Traders Buy Hess (HES) on Weakness
Investors purchased shares of Hess Corporation (NYSE:HES) on weakness during trading on Thursday. $92.93 million flowed into the stock on the tick-up and $42.29 million flowed out of the stock on the tick-down, for a money net flow of $50.64 million into the stock. Of all companies tracked, Hess had the 15th highest net in-flow for the day. Hess traded down ($1.43) for the day and closed at $42.67
A number of equities research analysts recently weighed in on HES shares. BMO Capital Markets reissued a “hold” rating and set a $42.00 price target on shares of Hess in a research note on Friday, September 1st. Zacks Investment Research raised shares of Hess from a “hold” rating to a “buy” rating and set a $53.00 price target for the company in a research note on Thursday, November 9th. Scotiabank set a $52.00 price target on shares of Hess and gave the stock a “buy” rating in a research note on Wednesday, October 25th. J P Morgan Chase & Co downgraded shares of Hess from an “overweight” rating to a “neutral” rating and dropped their price target for the stock from $52.00 to $45.00 in a research note on Thursday, September 14th. Finally, Morgan Stanley boosted their price target on shares of Hess from $43.00 to $49.00 and gave the stock an “equal weight” rating in a research note on Wednesday, October 18th. Five equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating and seven have assigned a buy rating to the stock. The stock has an average rating of “Hold” and a consensus target price of $50.87.
The company has a debt-to-equity ratio of 0.46, a quick ratio of 1.68 and a current ratio of 1.84.
The company also recently announced a quarterly dividend, which will be paid on Friday, December 29th. Shareholders of record on Monday, December 18th will be paid a $0.25 dividend. This represents a $1.00 annualized dividend and a yield of 2.30%. The ex-dividend date of this dividend is Friday, December 15th. Hess’s payout ratio is presently -4.95%.
In other Hess news, COO Gregory P. Hill sold 7,400 shares of the company’s stock in a transaction that occurred on Thursday, December 7th. The shares were sold at an average price of $44.62, for a total value of $330,188.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Brian D. Truelove sold 6,000 shares of the company’s stock in a transaction that occurred on Monday, September 18th. The shares were sold at an average price of $42.53, for a total transaction of $255,180.00. The disclosure for this sale can be found here. 11.80% of the stock is currently owned by corporate insiders.
A number of large investors have recently modified their holdings of HES. Oppenheimer Asset Management Inc. increased its position in shares of Hess by 7.3% during the second quarter. Oppenheimer Asset Management Inc. now owns 2,464 shares of the oil and gas producer’s stock worth $108,000 after acquiring an additional 167 shares in the last quarter. Legacy Advisors LLC bought a new stake in shares of Hess during the third quarter worth $134,000. Advisor Group Inc. increased its position in shares of Hess by 9.7% during the second quarter. Advisor Group Inc. now owns 4,107 shares of the oil and gas producer’s stock worth $167,000 after acquiring an additional 362 shares in the last quarter. Point View Wealth Management Inc. bought a new stake in shares of Hess during the third quarter worth $208,000. Finally, Banque Pictet & Cie SA bought a new stake in shares of Hess during the second quarter worth $211,000. 89.73% of the stock is owned by hedge funds and other institutional investors.
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.
Receive News & Ratings for Hess Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Hess and related companies with MarketBeat.com's FREE daily email newsletter.