LS Investment Advisors LLC lessened its stake in Hess Corp. (NYSE:HES) by 26.1% during the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 9,431 shares of the oil and gas producer’s stock after selling 3,336 shares during the period. LS Investment Advisors LLC’s holdings in Hess were worth $448,000 as of its most recent SEC filing.
A number of other hedge funds also recently modified their holdings of the stock. Hotchkis & Wiley Capital Management LLC increased its position in Hess by 13.9% in the 3rd quarter. Hotchkis & Wiley Capital Management LLC now owns 9,206,402 shares of the oil and gas producer’s stock valued at $431,688,000 after acquiring an additional 1,123,000 shares during the period. Bank of New York Mellon Corp increased its position in Hess by 13.0% during the 3rd quarter. Bank of New York Mellon Corp now owns 5,213,975 shares of the oil and gas producer’s stock worth $244,483,000 after purchasing an additional 598,576 shares during the period. Artisan Partners Limited Partnership increased its position in Hess by 2.3% during the 3rd quarter. Artisan Partners Limited Partnership now owns 5,189,336 shares of the oil and gas producer’s stock worth $243,328,000 after purchasing an additional 114,613 shares during the period. Barrow Hanley Mewhinney & Strauss LLC increased its position in Hess by 2.0% during the 3rd quarter. Barrow Hanley Mewhinney & Strauss LLC now owns 4,227,746 shares of the oil and gas producer’s stock worth $198,239,000 after purchasing an additional 82,901 shares during the period. Finally, Wells Fargo & Company MN increased its position in Hess by 2.1% during the 3rd quarter. Wells Fargo & Company MN now owns 3,486,148 shares of the oil and gas producer’s stock worth $163,465,000 after purchasing an additional 73,374 shares during the period. Hedge funds and other institutional investors own 89.83% of the company’s stock.
In related news, CEO John B. Hess sold 93,712 shares of the company’s stock in a transaction that occurred on Thursday, February 8th. The stock was sold at an average price of $44.29, for a total value of $4,150,504.48. Following the sale, the chief executive officer now owns 1,885,911 shares in the company, valued at approximately $83,526,998.19. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, SVP Timothy B. Goodell sold 3,627 shares of the company’s stock in a transaction that occurred on Thursday, February 8th. The stock was sold at an average price of $44.43, for a total value of $161,147.61. Following the completion of the sale, the senior vice president now owns 99,555 shares in the company, valued at approximately $4,423,228.65. The disclosure for this sale can be found here. In the last 90 days, insiders sold 116,347 shares of company stock worth $5,157,584. Insiders own 11.80% of the company’s stock.
Hess (NYSE:HES) last released its quarterly earnings results on Monday, February 5th. The oil and gas producer reported ($1.01) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.91) by ($0.10). The firm had revenue of $1.30 billion during the quarter, compared to analyst estimates of $1.32 billion. Hess had a negative return on equity of 9.82% and a negative net margin of 74.55%. The business’s revenue was down 6.5% on a year-over-year basis. During the same quarter in the prior year, the company earned ($1.01) EPS. sell-side analysts predict that Hess Corp. will post -2.1 EPS for the current year.
HES has been the topic of several recent analyst reports. Scotiabank set a $52.00 target price on Hess and gave the stock a “buy” rating in a research report on Wednesday, October 25th. Zacks Investment Research upgraded Hess from a “hold” rating to a “buy” rating and set a $49.00 target price on the stock in a research report on Wednesday, November 1st. BMO Capital Markets set a $45.00 target price on Hess and gave the stock a “hold” rating in a research report on Friday, November 17th. Credit Suisse Group initiated coverage on Hess in a research report on Monday, December 11th. They set an “underperform” rating and a $38.00 target price on the stock. Finally, JPMorgan Chase & Co. cut Hess from a “neutral” rating to an “underweight” rating and set a $44.00 target price on the stock. in a research report on Friday, December 15th. Four research analysts have rated the stock with a sell rating, nine have given a hold rating and eight have assigned a buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and a consensus target price of $52.52.
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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, the Malaysia/Thailand Joint Development Area (JDA), Malaysia and Norway.
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