Palo Capital Inc. Invests $116,000 in Hess Corp. (HES) Stock

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Palo Capital Inc. purchased a new position in Hess Corp. (NYSE:HES) in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 1,615 shares of the oil and gas producer’s stock, valued at approximately $116,000.

A number of other hedge funds and other institutional investors have also modified their holdings of HES. Northern Trust Corp lifted its holdings in shares of Hess by 0.3% during the second quarter. Northern Trust Corp now owns 3,047,025 shares of the oil and gas producer’s stock worth $203,815,000 after purchasing an additional 7,856 shares during the period. Nisa Investment Advisors LLC lifted its holdings in shares of Hess by 6.3% during the second quarter. Nisa Investment Advisors LLC now owns 108,170 shares of the oil and gas producer’s stock worth $7,235,000 after purchasing an additional 6,405 shares during the period. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp lifted its holdings in shares of Hess by 35.2% during the second quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 207,296 shares of the oil and gas producer’s stock worth $13,866,000 after purchasing an additional 53,944 shares during the period. Raymond James Financial Services Advisors Inc. lifted its holdings in shares of Hess by 23.8% during the second quarter. Raymond James Financial Services Advisors Inc. now owns 50,472 shares of the oil and gas producer’s stock worth $3,376,000 after purchasing an additional 9,710 shares during the period. Finally, CIBC World Markets Inc. lifted its holdings in shares of Hess by 56.0% during the second quarter. CIBC World Markets Inc. now owns 105,673 shares of the oil and gas producer’s stock worth $7,068,000 after purchasing an additional 37,928 shares during the period. 88.72% of the stock is owned by institutional investors and hedge funds.

Shares of HES stock opened at $56.16 on Tuesday. The company has a debt-to-equity ratio of 0.56, a current ratio of 2.41 and a quick ratio of 2.29. The company has a market cap of $17.41 billion, a P/E ratio of -12.18 and a beta of 1.41. Hess Corp. has a twelve month low of $40.37 and a twelve month high of $74.81.

HES has been the subject of a number of research reports. Morgan Stanley reaffirmed a “buy” rating and set a $87.00 target price (up previously from $84.00) on shares of Hess in a report on Tuesday, September 18th. Bank of America reaffirmed a “buy” rating and set a $86.00 target price (up previously from $83.00) on shares of Hess in a report on Monday, September 17th. Credit Suisse Group set a $61.00 target price on Hess and gave the stock a “hold” rating in a report on Monday, September 17th. Piper Jaffray Companies downgraded Hess from an “overweight” rating to a “neutral” rating in a report on Thursday, September 27th. Finally, KLR Group reaffirmed a “hold” rating and set a $74.00 target price on shares of Hess in a report on Monday, August 20th. Two equities research analysts have rated the stock with a sell rating, nine have assigned a hold rating and five have given a buy rating to the stock. Hess has a consensus rating of “Hold” and an average price target of $66.71.

In related news, COO Gregory P. Hill sold 11,480 shares of Hess stock in a transaction that occurred on Thursday, August 2nd. The stock was sold at an average price of $65.69, for a total transaction of $754,121.20. Following the completion of the transaction, the chief operating officer now directly owns 76,511 shares in the company, valued at $5,026,007.59. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 12.09% of the stock is currently owned by company insiders.

Hess Company Profile

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.

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Institutional Ownership by Quarter for Hess (NYSE:HES)

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