Solaris Asset Management LLC lowered its position in shares of Hess Corporation (NYSE:HES) by 18.5% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 48,430 shares of the oil and gas producer’s stock after selling 11,013 shares during the period. Solaris Asset Management LLC’s holdings in Hess Corporation were worth $2,125,000 at the end of the most recent quarter.
A number of other large investors have also recently modified their holdings of HES. BlackRock Inc. raised its stake in shares of Hess Corporation by 4,680.2% in the first quarter. BlackRock Inc. now owns 28,963,519 shares of the oil and gas producer’s stock worth $1,396,331,000 after buying an additional 28,357,619 shares during the period. Vanguard Group Inc. raised its stake in shares of Hess Corporation by 6.5% in the first quarter. Vanguard Group Inc. now owns 19,338,184 shares of the oil and gas producer’s stock worth $932,293,000 after buying an additional 1,173,577 shares during the period. Hotchkis & Wiley Capital Management LLC raised its stake in shares of Hess Corporation by 0.7% in the first quarter. Hotchkis & Wiley Capital Management LLC now owns 7,692,202 shares of the oil and gas producer’s stock worth $370,841,000 after buying an additional 55,733 shares during the period. Artisan Partners Limited Partnership raised its stake in shares of Hess Corporation by 15.3% in the first quarter. Artisan Partners Limited Partnership now owns 4,628,866 shares of the oil and gas producer’s stock worth $223,158,000 after buying an additional 615,005 shares during the period. Finally, FMR LLC raised its stake in shares of Hess Corporation by 2.6% in the first quarter. FMR LLC now owns 4,317,393 shares of the oil and gas producer’s stock worth $208,142,000 after buying an additional 110,921 shares during the period. 86.32% of the stock is owned by institutional investors and hedge funds.
Shares of Hess Corporation (HES) traded up 0.21% on Friday, reaching $38.45. The company had a trading volume of 6,393,118 shares. The company has a 50 day moving average of $42.91 and a 200-day moving average of $46.90. Hess Corporation has a 52 week low of $37.55 and a 52 week high of $65.56. The company’s market capitalization is $12.09 billion.
Hess Corporation (NYSE:HES) last posted its earnings results on Wednesday, July 26th. The oil and gas producer reported ($1.46) EPS for the quarter, missing the Zacks’ consensus estimate of ($1.32) by $0.14. Hess Corporation had a negative return on equity of 8.49% and a negative net margin of 118.07%. The firm had revenue of $1.23 billion for the quarter, compared to analyst estimates of $1.19 billion. During the same quarter last year, the firm posted ($1.10) EPS. The firm’s revenue for the quarter was down 3.2% on a year-over-year basis. Analysts predict that Hess Corporation will post ($4.79) earnings per share for the current fiscal year.
HES has been the subject of a number of research analyst reports. Capital One Financial Corporation lowered Hess Corporation from an “equal weight” rating to an “underweight” rating and decreased their target price for the company from $65.00 to $50.00 in a research report on Wednesday, June 21st. Atlantic Securities lowered Hess Corporation from an “overweight” rating to a “neutral” rating and reduced their price target for the stock from $68.00 to $45.00 in a research report on Tuesday, June 27th. Scotiabank set a $53.00 price target on Hess Corporation and gave the stock a “buy” rating in a research report on Tuesday, May 16th. BidaskClub raised Hess Corporation from a “strong sell” rating to a “sell” rating in a research report on Saturday, July 1st. Finally, BMO Capital Markets set a $55.00 price target on Hess Corporation and gave the stock a “hold” rating in a research report on Saturday, June 17th. Four research analysts have rated the stock with a sell rating, nine have assigned a hold rating and six have assigned a buy rating to the stock. Hess Corporation currently has an average rating of “Hold” and a consensus price target of $54.06.
In other news, insider Barbara J. Lowery-Yilmaz sold 3,873 shares of Hess Corporation stock in a transaction dated Tuesday, August 8th. The stock was sold at an average price of $43.47, for a total transaction of $168,359.31. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. 11.80% of the stock is currently owned by insiders.
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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