J P Morgan Chase & Co lowered shares of Hess Corporation (NYSE:HES) from an overweight rating to a neutral rating in a report published on Thursday morning, MarketBeat.com reports. J P Morgan Chase & Co currently has $45.00 target price on the oil and gas producer’s stock, down from their previous target price of $52.00.
A number of other analysts also recently issued reports on HES. BMO Capital Markets set a $55.00 price objective on shares of Hess Corporation and gave the company a hold rating in a report on Saturday, June 17th. Scotiabank set a $50.00 price objective on shares of Hess Corporation and gave the company a buy rating in a report on Saturday, July 1st. Zacks Investment Research raised shares of Hess Corporation from a sell rating to a hold rating in a report on Tuesday, September 12th. BidaskClub raised shares of Hess Corporation from a strong sell rating to a sell rating in a report on Saturday, July 1st. Finally, Piper Jaffray Companies set a $47.00 price objective on shares of Hess Corporation and gave the company a buy rating in a report on Friday, August 25th. Three analysts have rated the stock with a sell rating, eleven have given a hold rating and six have given a buy rating to the company’s stock. The company currently has a consensus rating of Hold and an average target price of $52.13.
Hess Corporation (NYSE:HES) opened at 42.17 on Thursday. The company’s market cap is $13.26 billion. The firm’s 50-day moving average is $40.84 and its 200-day moving average is $45.19. Hess Corporation has a 52 week low of $37.25 and a 52 week high of $65.56.
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 (EPS) for the quarter, missing the Zacks’ consensus estimate of ($1.32) by ($0.14). The business had revenue of $1.23 billion during the quarter, compared to the consensus estimate of $1.19 billion. Hess Corporation had a negative net margin of 118.07% and a negative return on equity of 8.49%. The business’s revenue for the quarter was down 3.2% on a year-over-year basis. During the same period in the prior year, the firm earned ($1.10) EPS. On average, analysts expect that Hess Corporation will post ($4.80) EPS for the current fiscal year.
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The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 29th. Investors of record on Monday, September 18th will be paid a $0.25 dividend. This represents a $1.00 annualized dividend and a yield of 2.37%. The ex-dividend date is Friday, September 15th. Hess Corporation’s payout ratio is -5.18%.
In related news, COO Gregory P. Hill sold 11,726 shares of the 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 filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Barbara J. Lowery-Yilmaz sold 3,873 shares of the stock in a transaction that occurred on Tuesday, August 8th. The shares were sold at an average price of $43.47, for a total transaction of $168,359.31. The disclosure for this sale can be found here. 11.80% of the stock is owned by corporate insiders.
Large investors have recently modified their holdings of the stock. Independence Advisors LLC bought a new position in Hess Corporation in the 2nd quarter valued at approximately $230,000. D Orazio & Associates Inc. lifted its stake in Hess Corporation by 266.7% in the 1st quarter. D Orazio & Associates Inc. now owns 2,200 shares of the oil and gas producer’s stock valued at $106,000 after purchasing an additional 1,600 shares during the last quarter. Oppenheimer Asset Management Inc. bought a new position in Hess Corporation in the 1st quarter valued at approximately $111,000. Korea Investment CORP lifted its stake in 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 last quarter. Finally, Lenox Wealth Advisors Inc. bought a new position in Hess Corporation in the 2nd quarter valued at approximately $132,000. 87.15% of the stock is owned by institutional investors and hedge funds.
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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