Hess’ (NYSE:HES) Buy Rating Reaffirmed at Morgan Stanley
Morgan Stanley reaffirmed their buy rating on shares of Hess (NYSE:HES) in a research report released on Tuesday, September 18th. Morgan Stanley currently has a $87.00 target price on the oil and gas producer’s stock, up from their prior target price of $84.00.
HES has been the subject of a number of other research reports. Mizuho assumed coverage on shares of Hess in a research note on Monday, July 23rd. They issued a neutral rating and a $80.00 price target for the company. Zacks Investment Research upgraded shares of Hess from a hold rating to a buy rating and set a $72.00 price target for the company in a research note on Monday, July 23rd. Bank of America set a $80.00 price target on shares of Hess and gave the stock a buy rating in a research note on Wednesday, July 25th. BMO Capital Markets reiterated a hold rating and issued a $60.00 price target on shares of Hess in a research note on Thursday, July 12th. Finally, Barclays downgraded shares of Hess from an equal weight rating to an underweight rating and lifted their price target for the stock from $55.00 to $66.00 in a research note on Wednesday, July 11th. Three research analysts have rated the stock with a sell rating, eight have given a hold rating and five have assigned a buy rating to the stock. The company presently has an average rating of Hold and an average price target of $66.71.
Hess stock traded up $0.66 during midday trading on Tuesday, hitting $66.16. 2,600,315 shares of the stock were exchanged, compared to its average volume of 3,791,442. Hess has a fifty-two week low of $40.26 and a fifty-two week high of $74.81. The stock has a market cap of $21.45 billion, a P/E ratio of -14.35 and a beta of 1.41. The company has a current ratio of 2.41, a quick ratio of 2.29 and a debt-to-equity ratio of 0.56.
The business also recently declared a quarterly dividend, which was paid on Friday, September 28th. Stockholders of record on Monday, September 17th were paid a dividend of $0.25 per share. The ex-dividend date was Friday, September 14th. This represents a $1.00 dividend on an annualized basis and a dividend yield of 1.51%. Hess’s dividend payout ratio (DPR) is presently -21.69%.
In other news, COO Gregory P. Hill sold 11,480 shares of the company’s stock in a transaction on Thursday, August 2nd. The shares were sold at an average price of $65.69, for a total transaction of $754,121.20. Following the transaction, the chief operating officer now directly owns 76,511 shares of the company’s stock, valued at approximately $5,026,007.59. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Corporate insiders own 12.09% of the company’s stock.
Large investors have recently bought and sold shares of the company. Northern Trust Corp boosted its position in shares of Hess by 0.3% in the 2nd quarter. Northern Trust Corp now owns 3,047,025 shares of the oil and gas producer’s stock worth $203,815,000 after buying an additional 7,856 shares in the last quarter. Dimensional Fund Advisors LP boosted its position in shares of Hess by 0.4% in the 2nd quarter. Dimensional Fund Advisors LP now owns 2,427,477 shares of the oil and gas producer’s stock worth $162,356,000 after buying an additional 9,173 shares in the last quarter. Investec Asset Management LTD boosted its position in shares of Hess by 4.5% in the 2nd quarter. Investec Asset Management LTD now owns 2,005,513 shares of the oil and gas producer’s stock worth $134,149,000 after buying an additional 87,208 shares in the last quarter. Elephas Investment Management Ltd boosted its position in shares of Hess by 34.3% in the 1st quarter. Elephas Investment Management Ltd now owns 1,544,300 shares of the oil and gas producer’s stock worth $78,172,000 after buying an additional 394,700 shares in the last quarter. Finally, Russell Investments Group Ltd. boosted its position in shares of Hess by 2.0% in the 1st quarter. Russell Investments Group Ltd. now owns 1,376,132 shares of the oil and gas producer’s stock worth $69,625,000 after buying an additional 26,630 shares in the last quarter. 88.80% of the stock is currently owned by institutional investors and hedge funds.
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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