Hess (NYSE:HES) Shares Gap Down to $71.81

Hess Corp. (NYSE:HES) gapped down before the market opened on Wednesday . The stock had previously closed at $73.41, but opened at $71.81. Hess shares last traded at $68.97, with a volume of 3,734,358 shares changing hands.

Several equities analysts have weighed in on HES shares. Scotiabank started coverage on Hess in a report on Tuesday. They set an “underperform” rating for the company. ValuEngine raised Hess from a “hold” rating to a “buy” rating in a report on Monday, September 16th. Wells Fargo & Co reissued a “buy” rating on shares of Hess in a report on Wednesday, July 31st. Bank of America reaffirmed a “buy” rating and issued a $80.00 price target (up from $75.00) on shares of Hess in a report on Monday, October 7th. Finally, Cfra lowered Hess from a “hold” rating to a “sell” rating in a report on Wednesday, October 30th. Four research analysts have rated the stock with a sell rating, seven have issued a hold rating and seven have issued a buy rating to the stock. The stock presently has an average rating of “Hold” and a consensus target price of $68.75.

The stock has a fifty day moving average price of $65.76 and a 200 day moving average price of $62.70. The company has a debt-to-equity ratio of 0.70, a current ratio of 1.45 and a quick ratio of 1.33. The stock has a market capitalization of $21.89 billion, a P/E ratio of -93.20 and a beta of 2.01.

Hess (NYSE:HES) last posted its quarterly earnings results on Wednesday, October 30th. The oil and gas producer reported ($0.32) EPS for the quarter, hitting the Zacks’ consensus estimate of ($0.32). Hess had a negative return on equity of 1.62% and a negative net margin of 2.82%. The firm had revenue of $1.52 billion during the quarter, compared to analyst estimates of $1.52 billion. During the same period last year, the company earned $0.38 earnings per share. The business’s revenue for the quarter was down 17.1% on a year-over-year basis. Research analysts anticipate that Hess Corp. will post -0.69 earnings per share for the current year.

In related news, SVP Michael R. Turner sold 32,746 shares of the stock in a transaction on Monday, September 16th. The stock was sold at an average price of $69.00, for a total value of $2,259,474.00. Following the sale, the senior vice president now owns 54,904 shares in the company, valued at $3,788,376. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO John B. Hess sold 2,600 shares of the 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 owns 1,385,167 shares in the company, valued at approximately $90,035,855. The disclosure for this sale can be found here. Insiders sold 224,348 shares of company stock worth $14,900,078 in the last quarter. 12.22% of the stock is currently owned by company insiders.

Hedge funds have recently modified their holdings of the stock. Steward Partners Investment Advisory LLC purchased a new stake in shares of Hess in the second quarter worth $29,000. Commonwealth Bank of Australia raised its position in shares of Hess by 45.8% in the second quarter. Commonwealth Bank of Australia now owns 551 shares of the oil and gas producer’s stock worth $32,000 after buying an additional 173 shares in the last quarter. Ropes Wealth Advisors LLC raised its position in shares of Hess by 625.0% in the third quarter. Ropes Wealth Advisors LLC now owns 580 shares of the oil and gas producer’s stock worth $35,000 after buying an additional 500 shares in the last quarter. Coastal Investment Advisors Inc. raised its position in shares of Hess by 79.6% in the second quarter. Coastal Investment Advisors Inc. now owns 573 shares of the oil and gas producer’s stock worth $37,000 after buying an additional 254 shares in the last quarter. Finally, CSat Investment Advisory L.P. raised its position in shares of Hess by 120.8% in the second quarter. CSat Investment Advisory L.P. now owns 828 shares of the oil and gas producer’s stock worth $53,000 after buying an additional 453 shares in the last quarter. Institutional investors own 90.24% of the company’s stock.

Hess Company Profile (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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