NEW YORK (TheStreet) -- Shares of Hess (HES) - Get Report closed lower by 3.87% to $51.60 in Wednesday's trading session after the company posted mixed second quarter results before today's opening bell.
Hess reported adjusted earnings of $1.10 per share, missing analyst estimates of $1.23 per share. Revenue rose to $1.269 billion, beating analyst projections of $1.25 billion.
Last year, the company reported earnings of 52 cents per share on revenue of $1.99 billion.
"We remain confident in our ability to manage through the current environment and deliver strong production and cash flow growth as oil prices recover," said Hess CEO John Hess in a statement.
The company's oil and gas production fell 19% year-over-year to 313,000 barrels of oil equivalent per day, while Bakken net production came in at 106,000 barrels of oil equivalent per day.
Hess forecasts net oil production to be in the range of 315,000 to 325,000 boepd, excluding Libya.
About 8.65 million of the company's shares changed hands today vs. its average volume of 3.64 million shares per day.
Separately, TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author. TheStreet Ratings has this to say about the recommendation:
We rate HESS CORP as a Sell with a ratings score of D+. This is driven by a few notable weaknesses, which we believe should have a greater impact than any strengths, and could make it more difficult for investors to achieve positive results compared to most of the stocks we cover. The company's weaknesses can be seen in multiple areas, such as its poor profit margins, weak operating cash flow, generally disappointing historical performance in the stock itself, disappointing return on equity and feeble growth in its earnings per share.
You can view the full analysis from the report here: HES