Ameriprise Financial Inc. Cuts Stake in Hess Corporation (HES)

Ameriprise Financial Inc. reduced its position in Hess Corporation (NYSE:HES) by 10.9% in the second quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 2,327,832 shares of the oil and gas producer’s stock after selling 283,491 shares during the quarter. Ameriprise Financial Inc. owned 0.73% of Hess Corporation worth $102,106,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. D Orazio & Associates Inc. boosted its holdings in shares of Hess Corporation by 266.7% in the 1st quarter. D Orazio & Associates Inc. now owns 2,200 shares of the oil and gas producer’s stock worth $106,000 after purchasing an additional 1,600 shares in the last quarter. Oppenheimer Asset Management Inc. boosted its holdings in Hess Corporation by 7.3% during the 2nd quarter. Oppenheimer Asset Management Inc. now owns 2,464 shares of the oil and gas producer’s stock valued at $108,000 after acquiring an additional 167 shares during the period. Korea Investment CORP boosted its holdings in Hess Corporation by 142.0% during the 2nd quarter. Korea Investment CORP now owns 2,645 shares of the oil and gas producer’s stock valued at $116,000 after acquiring an additional 1,552 shares during the period. Lenox Wealth Advisors Inc. purchased a new stake in Hess Corporation during the 2nd quarter valued at about $132,000. Finally, Welch & Forbes LLC boosted its holdings in Hess Corporation by 1.0% during the 2nd quarter. Welch & Forbes LLC now owns 4,668 shares of the oil and gas producer’s stock valued at $205,000 after acquiring an additional 46 shares during the period. Hedge funds and other institutional investors own 87.15% of the company’s stock.

HES has been the subject of several analyst reports. Citigroup Inc. dropped their target price on Hess Corporation from $55.00 to $49.00 and set a “neutral” rating for the company in a report on Friday, July 21st. Cowen and Company set a $55.00 target price on Hess Corporation and gave the company a “hold” rating in a report on Monday, July 10th. BMO Capital Markets restated a “hold” rating and set a $42.00 target price on shares of Hess Corporation in a report on Friday, September 1st. Capital One Financial Corporation cut Hess Corporation from an “equal weight” rating to an “underweight” rating and dropped their target price for the company from $65.00 to $50.00 in a report on Wednesday, June 21st. Finally, Zacks Investment Research cut Hess Corporation from a “hold” rating to a “sell” rating in a report on Wednesday, June 21st. Three investment analysts have rated the stock with a sell rating, eleven have assigned a hold rating and six have assigned a buy rating to the stock. The stock presently has a consensus rating of “Hold” and an average price target of $52.13.

Hess Corporation (HES) opened at 42.17 on Friday. The company’s market cap is $13.26 billion. The firm’s 50-day moving average price is $40.84 and its 200-day moving average price is $45.19. Hess Corporation has a 52-week low of $37.25 and a 52-week high of $65.56.

Hess Corporation (NYSE:HES) last announced its earnings results on Wednesday, July 26th. The oil and gas producer reported ($1.46) earnings per share (EPS) for the quarter, missing the Thomson Reuters’ 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 analysts’ expectations of $1.19 billion. During the same quarter last year, the firm earned ($1.10) EPS. The firm’s quarterly revenue was down 3.2% on a year-over-year basis. On average, equities analysts anticipate that Hess Corporation will post ($4.80) EPS for the current year.

The firm also recently announced a quarterly dividend, which will be paid on Friday, September 29th. Shareholders of record on Monday, September 18th will be given a dividend of $0.25 per share. The ex-dividend date of this dividend is Friday, September 15th. This represents a $1.00 annualized dividend and a dividend yield of 2.37%. Hess Corporation’s dividend payout ratio (DPR) is presently -5.18%.

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In other Hess Corporation news, insider Barbara J. Lowery-Yilmaz sold 3,873 shares of the business’s stock in a transaction that occurred on Tuesday, August 8th. The stock was sold at an average price of $43.47, for a total transaction of $168,359.31. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, COO Gregory P. Hill sold 11,726 shares of the business’s stock in a transaction that occurred on Thursday, August 24th. The shares were sold at an average price of $38.37, for a total value of $449,926.62. The disclosure for this sale can be found here. 11.80% of the stock is owned by insiders.

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.

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

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