After Mizuho Securities and Morgan Stanley gave Hess (NYSE: HES) a Buy rating last month, the company received another Buy, this time from Raymond James. Analyst John Freeman maintained a Buy rating on Hess today. The company’s shares closed last Wednesday at $88.88, close to its 52-week high of $90.36.
According to TipRanks.com, Freeman is a 4-star analyst with an average return of 14.0% and a 49.0% success rate. Freeman covers the Utilities sector, focusing on stocks such as National Fuel Gas Company, Continental Resources, and Northern Oil And Gas.
The word on The Street in general, suggests a Strong Buy analyst consensus rating for Hess with a $91.73 average price target, representing a 2.7% upside. In a report issued on June 1, Wells Fargo also maintained a Buy rating on the stock with a $98.00 price target.
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Based on Hess’ latest earnings release for the quarter ending March 31, the company reported a quarterly revenue of $1.9 billion and net profit of $252 million. In comparison, last year the company earned revenue of $1.35 billion and had a GAAP net loss of $2.43 billion.
Based on the recent corporate insider activity of 59 insiders, corporate insider sentiment is negative on the stock. This means that over the past quarter there has been an increase of insiders selling their shares of HES in relation to earlier this year.
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Hess Corp is an exploration and production company, which engages in exploration, development, production, transportation, purchase & sale of crude oil, natural gas liquids and natural gas with production operations. It operates through the following segments: Exploration and Production and Midstream. The Exploration and Production segment explores for, develops, produces, purchases and sells crude oil, natural gas liquids and natural gas. The Midstream segment provides fee-based services including crude oil and natural gas gathering, processing of natural gas and the fractionation of natural gas liquids, transportation of crude oil by rail car, terminaling and loading crude oil and natural gas liquids, and the storage and terminaling of propane, primarily in the Bakken shale play of North Dakota. The company was founded by Leon Hess in 1920 and is headquartered in New York, NY.