Hess Corp. (NYSE:HES) was the recipient of a large increase in short interest in July. As of July 31st, there was short interest totalling 12,495,500 shares, an increase of 7.7% from the June 30th total of 11,602,300 shares. Approximately 4.7% of the shares of the company are sold short. Based on an average daily trading volume, of 2,910,000 shares, the days-to-cover ratio is currently 4.3 days.
Shares of HES traded up $0.20 during trading hours on Friday, hitting $59.82. 2,356,477 shares of the company were exchanged, compared to its average volume of 3,445,285. The company has a market cap of $18.88 billion, a price-to-earnings ratio of -80.84 and a beta of 1.97. Hess has a fifty-two week low of $35.59 and a fifty-two week high of $74.81. The company has a quick ratio of 1.46, a current ratio of 1.58 and a debt-to-equity ratio of 0.68. The firm’s fifty day moving average is $61.37 and its 200 day moving average is $60.34.
Hess (NYSE:HES) last released its earnings results on Wednesday, July 31st. The oil and gas producer reported ($0.09) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.10) by $0.01. The company had revenue of $1.70 billion for the quarter, compared to analyst estimates of $1.52 billion. Hess had a return on equity of 0.46% and a net margin of 1.09%. Hess’s quarterly revenue was up 8.4% on a year-over-year basis. During the same period in the prior year, the firm posted ($0.23) EPS. Analysts anticipate that Hess will post -0.39 EPS for the current year.
A number of research analysts have commented on HES shares. Zacks Investment Research raised Hess from a “hold” rating to a “buy” rating and set a $72.00 price objective on the stock in a report on Tuesday, April 30th. Wells Fargo & Co reaffirmed a “buy” rating on shares of Hess in a report on Wednesday, July 31st. Capital One Financial raised Hess from an “underweight” rating to an “equal weight” rating in a report on Wednesday, May 15th. MKM Partners raised Hess from a “neutral” rating to a “buy” rating and set a $75.00 target price on the stock in a report on Tuesday, May 28th. Finally, ValuEngine lowered Hess from a “buy” rating to a “hold” rating in a report on Wednesday, May 1st. One investment analyst has rated the stock with a sell rating, eight have given a hold rating and seven have issued a buy rating to the company. The stock currently has a consensus rating of “Hold” and a consensus target price of $69.46.
In other Hess news, insider Barbara J. Lowery-Yilmaz sold 7,305 shares of the company’s stock in a transaction on Tuesday, August 6th. The stock was sold at an average price of $57.18, for a total value of $417,699.90. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, insider Michael R. Turner sold 30,345 shares of the company’s stock in a transaction on Wednesday, June 26th. The shares were sold at an average price of $65.17, for a total value of $1,977,583.65. Following the completion of the transaction, the insider now directly owns 94,537 shares in the company, valued at $6,160,976.29. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 48,908 shares of company stock worth $3,090,015. Insiders own 12.22% of the company’s stock.
Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Icon Wealth Partners LLC bought a new stake in shares of Hess during the 1st quarter worth $25,000. Steward Partners Investment Advisory LLC bought a new stake in shares of Hess during the 2nd quarter worth $29,000. Commonwealth Bank of Australia lifted its position in shares of Hess by 45.8% during the 2nd 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 during the last quarter. Trustcore Financial Services LLC bought a new stake in shares of Hess during the 1st quarter worth $35,000. Finally, Coastal Investment Advisors Inc. lifted its position in shares of Hess by 79.6% during the 2nd 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 during the last quarter. 92.62% of the stock is currently owned by institutional investors.
Hess Company Profile
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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