Elkfork Partners LLC trimmed its position in shares of Hess Corp. (NYSE:HES) by 1.7% in the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 11,396 shares of the oil and gas producer’s stock after selling 196 shares during the quarter. Elkfork Partners LLC’s holdings in Hess were worth $724,000 at the end of the most recent quarter.
Several other institutional investors and hedge funds also recently made changes to their positions in HES. Northern Trust Corp lifted its stake in Hess by 1.3% during the second quarter. Northern Trust Corp now owns 3,366,311 shares of the oil and gas producer’s stock worth $213,996,000 after purchasing an additional 44,833 shares during the last quarter. Natixis Advisors L.P. lifted its stake in Hess by 10.2% during the second quarter. Natixis Advisors L.P. now owns 115,961 shares of the oil and gas producer’s stock worth $7,372,000 after purchasing an additional 10,750 shares during the last quarter. Pacer Advisors Inc. lifted its stake in Hess by 13.8% during the second quarter. Pacer Advisors Inc. now owns 23,551 shares of the oil and gas producer’s stock worth $1,497,000 after purchasing an additional 2,861 shares during the last quarter. Bank of New York Mellon Corp lifted its stake in Hess by 10.9% during the second quarter. Bank of New York Mellon Corp now owns 6,114,101 shares of the oil and gas producer’s stock worth $388,672,000 after purchasing an additional 599,520 shares during the last quarter. Finally, Fort Washington Investment Advisors Inc. OH purchased a new stake in Hess during the second quarter worth approximately $448,000. Institutional investors and hedge funds own 90.10% of the company’s stock.
Shares of HES stock opened at $60.13 on Friday. The business’s fifty day moving average price is $62.81 and its 200 day moving average price is $61.70. The company has a debt-to-equity ratio of 0.68, a current ratio of 1.58 and a quick ratio of 1.46. The firm has a market capitalization of $19.34 billion, a PE ratio of -81.26 and a beta of 1.98. Hess Corp. has a 1-year low of $35.59 and a 1-year high of $74.81.
Hess (NYSE:HES) last posted its earnings results on Wednesday, July 31st. The oil and gas producer reported ($0.09) EPS for the quarter, topping the Zacks’ consensus estimate of ($0.10) by $0.01. The company had revenue of $1.70 billion for the quarter, compared to the consensus estimate of $1.52 billion. Hess had a return on equity of 0.46% and a net margin of 1.09%. Hess’s quarterly revenue was up 8.4% compared to the same quarter last year. During the same period in the previous year, the business earned ($0.23) earnings per share. Equities research analysts expect that Hess Corp. will post -0.36 earnings per share for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Monday, September 30th. Stockholders of record on Monday, September 16th will be given a $0.25 dividend. The ex-dividend date of this dividend is Friday, September 13th. This represents a $1.00 annualized dividend and a dividend yield of 1.66%. Hess’s dividend payout ratio is currently -135.14%.
In related news, CEO John B. Hess sold 2,600 shares of the company’s stock in a transaction on Monday, September 9th. The stock was sold at an average price of $65.00, for a total value of $169,000.00. Following the completion of the transaction, the chief executive officer now directly owns 1,385,167 shares in the company, valued at $90,035,855. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Barbara J. Lowery-Yilmaz sold 7,305 shares of the company’s stock in a transaction dated Tuesday, August 6th. The stock was sold at an average price of $57.18, for a total value of $417,699.90. The disclosure for this sale can be found here. Insiders sold 242,911 shares of company stock worth $16,012,509 over the last 90 days. Company insiders own 12.22% of the company’s stock.
Several equities research analysts recently weighed in on the company. Piper Jaffray Companies set a $61.00 target price on Hess and gave the stock a “hold” rating in a research note on Friday, August 16th. ValuEngine upgraded Hess from a “hold” rating to a “buy” rating in a research note on Monday, September 16th. Morgan Stanley set a $69.00 price target on Hess and gave the stock a “buy” rating in a research report on Monday, June 24th. Wells Fargo & Co reaffirmed a “buy” rating on shares of Hess in a research report on Wednesday, July 31st. Finally, Citigroup initiated coverage on Hess in a research report on Monday, September 23rd. They set a “neutral” rating and a $70.00 price target on the stock. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating and seven have given a buy rating to the company. Hess has a consensus rating of “Hold” and an average price target of $68.50.
Hess Company Profile
Hess Corporation, an exploration and production company, explores for, develops, produces, purchases, transports, and sells crude oil, natural gas liquids (NGLs), and natural gas. It operates through two segments, Exploration and Production, and Midstream. The company conducts production operations primarily in the United States, Denmark, the Malaysia/Thailand Joint Development Area, and Malaysia; and exploration activities primarily offshore Guyana, Suriname, Canada, and in the Gulf of Mexico.
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