Morgan Stanley Increases Hess Corporation (HES) Price Target to $49.00

Hess Corporation (NYSE:HES) had its price target increased by Morgan Stanley from $43.00 to $49.00 in a research report issued to clients and investors on Wednesday. The firm currently has an “equal weight” rating on the oil and gas producer’s stock. Morgan Stanley’s price target suggests a potential upside of 8.77% from the company’s current price.

HES has been the subject of several other research reports. Scotiabank set a $53.00 price target on Hess Corporation and gave the company a “buy” rating in a report on Tuesday, June 20th. Zacks Investment Research raised Hess Corporation from a “sell” rating to a “hold” rating in a report on Tuesday, September 12th. Citigroup Inc. cut their price target on Hess Corporation from $55.00 to $49.00 and set a “neutral” rating for the company in a report on Friday, July 21st. BMO Capital Markets reaffirmed a “hold” rating and set a $42.00 price target on shares of Hess Corporation in a report on Friday, September 1st. Finally, J P Morgan Chase & Co downgraded Hess Corporation from an “overweight” rating to a “neutral” rating and cut their price target for the company from $52.00 to $45.00 in a report on Thursday, September 14th. Three analysts have rated the stock with a sell rating, ten have issued a hold rating and six have given a buy rating to the company’s stock. The stock presently has an average rating of “Hold” and an average target price of $51.72.

Shares of Hess Corporation (HES) traded down 0.27% during trading on Wednesday, reaching $44.93. 2,074,239 shares of the company were exchanged. The stock’s market capitalization is $14.13 billion. Hess Corporation has a one year low of $37.25 and a one year high of $65.56. The company has a 50 day moving average price of $43.77 and a 200-day moving average price of $44.58.

Hess Corporation (NYSE:HES) last announced its quarterly earnings results on Wednesday, July 26th. The oil and gas producer reported ($1.46) earnings per share (EPS) for the quarter, missing the consensus estimate of ($1.32) by ($0.14). Hess Corporation had a negative net margin of 118.07% and a negative return on equity of 8.49%. The business had revenue of $1.23 billion for the quarter, compared to analyst estimates of $1.19 billion. During the same period in the prior year, the business earned ($1.10) EPS. The company’s revenue for the quarter was down 3.2% compared to the same quarter last year. Equities analysts predict that Hess Corporation will post ($4.77) EPS for the current year.

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In related news, insider Brian D. Truelove sold 6,000 shares of the firm’s stock in a transaction on Monday, September 18th. The stock was sold at an average price of $42.53, for a total value of $255,180.00. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, insider Barbara J. Lowery-Yilmaz sold 3,873 shares of the firm’s stock in a transaction on Tuesday, August 8th. The stock was 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. Insiders sold 21,599 shares of company stock worth $873,466 in the last 90 days. 11.80% of the stock is owned by company insiders.

Several hedge funds and other institutional investors have recently modified their holdings of the stock. BlackRock Inc. increased its position in shares of Hess Corporation by 4,680.2% in the first quarter. BlackRock Inc. now owns 28,963,519 shares of the oil and gas producer’s stock worth $1,396,331,000 after purchasing an additional 28,357,619 shares during the period. Vanguard Group Inc. increased its position in shares of Hess Corporation by 2.3% in the second quarter. Vanguard Group Inc. now owns 19,787,281 shares of the oil and gas producer’s stock worth $868,068,000 after purchasing an additional 449,097 shares during the period. State Street Corp increased its position in shares of Hess Corporation by 1.3% in the second quarter. State Street Corp now owns 15,518,364 shares of the oil and gas producer’s stock worth $680,786,000 after purchasing an additional 198,888 shares during the period. Hotchkis & Wiley Capital Management LLC increased its position in shares of Hess Corporation by 5.1% in the second quarter. Hotchkis & Wiley Capital Management LLC now owns 8,083,402 shares of the oil and gas producer’s stock worth $354,619,000 after purchasing an additional 391,200 shares during the period. Finally, Alliancebernstein L.P. increased its position in shares of Hess Corporation by 6.3% in the second quarter. Alliancebernstein L.P. now owns 7,027,470 shares of the oil and gas producer’s stock worth $308,295,000 after purchasing an additional 416,608 shares during the period. Institutional investors own 86.72% of the company’s stock.

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.

Analyst Recommendations for Hess Corporation (NYSE:HES)

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