LMR Partners LLP Decreases Holdings in Hess Corporation (HES)

LMR Partners LLP trimmed its position in Hess Corporation (NYSE:HES) by 18.3% during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 16,448 shares of the oil and gas producer’s stock after selling 3,687 shares during the quarter. LMR Partners LLP’s holdings in Hess were worth $771,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the business. Condor Capital Management grew its holdings in Hess by 0.3% in the 2nd quarter. Condor Capital Management now owns 13,579 shares of the oil and gas producer’s stock valued at $596,000 after buying an additional 39 shares in the last quarter. Welch & Forbes LLC grew its holdings in Hess by 1.0% in the 2nd quarter. Welch & Forbes LLC now owns 4,668 shares of the oil and gas producer’s stock valued at $205,000 after buying an additional 46 shares in the last quarter. Linscomb & Williams Inc. grew its holdings in Hess by 0.3% in the 2nd quarter. Linscomb & Williams Inc. now owns 21,171 shares of the oil and gas producer’s stock valued at $929,000 after buying an additional 71 shares in the last quarter. Conning Inc. grew its holdings in Hess by 1.3% in the 2nd quarter. Conning Inc. now owns 7,687 shares of the oil and gas producer’s stock valued at $337,000 after buying an additional 99 shares in the last quarter. Finally, Calamos Wealth Management LLC grew its holdings in Hess by 0.7% in the 2nd quarter. Calamos Wealth Management LLC now owns 15,330 shares of the oil and gas producer’s stock valued at $673,000 after buying an additional 107 shares in the last quarter. 88.07% of the stock is currently owned by hedge funds and other institutional investors.

A number of research analysts have commented on HES shares. Scotiabank set a $52.00 price objective on Hess and gave the company a “buy” rating in a report on Friday, August 11th. Cowen Inc reaffirmed a “hold” rating and issued a $50.00 price objective on shares of Hess in a report on Tuesday, August 22nd. Piper Jaffray Companies set a $47.00 price objective on Hess and gave the company a “buy” rating in a report on Friday, August 25th. BMO Capital Markets reaffirmed a “hold” rating and issued a $42.00 price objective on shares of Hess in a report on Friday, September 1st. Finally, Zacks Investment Research raised Hess from a “sell” rating to a “hold” rating in a report on Tuesday, September 12th. Three equities research analysts have rated the stock with a sell rating, nine have assigned a hold rating and seven have assigned a buy rating to the stock. The company currently has an average rating of “Hold” and a consensus price target of $51.79.

Shares of Hess Corporation (NYSE:HES) opened at $44.40 on Friday. Hess Corporation has a 1-year low of $37.25 and a 1-year high of $65.56. The company has a debt-to-equity ratio of 0.46, a quick ratio of 1.68 and a current ratio of 1.84.

Hess (NYSE:HES) last released its earnings results on Wednesday, October 25th. The oil and gas producer reported ($1.07) earnings per share (EPS) for the quarter, topping the consensus estimate of ($1.29) by $0.22. The company had revenue of $1.67 billion for the quarter, compared to analyst estimates of $1.27 billion. Hess had a negative return on equity of 9.30% and a negative net margin of 113.21%. Hess’s quarterly revenue was up 39.3% on a year-over-year basis. During the same period in the prior year, the firm posted ($1.12) EPS. sell-side analysts anticipate that Hess Corporation will post -4.58 earnings per share for the current year.

In related news, insider Brian D. Truelove sold 6,000 shares of the firm’s stock in a transaction dated Monday, September 18th. The stock was sold at an average price of $42.53, for a total value of $255,180.00. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Corporate insiders own 11.80% of the company’s stock.

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About Hess

Hess Corporation is an exploration and production company. The Company is engaged in exploration, development, production, transportation, purchase and sale of crude oil, natural gas liquids (NGL) and natural gas. The Company’s segments include Exploration and Production, and Bakken Midstream. Its Exploration and Production segment explores for, develops, produces, purchases and sells crude oil, NGLs and natural gas with production operations primarily in the United States, Denmark, Equatorial Guinea, the Malaysia/Thailand Joint Development Area (JDA), Malaysia and Norway.

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Institutional Ownership by Quarter for Hess (NYSE:HES)

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