LPL Financial LLC lowered its stake in Hess Corp. (NYSE:HES) by 32.3% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 25,755 shares of the oil and gas producer’s stock after selling 12,291 shares during the period. LPL Financial LLC’s holdings in Hess were worth $1,043,000 as of its most recent SEC filing.
Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Canada Pension Plan Investment Board grew its position in Hess by 1,660.0% in the third quarter. Canada Pension Plan Investment Board now owns 267,695 shares of the oil and gas producer’s stock worth $19,162,000 after acquiring an additional 252,485 shares in the last quarter. Palo Capital Inc. purchased a new position in Hess in the third quarter worth about $116,000. Royal London Asset Management Ltd. grew its position in Hess by 1.9% in the third quarter. Royal London Asset Management Ltd. now owns 197,857 shares of the oil and gas producer’s stock worth $14,164,000 after acquiring an additional 3,664 shares in the last quarter. Manning & Napier Group LLC grew its position in Hess by 44.6% in the fourth quarter. Manning & Napier Group LLC now owns 33,436 shares of the oil and gas producer’s stock worth $1,353,000 after acquiring an additional 10,305 shares in the last quarter. Finally, Sunbelt Securities Inc. purchased a new position in Hess in the third quarter worth about $374,000. Institutional investors own 92.05% of the company’s stock.
Shares of NYSE:HES opened at $58.25 on Friday. Hess Corp. has a 1 year low of $35.59 and a 1 year high of $74.81. The company has a market cap of $17.65 billion, a price-to-earnings ratio of -78.72 and a beta of 1.95. The company has a quick ratio of 1.91, a current ratio of 2.02 and a debt-to-equity ratio of 0.61.
Hess (NYSE:HES) last announced its earnings results on Wednesday, January 30th. The oil and gas producer reported ($0.31) earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.41) by $0.10. Hess had a negative return on equity of 0.73% and a negative net margin of 2.91%. The business had revenue of $1.68 billion during the quarter, compared to analyst estimates of $1.49 billion. During the same quarter in the previous year, the business earned ($1.01) earnings per share. The company’s revenue for the quarter was up 30.3% compared to the same quarter last year. Analysts anticipate that Hess Corp. will post -0.85 EPS for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Friday, March 29th. Shareholders of record on Monday, March 18th will be given a dividend of $0.25 per share. The ex-dividend date of this dividend is Friday, March 15th. This represents a $1.00 annualized dividend and a dividend yield of 1.72%. Hess’s dividend payout ratio (DPR) is presently -135.14%.
Several research analysts recently commented on HES shares. Barclays upgraded Hess from an “equal weight” rating to an “overweight” rating and set a $66.00 price target for the company in a research report on Thursday, January 10th. They noted that the move was a valuation call. Stephens lowered Hess from an “overweight” rating to an “equal weight” rating and set a $69.00 price target for the company. in a research report on Tuesday, January 29th. They noted that the move was a valuation call. Morgan Stanley set a $63.00 price target on Hess and gave the stock a “buy” rating in a research report on Tuesday, January 29th. Bank of America reiterated a “buy” rating and issued a $85.00 price target on shares of Hess in a research report on Tuesday, November 27th. Finally, MKM Partners lifted their price target on Hess to $79.00 and gave the stock a “buy” rating in a research report on Thursday, December 13th. Two investment analysts have rated the stock with a sell rating, nine have issued a hold rating and five have issued a buy rating to the stock. Hess currently has a consensus rating of “Hold” and a consensus target price of $69.31.
In related news, COO Gregory P. Hill sold 4,987 shares of the business’s stock in a transaction that occurred on Thursday, March 7th. The stock was sold at an average price of $56.73, for a total value of $282,912.51. Following the completion of the sale, the chief operating officer now owns 98,647 shares in the company, valued at $5,596,244.31. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO John B. Hess sold 167,834 shares of the business’s stock in a transaction that occurred on Thursday, February 7th. The shares were sold at an average price of $52.84, for a total value of $8,868,348.56. Following the completion of the sale, the chief executive officer now owns 1,871,958 shares of the company’s stock, valued at approximately $98,914,260.72. The disclosure for this sale can be found here. Insiders have sold 470,741 shares of company stock valued at $25,677,557 in the last 90 days. Company insiders own 12.09% of the company’s stock.
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Hess Corporation, an exploration and production company, 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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