Scotiabank Analysts Give Hess Corporation (HES) a $52.00 Price Target

Hess Corporation (NYSE:HES) has been given a $52.00 price objective by Scotiabank in a report issued on Friday. The brokerage currently has a “buy” rating on the oil and gas producer’s stock. Scotiabank’s price objective would suggest a potential upside of 25.82% from the company’s previous close.

HES has been the topic of a number of other research reports. Barclays PLC lowered their price objective on Hess Corporation from $39.00 to $37.00 and set an “overweight” rating on the stock in a report on Monday, April 17th. Bank of America Corporation reaffirmed a “buy” rating and issued a $80.00 price objective on shares of Hess Corporation in a report on Friday, April 14th. BMO Capital Markets reaffirmed a “hold” rating and issued a $55.00 price objective on shares of Hess Corporation in a report on Monday, May 15th. KLR Group reaffirmed a “buy” rating and issued a $60.00 price objective (up previously from $58.00) on shares of Hess Corporation in a report on Saturday, April 29th. Finally, Goldman Sachs Group, Inc. (The) lowered Hess Corporation from a “buy” rating to a “neutral” rating and lowered their price objective for the company from $69.00 to $58.00 in a report on Tuesday, May 30th. Four investment analysts have rated the stock with a sell rating, nine have issued a hold rating and six have given a buy rating to the company’s stock. Hess Corporation has a consensus rating of “Hold” and an average price target of $54.06.

Shares of Hess Corporation (NYSE HES) traded down 0.98% during mid-day trading on Friday, hitting $41.33. The stock had a trading volume of 2,096,532 shares. Hess Corporation has a 52-week low of $39.89 and a 52-week high of $65.56. The firm’s market cap is $12.99 billion. The firm has a 50 day moving average price of $43.26 and a 200 day moving average price of $47.48.

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Hess Corporation (NYSE:HES) last released its quarterly earnings results on Wednesday, July 26th. The oil and gas producer reported ($1.46) earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of ($1.32) by $0.14. Hess Corporation had a negative return on equity of 8.49% and a negative net margin of 118.07%. The company had revenue of $1.23 billion for the quarter, compared to analysts’ expectations of $1.19 billion. During the same period in the prior year, the business earned ($1.10) EPS. The business’s quarterly revenue was down 3.2% compared to the same quarter last year. Equities analysts predict that Hess Corporation will post ($4.75) EPS for the current year.

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In other 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 SEC, which is available at the SEC website. 11.80% of the stock is owned by insiders.

Hedge funds and other institutional investors have recently modified their holdings of the company. D Orazio & Associates Inc. increased its position in shares of Hess Corporation by 266.7% in the first quarter. D Orazio & Associates Inc. now owns 2,200 shares of the oil and gas producer’s stock valued at $106,000 after buying an additional 1,600 shares in the last quarter. Oppenheimer Asset Management Inc. increased its position in shares of Hess Corporation by 7.3% in the second quarter. Oppenheimer Asset Management Inc. now owns 2,464 shares of the oil and gas producer’s stock valued at $108,000 after buying an additional 167 shares in the last quarter. State of Alaska Department of Revenue bought a new position in shares of Hess Corporation during the first quarter valued at about $114,000. Korea Investment CORP increased its position in shares of Hess Corporation by 142.0% in the second quarter. Korea Investment CORP now owns 2,645 shares of the oil and gas producer’s stock valued at $116,000 after buying an additional 1,552 shares in the last quarter. Finally, Financial Architects Inc increased its position in shares of Hess Corporation by 147.6% in the first quarter. Financial Architects Inc now owns 2,600 shares of the oil and gas producer’s stock valued at $125,000 after buying an additional 1,550 shares in the last quarter. Hedge funds and other institutional investors own 85.80% of the company’s stock.

About Hess Corporation

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.

Analyst Recommendations for Hess Corporation (NYSE:HES)

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