Hess (NYSE:HES) Upgraded at Zacks Investment Research

Zacks Investment Research upgraded shares of Hess (NYSE:HESGet Rating) from a hold rating to a strong-buy rating in a research report report published on Monday morning, Zacks.com reports. They currently have $130.00 target price on the oil and gas producer’s stock.

According to Zacks, “Hess is a leading global integrated energy company. It has made multiple world-class oil discoveries at the Stabroek Block, off the coast of Guyana. The discoveries in the Stabroek Block helped the company to increase the gross recoverable resource estimate to more than 10 billion barrel of oil equivalent. It anticipates multibillions of exploration potential to be still left in Guyana. As Hess brings Liza phase 2 online, its cash flow situation is expected to make a major jump. Hess’ midstream assets, which enable it to earn stable fee-based revenues, are a huge positive. Moreover, in the Bakken Play, Hess plans to operate a three-rig program, which will enable it to generate significant free cash flows, reduce unit cash costs and optimize its infrastructure. Given these tailwinds, Hess is considered a preferred energy company to own now.”

Other equities research analysts have also issued research reports about the company. Mizuho upped their price objective on Hess from $132.00 to $139.00 and gave the stock a buy rating in a research report on Thursday, March 31st. Wells Fargo & Company raised their price target on shares of Hess from $106.00 to $133.00 and gave the company an overweight rating in a research report on Friday, March 11th. StockNews.com began coverage on shares of Hess in a research report on Thursday, March 31st. They issued a hold rating for the company. TheStreet upgraded Hess from a c+ rating to a b rating in a research report on Monday, January 31st. Finally, Credit Suisse Group upped their price target on Hess from $86.00 to $88.00 and gave the stock a neutral rating in a report on Thursday, January 27th. Three analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of Buy and a consensus price target of $113.69.

Shares of NYSE HES opened at $114.63 on Monday. The company has a 50 day simple moving average of $100.51 and a two-hundred day simple moving average of $89.00. The stock has a market cap of $35.50 billion, a price-to-earnings ratio of 63.68 and a beta of 1.76. The company has a current ratio of 1.42, a quick ratio of 1.35 and a debt-to-equity ratio of 1.16. Hess has a 12 month low of $61.93 and a 12 month high of $115.67.

Hess (NYSE:HESGet Rating) last posted its earnings results on Wednesday, January 26th. The oil and gas producer reported $0.85 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.76 by $0.09. Hess had a net margin of 7.37% and a return on equity of 10.23%. The company had revenue of $2.26 billion during the quarter, compared to the consensus estimate of $1.97 billion. During the same period in the previous year, the firm posted ($0.58) earnings per share. The firm’s quarterly revenue was up 59.1% on a year-over-year basis. Analysts forecast that Hess will post 8.58 EPS for the current year.

The company also recently announced a quarterly dividend, which was paid on Wednesday, March 30th. Shareholders of record on Monday, March 14th were paid a dividend of $0.375 per share. The ex-dividend date was Friday, March 11th. This is an increase from Hess’s previous quarterly dividend of $0.25. This represents a $1.50 dividend on an annualized basis and a yield of 1.31%. Hess’s payout ratio is 83.33%.

In other Hess news, EVP Timothy B. Goodell sold 65,867 shares of Hess stock in a transaction dated Thursday, February 3rd. The shares were sold at an average price of $91.44, for a total transaction of $6,022,878.48. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, SVP Barbara J. Lowery-Yilmaz sold 2,341 shares of the company’s stock in a transaction that occurred on Monday, March 7th. The stock was sold at an average price of $98.39, for a total transaction of $230,330.99. The disclosure for this sale can be found here. In the last three months, insiders sold 1,002,198 shares of company stock valued at $96,261,545. Corporate insiders own 12.22% of the company’s stock.

Institutional investors and hedge funds have recently bought and sold shares of the stock. BlackRock Inc. lifted its holdings in Hess by 9.1% during the 4th quarter. BlackRock Inc. now owns 22,832,165 shares of the oil and gas producer’s stock worth $1,690,265,000 after buying an additional 1,912,120 shares in the last quarter. Barrow Hanley Mewhinney & Strauss LLC increased its holdings in Hess by 13.4% during the 3rd quarter. Barrow Hanley Mewhinney & Strauss LLC now owns 10,087,843 shares of the oil and gas producer’s stock worth $787,961,000 after purchasing an additional 1,191,224 shares during the period. Primecap Management Co. CA boosted its stake in shares of Hess by 0.6% in the 3rd quarter. Primecap Management Co. CA now owns 9,479,875 shares of the oil and gas producer’s stock valued at $740,473,000 after buying an additional 58,940 shares during the period. UBS Asset Management Americas Inc. grew its position in shares of Hess by 27.5% during the third quarter. UBS Asset Management Americas Inc. now owns 7,148,285 shares of the oil and gas producer’s stock worth $558,353,000 after buying an additional 1,541,044 shares in the last quarter. Finally, Geode Capital Management LLC increased its stake in shares of Hess by 3.9% during the fourth quarter. Geode Capital Management LLC now owns 5,153,724 shares of the oil and gas producer’s stock worth $380,546,000 after buying an additional 193,943 shares during the period. 83.64% of the stock is currently owned by hedge funds and other institutional investors.

About Hess (Get Rating)

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.

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