Barclays Begins Coverage on Hess (NYSE:HES)

Barclays assumed coverage on shares of Hess (NYSE:HES) in a research note released on Monday morning, BenzingaRatingsTable reports. The brokerage issued an overweight rating and a $93.00 price objective on the oil and gas producer’s stock.

A number of other research analysts also recently commented on the company. Zacks Investment Research upgraded Hess from a hold rating to a buy rating and set a $72.00 price objective for the company in a research note on Tuesday, April 30th. Morgan Stanley set a $69.00 price objective on Hess and gave the stock a buy rating in a research note on Monday, June 24th. Capital One Financial upgraded Hess from an underweight rating to an equal weight rating in a research note on Wednesday, May 15th. ValuEngine downgraded Hess from a buy rating to a hold rating in a research note on Wednesday, May 1st. Finally, Wells Fargo & Co restated a buy rating on shares of Hess in a research note on Wednesday, July 31st. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating and seven have assigned a buy rating to the company. Hess presently has an average rating of Hold and an average target price of $70.08.

HES stock opened at $64.83 on Monday. The company has a current ratio of 1.58, a quick ratio of 1.46 and a debt-to-equity ratio of 0.68. The firm has a market cap of $18.21 billion, a P/E ratio of -87.61 and a beta of 1.97. Hess has a 12-month low of $35.59 and a 12-month high of $74.81. The stock’s 50 day simple moving average is $61.21 and its 200 day simple moving average is $60.44.

Hess (NYSE:HES) last issued its quarterly earnings data on Wednesday, July 31st. The oil and gas producer reported ($0.09) EPS for the quarter, topping the Zacks’ consensus estimate of ($0.10) by $0.01. The firm had revenue of $1.70 billion during the quarter, compared to the consensus estimate of $1.52 billion. Hess had a return on equity of 0.46% and a net margin of 1.09%. The firm’s revenue was up 8.4% on a year-over-year basis. During the same period in the prior year, the business earned ($0.23) EPS. On average, research analysts forecast that Hess will post -0.4 EPS for the current fiscal year.

In other news, insider Michael R. Turner sold 11,258 shares of the stock in a transaction on Tuesday, August 13th. The stock was sold at an average price of $61.71, for a total value of $694,731.18. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Barbara J. Lowery-Yilmaz sold 7,305 shares of the stock in a transaction on Tuesday, August 6th. The stock was sold at an average price of $57.18, for a total value of $417,699.90. The disclosure for this sale can be found here. In the last three months, insiders sold 48,908 shares of company stock valued at $3,090,015. Company insiders own 12.22% of the company’s stock.

Large investors have recently added to or reduced their stakes in the company. FMR LLC boosted its stake in Hess by 66.0% during the first quarter. FMR LLC now owns 31,017,189 shares of the oil and gas producer’s stock valued at $1,868,166,000 after buying an additional 12,335,629 shares in the last quarter. Vanguard Group Inc. boosted its stake in Hess by 1.8% during the second quarter. Vanguard Group Inc. now owns 29,992,051 shares of the oil and gas producer’s stock valued at $1,906,595,000 after buying an additional 520,350 shares in the last quarter. BlackRock Inc. boosted its stake in Hess by 0.5% during the second quarter. BlackRock Inc. now owns 17,524,583 shares of the oil and gas producer’s stock valued at $1,114,037,000 after buying an additional 89,217 shares in the last quarter. Barrow Hanley Mewhinney & Strauss LLC boosted its stake in Hess by 1.1% during the second quarter. Barrow Hanley Mewhinney & Strauss LLC now owns 9,447,455 shares of the oil and gas producer’s stock valued at $600,575,000 after buying an additional 99,168 shares in the last quarter. Finally, Primecap Management Co. CA boosted its stake in Hess by 0.5% during the first quarter. Primecap Management Co. CA now owns 8,332,535 shares of the oil and gas producer’s stock valued at $501,869,000 after buying an additional 39,500 shares in the last quarter. 96.84% of the stock is owned by institutional investors.

Hess Company Profile

Hess Corporation, an exploration and production company, explores for, 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.

Recommended Story: What is a Market Correction?

Analyst Recommendations for Hess (NYSE:HES)

Receive News & Ratings for Hess Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Hess and related companies with MarketBeat.com's FREE daily email newsletter.