Hess Corp. posts net loss of $396 million for fourth quarter

“However, in response to the current low oil price environment, we have significantly decreased our 2016 capital and exploratory expenditures and we plan to reduce activity at all of our producing assets”, Hess president and COO Greg Hill said. Analysts estimated a revenue of $1.52B. Hess Corp. was Reiterated by Barclays on Jan 12, 2016 to “Equal Weight”, Lowers Price Target to $ 49 from a previous price target of $65.Hess Corp. was Downgraded by Citigroup to ” Neutral” on Jan 5, 2016. Mitsubishi UFJ Financial Group Inc reaffirmed an “overweight” rating on shares of Hess Corp.in a report on Tuesday, December 8th. During the same quarter past year, the business posted $0.18 EPS. The company implemented the cost reduction program after reduced the oil price target from 58 Dollars per barrel to 38 USD per barrel. Finally, CLSA restated a buy rating on shares of Hess Corp.in a research note on Tuesday, December 15th.

Hess Corp (HES.N), a US oil company with operations in North Dakota’s Bakken Shale, said that it planned to cut capital spending by 40 percent this year, the latest company to scale back due to the sharp downturn in crude prices. The company’s 50-day moving average price is $44.46 and its 200 day moving average price is $54.41. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link.

Currently, Hess Corporation has a Zacks Rank #3 (Hold) but that could change following its fourth quarter 2015 earnings report which has just released. The stock traded as high as $39.66 and last traded at $36.85, with a volume of 11,428,661 shares. The company has a market cap of $9,836 M and the number of outstanding shares has been calculated to be 28,60,97,190 shares. Jennison Associates now owns 913,583 shares of the company’s stock worth $45,734,000 after buying an additional 79,195 shares during the last quarter. These exploration and production activities take place principally in Algeria, Australia, Azerbaijan, Brazil, Brunei, China, Denmark, Egypt, Equatorial Guinea, France, Ghana, Indonesia, the Kurdistan region of Iraq, Libya, Malaysia, Norway, Peru, Russia, Thailand, the United Kingdom and the United States. The company cited “negative revisions to proved undeveloped reserves resulting from lower crude oil prices”. Approximately 22% of the Company’s crude oil and natural gas liquids production were from its African operations.