Lowe Brockenbrough & Co. Inc. Trims Stock Position in Hess Corp. (NYSE:HES)

Lowe Brockenbrough & Co. Inc. reduced its stake in shares of Hess Corp. (NYSE:HES) by 1.8% during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 75,243 shares of the oil and gas producer’s stock after selling 1,400 shares during the quarter. Lowe Brockenbrough & Co. Inc.’s holdings in Hess were worth $4,783,000 at the end of the most recent reporting period.

Other large investors have also added to or reduced their stakes in the company. Securian Asset Management Inc grew its position in Hess by 0.8% during the 2nd quarter. Securian Asset Management Inc now owns 26,345 shares of the oil and gas producer’s stock valued at $1,675,000 after purchasing an additional 199 shares during the last quarter. New Mexico Educational Retirement Board lifted its stake in Hess by 1.0% during the 2nd quarter. New Mexico Educational Retirement Board now owns 20,903 shares of the oil and gas producer’s stock valued at $1,329,000 after acquiring an additional 200 shares during the period. Rockefeller Capital Management L.P. lifted its stake in Hess by 3.5% during the 2nd quarter. Rockefeller Capital Management L.P. now owns 6,447 shares of the oil and gas producer’s stock valued at $410,000 after acquiring an additional 216 shares during the period. Oppenheimer Asset Management Inc. lifted its stake in Hess by 10.3% during the 2nd quarter. Oppenheimer Asset Management Inc. now owns 2,549 shares of the oil and gas producer’s stock valued at $162,000 after acquiring an additional 237 shares during the period. Finally, Coastal Investment Advisors Inc. lifted its stake in Hess by 79.6% during the 2nd quarter. Coastal Investment Advisors Inc. now owns 573 shares of the oil and gas producer’s stock valued at $37,000 after acquiring an additional 254 shares during the period. 96.84% of the stock is currently owned by hedge funds and other institutional investors.

In other Hess news, insider Michael R. Turner sold 30,345 shares of the stock in a transaction that occurred on Wednesday, June 26th. The shares were sold at an average price of $65.17, for a total transaction of $1,977,583.65. Following the completion of the sale, the insider now directly owns 94,537 shares of the company’s stock, valued at approximately $6,160,976.29. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Michael R. Turner sold 11,258 shares of the stock in a transaction that occurred on Tuesday, August 13th. The shares were sold at an average price of $61.71, for a total transaction of $694,731.18. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 48,908 shares of company stock worth $3,090,015. 12.22% of the stock is owned by company insiders.

NYSE HES traded down $0.95 on Friday, reaching $64.04. 4,074,163 shares of the stock were exchanged, compared to its average volume of 3,384,794. Hess Corp. has a one year low of $35.59 and a one year high of $74.81. The firm has a market capitalization of $19.80 billion, a PE ratio of -86.54 and a beta of 1.98. The company’s 50-day simple moving average is $61.13 and its two-hundred day simple moving average is $60.98. The company has a current ratio of 1.58, a quick ratio of 1.46 and a debt-to-equity ratio of 0.68.

Hess (NYSE:HES) last released its earnings results on Wednesday, July 31st. The oil and gas producer reported ($0.09) EPS for the quarter, topping analysts’ consensus estimates of ($0.10) by $0.01. Hess had a net margin of 1.09% and a return on equity of 0.46%. The company had revenue of $1.70 billion for the quarter, compared to analysts’ expectations of $1.52 billion. During the same quarter last year, the business earned ($0.23) EPS. The firm’s revenue was up 8.4% compared to the same quarter last year. Sell-side analysts forecast that Hess Corp. will post -0.4 earnings per share for the current fiscal year.

The company also recently announced a quarterly dividend, which will be paid on Monday, September 30th. Shareholders of record on Monday, September 16th will be paid a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a yield of 1.56%. The ex-dividend date is Friday, September 13th. Hess’s payout ratio is -135.14%.

Several equities analysts have issued reports on HES shares. Wells Fargo & Co restated a “buy” rating on shares of Hess in a research note on Wednesday, July 31st. Morgan Stanley set a $69.00 price objective on shares of Hess and gave the stock a “buy” rating in a research note on Monday, June 24th. MKM Partners upgraded shares of Hess from a “neutral” rating to a “buy” rating and set a $75.00 price objective on the stock in a research note on Tuesday, May 28th. Barclays assumed coverage on shares of Hess in a research note on Monday, August 19th. They issued an “overweight” rating and a $93.00 price objective on the stock. Finally, Piper Jaffray Companies set a $61.00 price objective on shares of Hess and gave the stock a “hold” rating in a research note on Friday, August 16th. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating and seven have assigned a buy rating to the company’s stock. The stock has an average rating of “Hold” and an average price target of $70.08.

Hess 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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Institutional Ownership by Quarter for Hess (NYSE:HES)

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