Bank of America Corp Reaffirms “Buy” Rating for Hess Corp. (HES)

Hess Corp. (NYSE:HES)‘s stock had its “buy” rating reissued by investment analysts at Bank of America Corp in a research report issued to clients and investors on Friday, April 14th. They presently have a $80.00 price objective on the oil and gas producer’s stock. Bank of America Corp’s price objective would suggest a potential upside of 67.43% from the stock’s current price.

A number of other research analysts also recently issued reports on the stock. Barclays PLC reiterated a “hold” rating and set a $61.00 target price (down previously from $64.00) on shares of Hess Corp. in a research report on Friday, April 14th. Wolfe Research upgraded shares of Hess Corp. from a “market perform” rating to an “outperform” rating in a report on Monday, April 10th. Scotiabank set a $52.00 target price on shares of Hess Corp. and gave the stock a “buy” rating in a research note on Monday, March 27th. Evercore ISI lowered shares of Hess Corp. to a “buy” rating in a research note on Friday, March 3rd. Finally, Goldman Sachs Group Inc lowered shares of Hess Corp. from a “conviction-buy” rating to a “buy” rating in a research note on Wednesday, March 1st. Four analysts have rated the stock with a hold rating and ten have given a buy rating to the company’s stock. Hess Corp. presently has a consensus rating of “Buy” and an average price target of $57.80.

Analyst Recommendations for Hess Corp. (NYSE:HES)

Hess Corp. (NYSE:HES) traded up 2.41% on Friday, hitting $48.93. The company’s stock had a trading volume of 3,648,976 shares. The company has a 50 day moving average price of $48.38 and a 200-day moving average price of $52.77. Hess Corp. has a 1-year low of $45.12 and a 1-year high of $65.56. The company’s market capitalization is $15.36 billion.

Hess Corp. (NYSE:HES) last issued its quarterly earnings results on Wednesday, April 26th. The oil and gas producer reported ($1.07) earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of ($1.10) by $0.03. The firm had revenue of $1.28 billion for the quarter, compared to the consensus estimate of $1.34 billion. Hess Corp. had a negative net margin of 126.59% and a negative return on equity of 7.51%. The company’s revenue for the quarter was up 28.4% on a year-over-year basis. During the same quarter in the previous year, the company earned ($1.72) EPS. On average, equities analysts forecast that Hess Corp. will post ($3.54) earnings per share for the current fiscal year.

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In other Hess Corp. news, COO Gregory P. Hill sold 5,668 shares of the firm’s stock in a transaction on Tuesday, March 7th. The stock was sold at an average price of $51.03, for a total transaction of $289,238.04. Following the completion of the transaction, the chief operating officer now owns 87,267 shares of the company’s stock, valued at $4,453,235.01. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, CEO John B. Hess sold 24,331 shares of the firm’s stock in a transaction on Tuesday, March 7th. The shares were sold at an average price of $50.50, for a total value of $1,228,715.50. Following the transaction, the chief executive officer now directly owns 1,897,098 shares of the company’s stock, valued at approximately $95,803,449. The disclosure for this sale can be found here. Insiders sold 36,300 shares of company stock worth $1,839,552 in the last 90 days. Company insiders own 11.83% of the company’s stock.

Several institutional investors have recently bought and sold shares of HES. Municipal Employees Retirement System of Michigan raised its position in Hess Corp. by 0.4% in the third quarter. Municipal Employees Retirement System of Michigan now owns 8,350 shares of the oil and gas producer’s stock valued at $448,000 after buying an additional 30 shares in the last quarter. Bollard Group LLC raised its position in shares of Hess Corp. by 0.5% in the third quarter. Bollard Group LLC now owns 10,304 shares of the oil and gas producer’s stock worth $553,000 after buying an additional 54 shares during the period. Wall Street Access Asset Management LLC raised its position in shares of Hess Corp. by 2.8% in the fourth quarter. Wall Street Access Asset Management LLC now owns 3,892 shares of the oil and gas producer’s stock worth $242,000 after buying an additional 107 shares during the period. Cleararc Capital Inc. raised its position in shares of Hess Corp. by 1.7% in the first quarter. Cleararc Capital Inc. now owns 6,595 shares of the oil and gas producer’s stock worth $318,000 after buying an additional 113 shares during the period. Finally, Shell Asset Management Co. raised its position in shares of Hess Corp. by 0.5% in the third quarter. Shell Asset Management Co. now owns 22,791 shares of the oil and gas producer’s stock worth $1,222,000 after buying an additional 120 shares during the period. 84.38% of the stock is owned by hedge funds and other institutional investors.

Hess Corp. Company Profile

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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