Packer Co Ltd buys $33,177,040 stake in Hess Corp. (HES)

Hess Corp. (HES) : Packer Co Ltd scooped up 155,000 additional shares in Hess Corp. during the most recent quarter end , the firm said in a disclosure report filed with the SEC on Jul 8, 2016. The investment management firm now holds a total of 584,000 shares of Hess Corp. which is valued at $33,177,040.Hess Corp. makes up approximately 5.33% of Packer Co Ltd’s portfolio.

Other Hedge Funds, Including , British Columbia Investment Management Corp reduced its stake in HES by selling 931 shares or 0.52% in the most recent quarter. The Hedge Fund company now holds 178,075 shares of HES which is valued at $10,116,441. Hess Corp. makes up approx 0.09% of British Columbia Investment Management Corp’s portfolio.West Oak Capital reduced its stake in HES by selling 175 shares or 10.84% in the most recent quarter. The Hedge Fund company now holds 1,440 shares of HES which is valued at $81,806. Hess Corp. makes up approx 0.06% of West Oak Capital’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.Bnp Paribas Arbitrage Sa reduced its stake in HES by selling 23,807 shares or 50.04% in the most recent quarter. The Hedge Fund company now holds 23,766 shares of HES which is valued at $1,350,146. Hess Corp. makes up approx 0.01% of Bnp Paribas Arbitrage Sa’s portfolio.New England Research Management reduced its stake in HES by selling 300 shares or 6.98% in the most recent quarter. The Hedge Fund company now holds 4,000 shares of HES which is valued at $227,840. Hess Corp. makes up approx 0.20% of New England Research Management’s portfolio.

Hess Corp. closed down -2.11 points or -3.51% at $58.02 with 40,19,853 shares getting traded on Wednesday. Post opening the session at $59.99, the shares hit an intraday low of $57.46 and an intraday high of $60.12 and the price fluctuated in this range throughout the day.Shares ended Wednesday session in Red.

On the company’s financial health, Hess Corp. reported $-1.72 EPS for the quarter, beating the analyst consensus estimate by $ 0.11 according to the earnings call on Apr 27, 2016. Analyst had a consensus of $-1.83. The company had revenue of $993.00 million for the quarter, compared to analysts expectations of $1004.80 million. The company’s revenue was down -35.9 % compared to the same quarter last year.During the same quarter in the previous year, the company posted $-0.98 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 .Company shares were Reiterated by Scotia Howard Weil on Apr 19, 2016 to “Sector Outperform”, Firm has raised the Price Target to $ 69 from a previous price target of $59 .

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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