Westpac Banking Corp increased its position in Hess Corporation (NYSE:HES) by 40.4% during the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 223,817 shares of the oil and gas producer’s stock after purchasing an additional 64,434 shares during the period. Westpac Banking Corp owned approximately 0.07% of Hess Corporation worth $10,495,000 at the end of the most recent quarter.
Several other institutional investors and hedge funds have also recently modified their holdings of HES. Bank of New York Mellon Corp lifted its holdings in shares of Hess Corporation by 84.7% in the 2nd quarter. Bank of New York Mellon Corp now owns 4,615,399 shares of the oil and gas producer’s stock worth $202,476,000 after purchasing an additional 2,117,131 shares in the last quarter. Hermes Investment Management Ltd. lifted its holdings in shares of Hess Corporation by 57.0% in the 3rd quarter. Hermes Investment Management Ltd. now owns 1,730,153 shares of the oil and gas producer’s stock worth $81,127,000 after purchasing an additional 627,795 shares in the last quarter. Bank of Nova Scotia lifted its holdings in shares of Hess Corporation by 161.6% in the 2nd quarter. Bank of Nova Scotia now owns 945,876 shares of the oil and gas producer’s stock worth $41,496,000 after purchasing an additional 584,247 shares in the last quarter. UBS Asset Management Americas Inc. lifted its holdings in shares of Hess Corporation by 24.3% in the 2nd quarter. UBS Asset Management Americas Inc. now owns 2,968,188 shares of the oil and gas producer’s stock worth $130,214,000 after purchasing an additional 580,842 shares in the last quarter. Finally, Balyasny Asset Management LLC bought a new position in shares of Hess Corporation in the 2nd quarter worth $24,456,000. Institutional investors own 87.89% of the company’s stock.
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In other news, COO Gregory P. Hill sold 11,726 shares of the company’s stock in a transaction on Thursday, August 24th. The stock was sold at an average price of $38.37, for a total transaction of $449,926.62. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, insider Barbara J. Lowery-Yilmaz sold 3,873 shares of the company’s stock in a transaction on Tuesday, August 8th. The shares were sold at an average price of $43.47, for a total value of $168,359.31. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 21,599 shares of company stock worth $873,466. Corporate insiders own 11.80% of the company’s stock.
A number of brokerages recently issued reports on HES. Scotiabank set a $52.00 target price on Hess Corporation and gave the stock a “buy” rating in a report on Wednesday, October 25th. Zacks Investment Research upgraded Hess Corporation from a “hold” rating to a “buy” rating and set a $49.00 target price on the stock in a report on Wednesday. BMO Capital Markets set a $42.00 target price on Hess Corporation and gave the stock a “hold” rating in a report on Friday, July 28th. Morgan Stanley reiterated an “equal weight” rating on shares of Hess Corporation in a report on Saturday, September 16th. Finally, Piper Jaffray Companies set a $47.00 target price on Hess Corporation and gave the stock a “buy” rating in a report on Friday, August 25th. Three equities research analysts have rated the stock with a sell rating, nine have given a hold rating and seven have assigned a buy rating to the company. The stock presently has a consensus rating of “Hold” and a consensus target price of $51.66.
Hess Corporation (NYSE:HES) last announced its quarterly earnings results on Wednesday, October 25th. The oil and gas producer reported ($1.07) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($1.29) by $0.22. The firm had revenue of $1.67 billion for the quarter, compared to the consensus estimate of $1.27 billion. Hess Corporation had a negative return on equity of 9.69% and a negative net margin of 113.21%. The company’s quarterly revenue was up 39.3% on a year-over-year basis. During the same period in the prior year, the company posted ($1.12) earnings per share.
Hess Corporation 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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