Gamco Investors INC. ET AL reduced its holdings in Hess Corp. (NYSE:HES) by 36.8% during the 3rd quarter, Holdings Channel reports. The fund owned 23,557 shares of the oil and gas producer’s stock after selling 13,700 shares during the quarter. Gamco Investors INC. ET AL’s holdings in Hess were worth $1,425,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
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A number of other institutional investors and hedge funds have also bought and sold shares of HES. Steward Partners Investment Advisory LLC acquired a new position in shares of Hess during the 2nd quarter valued at $29,000. Commonwealth Bank of Australia increased its position in shares of Hess by 45.8% during the 2nd quarter. Commonwealth Bank of Australia now owns 551 shares of the oil and gas producer’s stock valued at $32,000 after purchasing an additional 173 shares during the period. Coastal Investment Advisors Inc. increased its position in shares of Hess by 79.6% during the 2nd quarter. Coastal Investment Advisors Inc. now owns 573 shares of the oil and gas producer’s stock valued at $37,000 after purchasing an additional 254 shares during the period. CSat Investment Advisory L.P. increased its position in shares of Hess by 120.8% during the 2nd quarter. CSat Investment Advisory L.P. now owns 828 shares of the oil and gas producer’s stock valued at $53,000 after purchasing an additional 453 shares during the period. Finally, Capital Investment Advisory Services LLC increased its position in shares of Hess by 181.5% during the 2nd quarter. Capital Investment Advisory Services LLC now owns 915 shares of the oil and gas producer’s stock valued at $55,000 after purchasing an additional 590 shares during the period. Hedge funds and other institutional investors own 90.34% of the company’s stock.
Several equities analysts have recently issued reports on the company. Citigroup assumed coverage on Hess in a research report on Monday, September 23rd. They set a “neutral” rating and a $70.00 price target on the stock. Bank of America reiterated a “buy” rating and set a $80.00 price target (up from $75.00) on shares of Hess in a research report on Monday, October 7th. Piper Jaffray Companies set a $61.00 price target on Hess and gave the company a “hold” rating in a research report on Friday, August 16th. MKM Partners set a $80.00 price target on Hess and gave the company a “buy” rating in a research report on Friday, November 1st. Finally, Morgan Stanley lifted their price target on Hess from $71.00 to $72.00 and gave the company an “overweight” rating in a research report on Monday, November 4th. Two investment analysts have rated the stock with a sell rating, seven have given a hold rating and seven have assigned a buy rating to the company’s stock. Hess has a consensus rating of “Hold” and a consensus price target of $68.75.
Shares of HES traded up $1.12 during trading hours on Friday, hitting $71.85. 1,929,010 shares of the company were exchanged, compared to its average volume of 3,265,858. The company has a market capitalization of $21.22 billion, a PE ratio of -97.09 and a beta of 2.01. The company has a debt-to-equity ratio of 0.70, a current ratio of 1.45 and a quick ratio of 1.46. The firm has a fifty day simple moving average of $65.34 and a 200-day simple moving average of $62.61. Hess Corp. has a one year low of $35.59 and a one year high of $72.19.
Hess (NYSE:HES) last released its quarterly earnings data on Wednesday, October 30th. The oil and gas producer reported ($0.32) earnings per share for the quarter, hitting the consensus estimate of ($0.32). The business had revenue of $1.52 billion during the quarter, compared to analyst estimates of $1.52 billion. Hess had a negative return on equity of 1.62% and a negative net margin of 2.82%. The company’s revenue was down 17.1% compared to the same quarter last year. During the same period last year, the company posted $0.38 EPS. Sell-side analysts expect that Hess Corp. will post -0.69 EPS for the current year.
In other news, CEO John B. Hess sold 142,109 shares of the firm’s stock in a transaction on Wednesday, September 4th. The stock was sold at an average price of $65.11, for a total value of $9,252,716.99. Following the completion of the sale, the chief executive officer now owns 1,562,015 shares of the company’s stock, valued at $101,702,796.65. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO John B. Hess sold 2,600 shares of the firm’s stock in a transaction on Monday, September 9th. The stock was sold at an average price of $65.00, for a total value of $169,000.00. Following the completion of the sale, the chief executive officer now directly owns 1,385,167 shares of the company’s stock, valued at approximately $90,035,855. The disclosure for this sale can be found here. Over the last three months, insiders have sold 235,606 shares of company stock valued at $15,594,809. Corporate insiders own 12.22% of the company’s stock.
Hess Company Profile
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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