CIBC Asset Management Inc Cuts Stock Position in Hess Co. (NYSE:HES)

CIBC Asset Management Inc lowered its holdings in Hess Co. (NYSE:HES) by 2.5% during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 38,083 shares of the oil and gas producer’s stock after selling 986 shares during the period. CIBC Asset Management Inc’s holdings in Hess were worth $5,618,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also bought and sold shares of HES. New Covenant Trust Company N.A. purchased a new position in shares of Hess during the 1st quarter valued at $25,000. Rise Advisors LLC purchased a new position in shares of Hess during the 1st quarter valued at $27,000. Cape Investment Advisory Inc. purchased a new position in shares of Hess during the 4th quarter valued at $32,000. Riverview Trust Co purchased a new position in shares of Hess during the 1st quarter valued at $36,000. Finally, EverSource Wealth Advisors LLC lifted its position in shares of Hess by 47.6% during the 1st quarter. EverSource Wealth Advisors LLC now owns 273 shares of the oil and gas producer’s stock valued at $43,000 after buying an additional 88 shares during the last quarter. Hedge funds and other institutional investors own 88.51% of the company’s stock.

Hess Price Performance

Shares of NYSE HES opened at $131.16 on Thursday. The firm has a market capitalization of $40.41 billion, a P/E ratio of 20.09 and a beta of 1.16. The company has a quick ratio of 1.14, a current ratio of 1.27 and a debt-to-equity ratio of 0.78. The stock’s 50-day simple moving average is $142.59 and its two-hundred day simple moving average is $148.52. Hess Co. has a twelve month low of $130.35 and a twelve month high of $167.75.

Hess (NYSE:HES) last announced its earnings results on Wednesday, July 31st. The oil and gas producer reported $2.62 earnings per share for the quarter, topping analysts’ consensus estimates of $2.48 by $0.14. The business had revenue of $3.26 billion for the quarter, compared to analyst estimates of $3.24 billion. Hess had a return on equity of 27.43% and a net margin of 21.22%. The company’s quarterly revenue was up 40.3% compared to the same quarter last year. During the same period in the prior year, the company earned $0.65 EPS. As a group, equities analysts anticipate that Hess Co. will post 11.12 EPS for the current fiscal year.

Wall Street Analyst Weigh In

A number of research analysts have recently commented on the company. Susquehanna dropped their price target on Hess from $151.00 to $149.00 and set a “neutral” rating on the stock in a research report on Wednesday. UBS Group dropped their price target on Hess from $193.00 to $192.00 and set a “buy” rating on the stock in a research report on Tuesday, August 20th. Scotiabank decreased their price objective on Hess from $165.00 to $157.00 and set a “sector perform” rating on the stock in a research note on Friday, July 12th. Citigroup boosted their price objective on Hess from $145.00 to $160.00 and gave the company a “neutral” rating in a research note on Wednesday, June 5th. Finally, BMO Capital Markets lowered Hess to an “overweight” rating and decreased their price objective for the company from $175.00 to $160.00 in a research note on Monday, August 19th. Eight investment analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. Based on data from MarketBeat.com, Hess has an average rating of “Hold” and a consensus price target of $175.62.

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.