Guinness Asset Management Ltd Lowers stake in Hess Corp. (HES)

Hess Corp. (HES) : Guinness Asset Management Ltd reduced its stake in Hess Corp. by 6.3% during the most recent quarter end. The investment management company now holds a total of 191,702 shares of Hess Corp. which is valued at $9,891,823 after selling 12,900 shares in Hess Corp. , the firm said in a disclosure report filed with the SEC on Jul 25, 2016.Hess Corp. makes up approximately 2.71% of Guinness Asset Management Ltd’s portfolio.

Other Hedge Funds, Including , Newsquare Capital reduced its stake in HES by selling 16 shares or 12.5% in the most recent quarter. The Hedge Fund company now holds 112 shares of HES which is valued at $5,779.Partnerre Asset Management Corp boosted its stake in HES in the latest quarter, The investment management firm added 200 additional shares and now holds a total of 1,815 shares of Hess Corp. which is valued at $104,544. Hess Corp. makes up approx 0.05% of Partnerre Asset Management Corp’s portfolio.Capstone Asset Management Co reduced its stake in HES by selling 2,270 shares or 7.39% in the most recent quarter. The Hedge Fund company now holds 28,431 shares of HES which is valued at $1,649,567. Hess Corp. makes up approx 0.05% of Capstone Asset Management Co’s portfolio.Washington Trust Bank boosted its stake in HES in the latest quarter, The investment management firm added 710 additional shares and now holds a total of 28,328 shares of Hess Corp. which is valued at $1,609,314. Hess Corp. makes up approx 0.41% of Washington Trust Bank’s portfolio.

Hess Corp. opened for trading at $51.41 and hit $53.82 on the upside on Friday, eventually ending the session at $53.65, with a gain of 2.84% or 1.48 points. The heightened volatility saw the trading volume jump to 40,98,012 shares. Company has a market cap of $16,992 M.

On the company’s financial health, Hess Corp. reported $-1.10 EPS for the quarter, beating the analyst consensus estimate by $ 0.14 according to the earnings call on Jul 27, 2016. Analyst had a consensus of $-1.24. The company had revenue of $1269.00 million for the quarter, compared to analysts expectations of $1012.50 million. The company’s revenue was down -34.4 % compared to the same quarter last year.During the same quarter in the previous year, the company posted $-0.52 EPS.

Many Wall Street Analysts have commented on Hess Corp.. Hess Corp. was Downgraded by Credit Suisse to ” Neutral” on Apr 28, 2016. Company shares were Downgraded by UBS on Apr 28, 2016 to ” Neutral”, Firm has raised the Price Target to $ 65 from a previous price target of $60 .

Hess Corporation (Hess) is an exploration and production (E&P) company that develops produces purchases transports and sells crude oil and natural gas. Its production operations are located primarily in the United States Denmark Equatorial Guinea the Joint Development Area of Malaysia/Thailand Malaysia and Norway. The Company’s production in the United States was from offshore properties in the Gulf of Mexico and onshore properties in the Bakken oil shale play in the Williston Basin of North Dakota the Permian Basin of Texas and the Utica Basin of Ohio. Approximately 16% of the Company’s crude oil and natural gas liquids production and 7% of its natural gas production were from European operations. Approximately 22% of the Company’s crude oil and natural gas liquids production were from its African operations. Approximately 1% of the Company’s crude oil and natural gas liquids production and 61% of its natural gas production were from its Asian and Other operations.

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