Bank of America reissued their buy rating on shares of Hess (NYSE:HES) in a report published on Thursday morning, AnalystRatings.com reports. They currently have a $80.00 price objective on the oil and gas producer’s stock.

Several other research firms have also commented on HES. Cowen assumed coverage on shares of Hess in a report on Thursday, December 5th. They issued a market perform rating and a $65.00 price target for the company. Piper Sandler raised shares of Hess from a neutral rating to an overweight rating and lifted their price target for the company from $75.00 to $77.00 in a report on Monday, February 3rd. Howard Weil assumed coverage on shares of Hess in a report on Wednesday, November 13th. They issued a sector underperform rating for the company. JPMorgan Chase & Co. raised shares of Hess to a neutral rating in a report on Tuesday, January 7th. Finally, Scotiabank upgraded shares of Hess from a sector underperform rating to a sector outperform rating and set a $79.00 price objective on the stock in a research report on Thursday, January 30th. Two research analysts have rated the stock with a sell rating, five have given a hold rating and eleven have assigned a buy rating to the company. Hess currently has a consensus rating of Buy and an average target price of $74.46.

Shares of NYSE HES traded up $0.35 during midday trading on Thursday, hitting $60.34. The company’s stock had a trading volume of 7,043,102 shares, compared to its average volume of 3,104,645. Hess has a 1-year low of $53.58 and a 1-year high of $74.11. The firm’s fifty day moving average price is $64.44 and its 200-day moving average price is $64.12. The company has a debt-to-equity ratio of 0.80, a quick ratio of 1.33 and a current ratio of 1.26. The firm has a market cap of $16.74 billion, a P/E ratio of -45.03 and a beta of 2.04.

Hess (NYSE:HES) last posted its quarterly earnings results on Wednesday, January 29th. The oil and gas producer reported ($0.60) EPS for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.56) by ($0.04). Hess had a negative net margin of 6.16% and a negative return on equity of 2.68%. The business had revenue of $1.69 billion during the quarter, compared to analyst estimates of $1.54 billion. During the same period last year, the firm posted ($0.31) earnings per share. The company’s quarterly revenue was up .5% on a year-over-year basis. As a group, research analysts predict that Hess will post -0.06 earnings per share for the current fiscal year.

In related news, SVP Geurt G. Schoonman sold 5,070 shares of Hess stock in a transaction dated Thursday, February 6th. The shares were sold at an average price of $57.68, for a total value of $292,437.60. Following the sale, the senior vice president now directly owns 45,218 shares in the company, valued at approximately $2,608,174.24. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, CEO John B. Hess sold 226,448 shares of Hess stock in a transaction dated Thursday, February 6th. The shares were sold at an average price of $57.76, for a total transaction of $13,079,636.48. Following the completion of the sale, the chief executive officer now owns 1,570,572 shares in the company, valued at $90,716,238.72. The disclosure for this sale can be found here. Over the last quarter, insiders sold 342,404 shares of company stock worth $20,407,635. 12.22% of the stock is currently owned by insiders.

A number of large investors have recently modified their holdings of HES. Savior LLC bought a new stake in shares of Hess during the 4th quarter worth about $31,000. Valeo Financial Advisors LLC raised its position in shares of Hess by 410.0% during the 4th quarter. Valeo Financial Advisors LLC now owns 510 shares of the oil and gas producer’s stock worth $34,000 after buying an additional 410 shares in the last quarter. Ropes Wealth Advisors LLC raised its position in shares of Hess by 625.0% during the 3rd 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. Synovus Financial Corp raised its position in shares of Hess by 136.2% during the 4th quarter. Synovus Financial Corp now owns 626 shares of the oil and gas producer’s stock worth $42,000 after buying an additional 361 shares in the last quarter. Finally, Covenant Multifamily Offices LLC bought a new stake in shares of Hess during the 4th quarter worth about $44,000. Hedge funds and other institutional investors own 86.77% of the company’s stock.

About Hess

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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