Permanens Capital L.P. Acquires New Stake in Hess Corp. (HES)

Permanens Capital L.P. acquired a new position in Hess Corp. (NYSE:HES) during the 3rd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor acquired 1,704 shares of the oil and gas producer’s stock, valued at approximately $136,000. Hess comprises 0.0% of Permanens Capital L.P.’s investment portfolio, making the stock its 12th largest holding.

Several other hedge funds also recently bought and sold shares of HES. Harvest Fund Management Co. Ltd bought a new position in Hess during the second quarter valued at approximately $104,000. Palo Capital Inc. bought a new position in Hess during the third quarter valued at approximately $116,000. Tower Research Capital LLC TRC grew its position in Hess by 509.4% during the second quarter. Tower Research Capital LLC TRC now owns 2,084 shares of the oil and gas producer’s stock valued at $140,000 after acquiring an additional 1,742 shares during the last quarter. Atlas Capital Advisors LLC bought a new position in Hess during the third quarter valued at approximately $153,000. Finally, Cornerstone Wealth Management LLC bought a new position in Hess during the second quarter valued at approximately $154,000. Institutional investors own 87.50% of the company’s stock.

In other news, insider Michael R. Turner sold 4,142 shares of the stock in a transaction that occurred on Wednesday, November 21st. The stock was sold at an average price of $56.82, for a total transaction of $235,348.44. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 12.09% of the company’s stock.

A number of research analysts have commented on HES shares. KLR Group reiterated a “hold” rating and set a $74.00 price target on shares of Hess in a research report on Monday, August 20th. Bank of America reiterated a “buy” rating and set a $86.00 price target (up from $83.00) on shares of Hess in a research report on Monday, September 17th. Credit Suisse Group set a $61.00 price target on shares of Hess and gave the company a “hold” rating in a research report on Monday, September 17th. Morgan Stanley reiterated a “buy” rating and set a $87.00 price target (up from $84.00) on shares of Hess in a research report on Tuesday, September 18th. Finally, Piper Jaffray Companies cut shares of Hess from an “overweight” rating to a “neutral” rating in a research report on Thursday, September 27th. Two equities research analysts have rated the stock with a sell rating, ten have issued a hold rating and three have assigned a buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and a consensus price target of $67.08.

Shares of NYSE:HES traded up $1.97 during trading on Monday, reaching $55.86. 572,646 shares of the company traded hands, compared to its average volume of 3,237,019. The firm has a market cap of $15.97 billion, a PE ratio of -12.12, a price-to-earnings-growth ratio of 538.90 and a beta of 1.56. Hess Corp. has a 52-week low of $40.37 and a 52-week high of $74.81. The company has a debt-to-equity ratio of 0.60, a quick ratio of 2.16 and a current ratio of 2.30.

Hess (NYSE:HES) last released its quarterly earnings data on Wednesday, October 31st. The oil and gas producer reported $0.38 earnings per share for the quarter, beating analysts’ consensus estimates of ($0.05) by $0.43. The firm had revenue of $1.83 billion during the quarter, compared to analyst estimates of $1.54 billion. Hess had a negative return on equity of 2.65% and a negative net margin of 47.06%. The business’s quarterly revenue was up 11.2% compared to the same quarter last year. During the same quarter in the prior year, the firm posted ($1.07) earnings per share. Research analysts predict that Hess Corp. will post 0.02 EPS for the current year.

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About Hess

Hess Corporation, an exploration and production company, 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.

See Also: Cost of Capital Explained

Institutional Ownership by Quarter for Hess (NYSE:HES)

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