Comerica Bank Sells 4,796 Shares of Hess Co. (NYSE:HES)

Comerica Bank lowered its position in shares of Hess Co. (NYSE:HES - Free Report) by 8.4% in the fourth quarter, according to the company in its most recent filing with the SEC. The firm owned 52,610 shares of the oil and gas producer's stock after selling 4,796 shares during the quarter. Comerica Bank's holdings in Hess were worth $6,998,000 at the end of the most recent reporting period.

A number of other hedge funds have also modified their holdings of HES. J.Safra Asset Management Corp purchased a new stake in shares of Hess during the fourth quarter worth approximately $25,000. Sierra Ocean LLC purchased a new position in Hess in the fourth quarter valued at approximately $27,000. Millstone Evans Group LLC acquired a new position in shares of Hess in the 4th quarter valued at $33,000. Rialto Wealth Management LLC purchased a new stake in Hess in the fourth quarter valued at $37,000. Finally, Zions Bancorporation N.A. boosted its stake in Hess by 225.6% in the fourth quarter. Zions Bancorporation N.A. now owns 293 shares of the oil and gas producer's stock valued at $39,000 after acquiring an additional 203 shares in the last quarter. 88.51% of the stock is owned by institutional investors and hedge funds.

Hess Stock Performance

NYSE HES traded up $1.95 on Thursday, hitting $131.04. 1,534,452 shares of the stock were exchanged, compared to its average volume of 1,823,249. The company has a market capitalization of $40.53 billion, a PE ratio of 14.56 and a beta of 0.61. The business's fifty day moving average is $140.72 and its 200 day moving average is $141.52. Hess Co. has a 52 week low of $123.79 and a 52 week high of $161.69. The company has a debt-to-equity ratio of 0.72, a current ratio of 1.12 and a quick ratio of 1.13.

Hess (NYSE:HES - Get Free Report) last issued its quarterly earnings data on Wednesday, April 30th. The oil and gas producer reported $1.81 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.95 by ($0.14). Hess had a return on equity of 26.32% and a net margin of 21.27%. The company had revenue of $2.92 billion for the quarter, compared to analyst estimates of $2.95 billion. During the same quarter last year, the business earned $3.16 earnings per share. The company's revenue was down 12.1% on a year-over-year basis. Research analysts anticipate that Hess Co. will post 8.08 EPS for the current fiscal year.

Hess Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, March 31st. Investors of record on Monday, March 17th were paid a $0.50 dividend. The ex-dividend date was Monday, March 17th. This represents a $2.00 dividend on an annualized basis and a yield of 1.53%. Hess's dividend payout ratio (DPR) is 27.66%.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently commented on HES shares. StockNews.com assumed coverage on shares of Hess in a research report on Monday. They issued a "hold" rating for the company. Susquehanna reduced their price objective on shares of Hess from $160.00 to $136.00 and set a "neutral" rating for the company in a research note on Tuesday, April 22nd. Scotiabank dropped their price objective on Hess from $164.00 to $146.58 and set a "sector perform" rating for the company in a research note on Friday, April 11th. Finally, UBS Group lowered their target price on Hess from $170.00 to $163.00 and set a "buy" rating on the stock in a report on Wednesday, April 16th. Six equities research analysts have rated the stock with a hold rating and five have given a buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of "Hold" and a consensus price target of $164.46.

Insiders Place Their Bets

In other Hess news, CEO John B. Hess sold 175,000 shares of the stock in a transaction dated Thursday, March 27th. The stock was sold at an average price of $159.30, for a total value of $27,877,500.00. Following the completion of the transaction, the chief executive officer now directly owns 2,384,679 shares in the company, valued at approximately $379,879,364.70. This trade represents a 6.84 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Corporate insiders own 9.10% of the company's stock.

Hess Profile

Hess Corporation, an exploration and production company, explores, develops, produces, purchases, transports, and sells crude oil, natural gas liquids (NGLs), and natural gas. The company operates in two segments, Exploration and Production, and Midstream. It conducts production operations primarily in the United States, Guyana, the Malaysia/Thailand Joint Development Area, and Malaysia; and exploration activities principally offshore Guyana, the U.S.