE:HES)

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