Hess Corporation (HES) Shares Bought by Comerica Bank
Comerica Bank raised its stake in Hess Corporation (NYSE:HES) by 0.5% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 85,353 shares of the oil and gas producer’s stock after buying an additional 393 shares during the period. Comerica Bank’s holdings in Hess Corporation were worth $3,767,000 at the end of the most recent reporting period.
Other hedge funds have also added to or reduced their stakes in the company. Welch & Forbes LLC increased its stake in Hess Corporation by 1.0% in the second quarter. Welch & Forbes LLC now owns 4,668 shares of the oil and gas producer’s stock valued at $205,000 after buying an additional 46 shares during the last quarter. Bollard Group LLC increased its stake in Hess Corporation by 0.6% in the second quarter. Bollard Group LLC now owns 10,462 shares of the oil and gas producer’s stock valued at $459,000 after buying an additional 62 shares during the last quarter. Conning Inc. increased its stake in Hess Corporation by 1.3% in the second quarter. Conning Inc. now owns 7,687 shares of the oil and gas producer’s stock valued at $337,000 after buying an additional 99 shares during the last quarter. Cleararc Capital Inc. increased its stake in Hess Corporation by 1.7% in the first quarter. Cleararc Capital Inc. now owns 6,595 shares of the oil and gas producer’s stock valued at $318,000 after buying an additional 113 shares during the last quarter. Finally, Nordea Investment Management AB increased its stake in Hess Corporation by 0.8% in the first quarter. Nordea Investment Management AB now owns 17,748 shares of the oil and gas producer’s stock valued at $856,000 after buying an additional 148 shares during the last quarter. Institutional investors and hedge funds own 87.14% of the company’s stock.
Shares of Hess Corporation (NYSE:HES) opened at 38.13 on Wednesday. The stock’s market cap is $11.99 billion. The stock’s 50 day moving average price is $42.19 and its 200-day moving average price is $46.35. Hess Corporation has a 52 week low of $37.37 and a 52 week high of $65.56.
Hess Corporation (NYSE:HES) last announced its quarterly earnings data on Wednesday, July 26th. The oil and gas producer reported ($1.46) earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of ($1.32) by $0.14. Hess Corporation had a negative net margin of 118.07% and a negative return on equity of 8.49%. The firm had revenue of $1.23 billion for the quarter, compared to analyst estimates of $1.19 billion. During the same quarter in the previous year, the company earned ($1.10) EPS. The company’s quarterly revenue was down 3.2% compared to the same quarter last year. Equities analysts anticipate that Hess Corporation will post ($4.79) earnings per share for the current fiscal year.
HES has been the subject of several recent research reports. Capital One Financial Corporation downgraded Hess Corporation from an “equal weight” rating to an “underweight” rating and decreased their price objective for the company from $65.00 to $50.00 in a report on Wednesday, June 21st. Atlantic Securities downgraded Hess Corporation from an “overweight” rating to a “neutral” rating and decreased their price objective for the company from $68.00 to $45.00 in a report on Tuesday, June 27th. Cowen and Company restated a “hold” rating and issued a $50.00 price objective on shares of Hess Corporation in a report on Tuesday, August 22nd. Scotiabank set a $53.00 price objective on Hess Corporation and gave the company a “buy” rating in a report on Tuesday, May 16th. Finally, Piper Jaffray Companies set a $47.00 price objective on Hess Corporation and gave the company a “buy” rating in a report on Friday, August 25th. Four equities research analysts have rated the stock with a sell rating, eight have given a hold rating and seven have issued a buy rating to the company. Hess Corporation currently has an average rating of “Hold” and an average price target of $53.56.
In other news, insider Barbara J. Lowery-Yilmaz sold 3,873 shares of the stock in a transaction that occurred on Tuesday, August 8th. The stock was sold at an average price of $43.47, for a total transaction of $168,359.31. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, COO Gregory P. Hill sold 11,726 shares of the stock in a transaction that occurred on Thursday, August 24th. The stock was sold at an average price of $38.37, for a total value of $449,926.62. The disclosure for this sale can be found here. Corporate insiders own 11.80% of the company’s stock.
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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