Washington Trust Bank Lowers stake in Hess Corp. (HES)

Hess Corp. (HES) : Washington Trust Bank reduced its stake in Hess Corp. by 1.64% during the most recent quarter end. The investment management company now holds a total of 27,864 shares of Hess Corp. which is valued at $1,490,167 after selling 464 shares in Hess Corp. , the firm said in a disclosure report filed with the SEC on Oct 4, 2016.Hess Corp. makes up approximately 0.36% of Washington Trust Bank’s portfolio.

Other Hedge Funds, Including ,

Hess Corp. closed down -1.65 points or -3.06% at $52.25 with 47,34,930 shares getting traded on Tuesday. Post opening the session at $54.07, the shares hit an intraday low of $51.93 and an intraday high of $54.23 and the price fluctuated in this range throughout the day.Shares ended Tuesday session in Red.

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.. KLR Group Initiated Hess Corp. on Sep 12, 2016 to “Accumulate”, Price Target of the shares are set at $65.

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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