Wolfe Research Upgrades Hess (NYSE:HES) to Outperform

Hess (NYSE:HES) was upgraded by investment analysts at Wolfe Research from a “peer perform” rating to an “outperform” rating in a report released on Monday, Marketbeat.com reports. The brokerage presently has a $150.00 price objective on the oil and gas producer’s stock. Wolfe Research’s price target would suggest a potential upside of 7.94% from the stock’s previous close.

Other research analysts have also recently issued research reports about the company. Scotiabank reduced their target price on Hess from $165.00 to $157.00 and set a “sector perform” rating on the stock in a report on Friday, July 12th. Mizuho decreased their target price on Hess from $210.00 to $194.00 and set a “neutral” rating for the company in a report on Monday, September 16th. Piper Sandler cut their price target on shares of Hess from $173.00 to $167.00 in a report on Friday, September 13th. StockNews.com initiated coverage on shares of Hess in a research report on Friday, June 28th. They set a “hold” rating on the stock. Finally, Susquehanna dropped their price objective on shares of Hess from $151.00 to $149.00 and set a “neutral” rating for the company in a research report on Wednesday, September 4th. Seven analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. According to MarketBeat, Hess presently has a consensus rating of “Moderate Buy” and an average target price of $165.15.

Hess Trading Up 2.3 %

NYSE HES opened at $138.96 on Monday. The company has a market cap of $42.81 billion, a P/E ratio of 21.28 and a beta of 1.15. Hess has a 12 month low of $123.79 and a 12 month high of $167.75. The company has a debt-to-equity ratio of 0.78, a current ratio of 1.27 and a quick ratio of 1.14. The company has a 50-day moving average of $135.79 and a 200-day moving average of $146.39.

Hess (NYSE:HES) last issued its quarterly 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 firm 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%. Hess’s revenue for the quarter was up 40.3% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.65 earnings per share. As a group, equities analysts predict that Hess will post 10.46 earnings per share for the current year.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of HES. Vanguard Group Inc. raised its position in shares of Hess by 0.9% in the 1st quarter. Vanguard Group Inc. now owns 32,126,526 shares of the oil and gas producer’s stock valued at $4,903,793,000 after purchasing an additional 294,146 shares in the last quarter. Primecap Management Co. CA raised its holdings in Hess by 4.4% in the second quarter. Primecap Management Co. CA now owns 8,098,012 shares of the oil and gas producer’s stock valued at $1,194,619,000 after acquiring an additional 340,490 shares in the last quarter. Bank of New York Mellon Corp raised its holdings in Hess by 34.5% in the second 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 in the last quarter. Legal & General Group Plc boosted its stake in Hess by 6.6% during the 2nd quarter. Legal & General Group Plc now owns 2,451,807 shares of the oil and gas producer’s stock valued at $361,691,000 after acquiring an additional 150,945 shares during the last quarter. Finally, Dimensional Fund Advisors LP grew its holdings in Hess by 11.2% during the 2nd quarter. Dimensional Fund Advisors LP now owns 1,798,788 shares of the oil and gas producer’s stock worth $265,359,000 after acquiring an additional 181,459 shares in the last quarter. 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.