Brokerages Set Hess Corp. (NYSE:HES) Target Price at $58.84

Hess Corp. (NYSE:HES) has earned a consensus recommendation of “Buy” from the twenty-three ratings firms that are currently covering the company, MarketBeat Ratings reports. Two investment analysts have rated the stock with a sell recommendation, six have assigned a hold recommendation and fourteen have assigned a buy recommendation to the company. The average 1 year price objective among brokers that have issued ratings on the stock in the last year is $59.25.

HES has been the subject of a number of research reports. Susquehanna Bancshares raised their target price on shares of Hess from $45.00 to $54.00 in a report on Friday, May 8th. Bank of America reduced their target price on shares of Hess from $80.00 to $77.00 and set a “buy” rating for the company in a report on Friday, February 28th. JPMorgan Chase & Co. upgraded shares of Hess from a “neutral” rating to an “overweight” rating and raised their target price for the stock from $37.00 to $53.00 in a report on Monday. Wells Fargo & Co reduced their target price on shares of Hess from $59.00 to $57.00 and set an “overweight” rating for the company in a report on Friday, April 3rd. Finally, Zacks Investment Research upgraded shares of Hess from a “sell” rating to a “hold” rating and set a $49.00 target price for the company in a report on Wednesday, May 6th.

Shares of NYSE HES traded up $3.04 during mid-day trading on Friday, reaching $51.74. 3,169,800 shares of the company traded hands, compared to its average volume of 3,822,873. Hess has a fifty-two week low of $26.06 and a fifty-two week high of $74.11. The company has a debt-to-equity ratio of 1.07, a current ratio of 2.19 and a quick ratio of 2.07. The firm has a market cap of $16.02 billion, a PE ratio of -5.53 and a beta of 2.24. The stock has a fifty day simple moving average of $44.03 and a 200-day simple moving average of $53.55.

Hess (NYSE:HES) last issued its earnings results on Thursday, May 7th. The oil and gas producer reported ($0.60) earnings per share for the quarter, topping the Zacks’ consensus estimate of ($0.65) by $0.05. The firm had revenue of $1.37 billion during the quarter, compared to analysts’ expectations of $1.48 billion. Hess had a negative net margin of 45.64% and a negative return on equity of 5.06%. The firm’s revenue for the quarter was down 14.4% compared to the same quarter last year. During the same period last year, the firm posted $0.09 earnings per share. As a group, analysts predict that Hess will post -2.45 EPS for the current fiscal year.

In related news, Director Marc S. Lipschultz bought 503 shares of the company’s stock in a transaction on Friday, March 6th. The stock was bought at an average cost of $49.72 per share, with a total value of $25,009.16. Following the completion of the purchase, the director now owns 13,349 shares in the company, valued at approximately $663,712.28. The acquisition was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CFO John P. Rielly sold 3,778 shares of the business’s stock in a transaction dated Monday, March 9th. The stock was sold at an average price of $32.39, for a total transaction of $122,369.42. Following the completion of the transaction, the chief financial officer now directly owns 255,317 shares of the company’s stock, valued at $8,269,717.63. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 14,918 shares of company stock worth $483,194. Company insiders own 11.39% of the company’s stock.

Several institutional investors and hedge funds have recently bought and sold shares of the stock. 1832 Asset Management L.P. raised its stake in shares of Hess by 11,914.6% during the first quarter. 1832 Asset Management L.P. now owns 556,278 shares of the oil and gas producer’s stock worth $17,872,000 after buying an additional 551,648 shares during the last quarter. The Manufacturers Life Insurance Company raised its stake in shares of Hess by 12.2% during the first quarter. The Manufacturers Life Insurance Company now owns 377,220 shares of the oil and gas producer’s stock worth $12,561,000 after buying an additional 40,919 shares during the last quarter. APG Asset Management N.V. raised its stake in shares of Hess by 2.9% during the first quarter. APG Asset Management N.V. now owns 1,929,656 shares of the oil and gas producer’s stock worth $64,258,000 after buying an additional 55,047 shares during the last quarter. Voloridge Investment Management LLC raised its stake in shares of Hess by 149.0% during the first quarter. Voloridge Investment Management LLC now owns 338,098 shares of the oil and gas producer’s stock worth $11,259,000 after buying an additional 202,294 shares during the last quarter. Finally, Waddell & Reed Financial Inc. raised its stake in shares of Hess by 32.4% during the first quarter. Waddell & Reed Financial Inc. now owns 651,822 shares of the oil and gas producer’s stock worth $21,706,000 after buying an additional 159,677 shares during the last quarter. 87.45% of the stock is owned by institutional investors and hedge funds.

About Hess

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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Analyst Recommendations for Hess (NYSE:HES)

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