Hess (NYSE:HES) Price Target Cut to $151.00 by Analysts at Wells Fargo & Company

Hess (NYSE:HES) had its price objective reduced by Wells Fargo & Company from $171.00 to $151.00 in a research note issued on Friday, Benzinga reports. The brokerage currently has an “equal weight” rating on the oil and gas producer’s stock. Wells Fargo & Company‘s target price would indicate a potential upside of 13.02% from the company’s current price.

Other analysts have also issued reports about the stock. Piper Sandler dropped their target price on shares of Hess from $173.00 to $167.00 in a report on Friday, September 13th. Scotiabank cut their price objective on Hess from $165.00 to $157.00 and set a “sector perform” rating on the stock in a research report on Friday, July 12th. BMO Capital Markets cut Hess to an “overweight” rating and reduced their target price for the company from $175.00 to $160.00 in a research note on Monday, August 19th. Susquehanna dropped their price target on Hess from $151.00 to $149.00 and set a “neutral” rating for the company in a research note on Wednesday, September 4th. Finally, StockNews.com started coverage on shares of Hess in a research report on Friday, June 28th. They set a “hold” rating on the stock. Eight analysts have rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $166.42.

Hess Price Performance

HES opened at $133.61 on Friday. The company has a debt-to-equity ratio of 0.78, a current ratio of 1.27 and a quick ratio of 1.14. Hess has a 1 year low of $123.79 and a 1 year high of $167.75. The stock’s 50 day simple moving average is $136.24 and its 200 day simple moving average is $146.60. The firm has a market cap of $41.17 billion, a price-to-earnings ratio of 20.46 and a beta of 1.15.

Hess (NYSE:HES) last issued its earnings results on Wednesday, July 31st. The oil and gas producer reported $2.62 EPS for the quarter, topping the consensus estimate of $2.48 by $0.14. The company had revenue of $3.26 billion for the quarter, compared to the consensus estimate of $3.24 billion. Hess had a net margin of 21.22% and a return on equity of 27.43%. The firm’s revenue for the quarter was up 40.3% on a year-over-year basis. During the same period in the previous year, the firm earned $0.65 earnings per share. As a group, analysts predict that Hess will post 10.46 earnings per share for the current year.

Institutional Investors Weigh In On Hess

A number of hedge funds and other institutional investors have recently bought and sold shares of HES. TD Asset Management Inc boosted its position in shares of Hess by 14.4% in the 4th quarter. TD Asset Management Inc now owns 100,330 shares of the oil and gas producer’s stock worth $14,464,000 after purchasing an additional 12,649 shares in the last quarter. Tidal Investments LLC grew its stake in shares of Hess by 59.9% in the first quarter. Tidal Investments LLC now owns 26,823 shares of the oil and gas producer’s stock worth $4,087,000 after acquiring an additional 10,053 shares during the last quarter. Bank of Nova Scotia increased its holdings in shares of Hess by 774.8% during the fourth quarter. Bank of Nova Scotia now owns 522,707 shares of the oil and gas producer’s stock valued at $75,351,000 after acquiring an additional 462,953 shares in the last quarter. K2 Principal Fund L.P. purchased a new position in shares of Hess in the 4th quarter worth about $2,616,000. Finally, Sierra Summit Advisors LLC bought a new position in Hess in the 4th quarter worth about $6,967,000. Hedge funds and other institutional investors own 88.51% of the company’s stock.

Hess Company Profile

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.