Levin Capital Strategies L.P. Raises Position in Hess Corp. (HES)

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Levin Capital Strategies L.P. raised its holdings in shares of Hess Corp. (NYSE:HES) by 2.8% during the 4th quarter, Holdings Channel reports. The fund owned 2,161,907 shares of the oil and gas producer’s stock after acquiring an additional 58,217 shares during the quarter. Hess comprises approximately 1.9% of Levin Capital Strategies L.P.’s portfolio, making the stock its 18th biggest holding. Levin Capital Strategies L.P.’s holdings in Hess were worth $87,557,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also recently made changes to their positions in the company. Impala Asset Management LLC boosted its position in Hess by 8.3% in the 3rd quarter. Impala Asset Management LLC now owns 2,562,231 shares of the oil and gas producer’s stock valued at $183,404,000 after buying an additional 196,125 shares during the period. Massachusetts Financial Services Co. MA boosted its holdings in shares of Hess by 3.9% in the 3rd quarter. Massachusetts Financial Services Co. MA now owns 1,762,886 shares of the oil and gas producer’s stock valued at $126,187,000 after acquiring an additional 65,610 shares during the last quarter. Legal & General Group Plc boosted its holdings in shares of Hess by 3.0% in the 3rd quarter. Legal & General Group Plc now owns 1,410,643 shares of the oil and gas producer’s stock valued at $101,026,000 after acquiring an additional 41,581 shares during the last quarter. Packer & Co Ltd boosted its holdings in shares of Hess by 10.1% in the 4th quarter. Packer & Co Ltd now owns 1,364,800 shares of the oil and gas producer’s stock valued at $55,274,000 after acquiring an additional 125,000 shares during the last quarter. Finally, Kornitzer Capital Management Inc. KS boosted its holdings in shares of Hess by 1.2% in the 4th quarter. Kornitzer Capital Management Inc. KS now owns 1,053,552 shares of the oil and gas producer’s stock valued at $42,669,000 after acquiring an additional 12,070 shares during the last quarter. Hedge funds and other institutional investors own 87.82% of the company’s stock.

In other news, insider Michael R. Turner sold 4,142 shares of the stock in a transaction dated Wednesday, November 21st. The shares were sold at an average price of $56.82, for a total value of $235,348.44. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO John P. Rielly sold 5,172 shares of the firm’s stock in a transaction dated Thursday, February 7th. The stock was sold at an average price of $53.40, for a total transaction of $276,184.80. The disclosure for this sale can be found here. Insiders sold 430,416 shares of company stock valued at $23,360,981 over the last quarter. Company insiders own 12.09% of the company’s stock.

Several analysts have recently commented on the stock. Zacks Investment Research raised shares of Hess from a “strong sell” rating to a “hold” rating in a report on Wednesday, February 6th. Morgan Stanley set a $63.00 price objective on shares of Hess and gave the company a “buy” rating in a report on Tuesday, January 29th. Stephens downgraded shares of Hess from an “overweight” rating to an “equal weight” rating and set a $69.00 price objective on the stock. in a report on Tuesday, January 29th. They noted that the move was a valuation call. Barclays raised shares of Hess from an “equal weight” rating to an “overweight” rating and set a $66.00 price objective on the stock in a report on Thursday, January 10th. They noted that the move was a valuation call. Finally, MKM Partners dropped coverage on shares of Hess in a report on Wednesday, December 26th. Two analysts have rated the stock with a sell rating, ten have assigned a hold rating and five have assigned a buy rating to the company. The company currently has a consensus rating of “Hold” and an average price target of $67.27.

NYSE:HES opened at $51.57 on Monday. The company has a quick ratio of 2.16, a current ratio of 2.02 and a debt-to-equity ratio of 0.61. The firm has a market cap of $15.54 billion, a price-to-earnings ratio of -69.69 and a beta of 1.93. Hess Corp. has a fifty-two week low of $35.59 and a fifty-two week high of $74.81.

Hess (NYSE:HES) last issued its earnings results on Wednesday, January 30th. The oil and gas producer reported ($0.31) EPS for the quarter, beating the Zacks’ consensus estimate of ($0.41) by $0.10. The business had revenue of $1.68 billion during the quarter, compared to analysts’ expectations of $1.49 billion. Hess had a negative net margin of 2.91% and a negative return on equity of 0.73%. The company’s quarterly revenue was up 30.3% compared to the same quarter last year. During the same period in the prior year, the business earned ($1.01) earnings per share. As a group, equities research analysts predict that Hess Corp. will post -0.7 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.

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Institutional Ownership by Quarter for Hess (NYSE:HES)

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