Scotiabank Trims Hess (NYSE:HES) Target Price to $157.00

Hess (NYSE:HES) had its price objective decreased by equities researchers at Scotiabank from $165.00 to $157.00 in a report released on Friday, Benzinga reports. The firm currently has a “sector perform” rating on the oil and gas producer’s stock. Scotiabank’s price objective points to a potential upside of 5.81% from the stock’s previous close.

A number of other brokerages have also recently weighed in on HES. Mizuho raised their price objective on Hess from $205.00 to $210.00 and gave the company a “neutral” rating in a report on Monday, May 13th. Piper Sandler raised their price objective on Hess from $172.00 to $173.00 and gave the company an “overweight” rating in a report on Thursday, April 18th. Citigroup raised their price objective on Hess from $145.00 to $160.00 and gave the company a “neutral” rating in a report on Wednesday, June 5th. StockNews.com assumed coverage on Hess in a report on Friday, June 28th. They set a “hold” rating on the stock. Finally, Susquehanna lifted their price target on Hess from $164.00 to $167.00 and gave the stock a “neutral” rating in a research note on Thursday, May 16th. Eight investment analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $178.17.

Hess Price Performance

Shares of HES traded up $0.64 during trading hours on Friday, reaching $148.38. 1,201,172 shares of the company’s stock traded hands, compared to its average volume of 2,435,977. The stock has a market cap of $45.72 billion, a PE ratio of 22.72 and a beta of 1.16. The company has a current ratio of 1.23, a quick ratio of 1.10 and a debt-to-equity ratio of 0.81. The firm’s 50 day simple moving average is $150.59 and its 200-day simple moving average is $149.03. Hess has a 12 month low of $131.61 and a 12 month high of $167.75.

Hess (NYSE:HES) last issued its quarterly earnings results on Thursday, April 25th. The oil and gas producer reported $3.16 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.73 by $1.43. The firm had revenue of $3.34 billion during the quarter, compared to the consensus estimate of $2.98 billion. Hess had a return on equity of 22.73% and a net margin of 17.41%. The company’s revenue for the quarter was up 36.2% on a year-over-year basis. During the same quarter last year, the company posted $1.13 EPS. Equities analysts expect that Hess will post 10.52 EPS for the current year.

Institutional Investors Weigh In On Hess

Several hedge funds have recently added to or reduced their stakes in HES. New Covenant Trust Company N.A. bought a new stake in Hess in the first quarter worth $25,000. Pacific Capital Wealth Advisors Inc. bought a new stake in Hess in the fourth quarter worth $27,000. Rise Advisors LLC bought a new stake in Hess in the first quarter worth $27,000. Sound Income Strategies LLC bought a new stake in Hess in the fourth quarter worth $29,000. Finally, Cape Investment Advisory Inc. purchased a new position in shares of Hess in the fourth quarter worth $32,000. 88.51% of the stock is owned by institutional investors.

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.