Hess (NYSE:HES) Price Target Cut to $167.00

Hess (NYSE:HES) had its target price reduced by equities researchers at Piper Sandler from $173.00 to $167.00 in a report released on Friday. Piper Sandler’s price objective would suggest a potential upside of 29.89% from the stock’s previous close.

A number of other equities analysts have also commented on HES. BMO Capital Markets lowered Hess to an “overweight” rating and reduced their price objective for the stock from $175.00 to $160.00 in a research note on Monday, August 19th. StockNews.com assumed coverage on shares of Hess in a report on Friday, June 28th. They set a “hold” rating on the stock. UBS Group dropped their target price on shares of Hess from $193.00 to $192.00 and set a “buy” rating for the company in a research note on Tuesday, August 20th. Citigroup decreased their price target on shares of Hess from $160.00 to $145.00 and set a “neutral” rating on the stock in a research note on Thursday, September 5th. Finally, Sanford C. Bernstein upgraded shares of Hess from a “market perform” rating to an “outperform” rating and boosted their price objective for the stock from $166.00 to $172.00 in a research report on Wednesday, July 17th. Eight analysts have rated the stock with a hold rating and six have given a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus target price of $174.00.

Hess Stock Up 0.7 %

HES opened at $128.57 on Friday. Hess has a twelve month low of $123.79 and a twelve month high of $167.75. The firm has a market cap of $39.61 billion, a price-to-earnings ratio of 19.69 and a beta of 1.15. The firm’s 50-day simple moving average is $139.71 and its 200-day simple moving average is $147.51. The company has a debt-to-equity ratio of 0.78, a quick ratio of 1.14 and a current ratio of 1.27.

Hess (NYSE:HES) last posted its quarterly earnings data on Wednesday, July 31st. The oil and gas producer reported $2.62 earnings per share for the quarter, topping the consensus estimate of $2.48 by $0.14. The company had revenue of $3.26 billion during the quarter, compared to analyst estimates of $3.24 billion. Hess had a net margin of 21.22% and a return on equity of 27.43%. The company’s revenue was up 40.3% on a year-over-year basis. During the same quarter last year, the business posted $0.65 earnings per share. Equities research analysts anticipate that Hess will post 11.04 EPS for the current fiscal year.

Institutional Trading of Hess

A number of institutional investors and hedge funds have recently modified their holdings of HES. KRYGER CAPITAL Ltd bought a new stake in shares of Hess in the 4th quarter valued at about $110,423,000. Bank of New York Mellon Corp increased its stake in shares of Hess by 34.5% in the 2nd quarter. Bank of New York Mellon Corp now owns 2,835,486 shares of the oil and gas producer’s stock valued at $418,291,000 after acquiring an additional 726,631 shares during the last quarter. Hsbc Holdings PLC increased its stake in shares of Hess by 76.4% in the 2nd quarter. Hsbc Holdings PLC now owns 1,532,132 shares of the oil and gas producer’s stock valued at $227,273,000 after acquiring an additional 663,338 shares during the last quarter. Bank of Montreal Can increased its stake in shares of Hess by 64.3% in the 2nd quarter. Bank of Montreal Can now owns 1,449,969 shares of the oil and gas producer’s stock valued at $218,220,000 after acquiring an additional 567,550 shares during the last quarter. Finally, Marshall Wace LLP increased its stake in shares of Hess by 45.6% in the 2nd quarter. Marshall Wace LLP now owns 1,794,087 shares of the oil and gas producer’s stock valued at $264,664,000 after acquiring an additional 561,832 shares during the last quarter. 88.51% of the stock is owned by institutional investors.

About Hess

Hess Corporation, an exploration and production company, explores, develops, produces, purchases, transports, and sells crude oil, natural gas liquids (NGLs), and natural gas. The company operates in two segments, Exploration and Production, and Midstream. It conducts production operations primarily in the United States, Guyana, the Malaysia/Thailand Joint Development Area, and Malaysia; and exploration activities principally offshore Guyana, the U.S.