Hess (HES) Shares Gap Down to $63.11

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Hess Corp. (NYSE:HES) shares gapped down prior to trading on Thursday . The stock had previously closed at $64.44, but opened at $63.11. Hess shares last traded at $61.93, with a volume of 2991073 shares trading hands.

HES has been the topic of a number of research analyst reports. Morgan Stanley set a $63.00 target price on Hess and gave the company a “buy” rating in a research note on Tuesday, January 29th. Zacks Investment Research raised Hess from a “strong sell” rating to a “hold” rating in a research note on Wednesday, February 6th. Barclays raised Hess from an “equal weight” rating to an “overweight” rating and set a $66.00 target price on the stock in a research note on Thursday, January 10th. They noted that the move was a valuation call. ValuEngine raised Hess from a “hold” rating to a “buy” rating in a research note on Saturday, April 13th. Finally, MKM Partners reissued a “neutral” rating and issued a $71.00 target price on shares of Hess in a research note on Tuesday, April 16th. Two research analysts have rated the stock with a sell rating, eight have given a hold rating and five have issued a buy rating to the company. The stock presently has an average rating of “Hold” and a consensus target price of $68.69.

The company has a current ratio of 1.69, a quick ratio of 1.91 and a debt-to-equity ratio of 0.62. The stock has a market cap of $19.15 billion, a PE ratio of -83.69, a PEG ratio of 320.60 and a beta of 1.96.

Hess (NYSE:HES) last posted its quarterly earnings results on Thursday, April 25th. The oil and gas producer reported $0.09 earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.26) by $0.35. Hess had a negative net margin of 0.75% and a positive return on equity of 0.20%. The business had revenue of $1.60 billion during the quarter, compared to analyst estimates of $1.43 billion. During the same period in the prior year, the business posted ($0.27) earnings per share. The company’s revenue was up 15.0% on a year-over-year basis. Analysts forecast that Hess Corp. will post 0.04 EPS for the current fiscal year.

In other news, SVP Timothy B. Goodell sold 5,546 shares of the stock in a transaction dated Thursday, February 7th. The shares were sold at an average price of $53.40, for a total transaction of $296,156.40. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO John B. Hess sold 218,220 shares of the stock in a transaction dated Monday, February 4th. The stock was sold at an average price of $55.44, for a total transaction of $12,098,116.80. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 470,741 shares of company stock valued at $25,677,557. Company insiders own 12.09% of the company’s stock.

Several institutional investors have recently bought and sold shares of HES. Standard Life Aberdeen plc boosted its holdings in shares of Hess by 3.4% during the third quarter. Standard Life Aberdeen plc now owns 767,491 shares of the oil and gas producer’s stock worth $54,941,000 after purchasing an additional 25,029 shares during the period. AQR Capital Management LLC boosted its holdings in shares of Hess by 129.8% during the third quarter. AQR Capital Management LLC now owns 40,156 shares of the oil and gas producer’s stock worth $2,874,000 after purchasing an additional 22,678 shares during the period. Kentucky Retirement Systems purchased a new stake in shares of Hess during the third quarter worth about $1,949,000. Neuberger Berman Group LLC boosted its holdings in shares of Hess by 49.2% during the third quarter. Neuberger Berman Group LLC now owns 12,520 shares of the oil and gas producer’s stock worth $896,000 after purchasing an additional 4,130 shares during the period. Finally, Rehmann Capital Advisory Group boosted its holdings in shares of Hess by 5,108.9% during the third quarter. Rehmann Capital Advisory Group now owns 9,376 shares of the oil and gas producer’s stock worth $131,000 after purchasing an additional 9,196 shares during the period. Institutional investors own 91.52% of the company’s stock.

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About Hess (NYSE:HES)

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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