Alpine Global Management LLC bought a new position in shares of Hess Co. (NYSE:HES - Free Report) during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor bought 10,000 shares of the oil and gas producer's stock, valued at approximately $1,330,000.
A number of other hedge funds and other institutional investors have also recently made changes to their positions in HES. J.Safra Asset Management Corp purchased a new stake in shares of Hess in the 4th quarter worth approximately $25,000. Sierra Ocean LLC purchased a new stake in shares of Hess in the 4th quarter worth approximately $27,000. Millstone Evans Group LLC purchased a new stake in shares of Hess in the 4th quarter worth approximately $33,000. Rialto Wealth Management LLC purchased a new stake in shares of Hess in the 4th quarter worth approximately $37,000. Finally, Zions Bancorporation N.A. grew its stake in shares of Hess by 225.6% in the 4th quarter. Zions Bancorporation N.A. now owns 293 shares of the oil and gas producer's stock worth $39,000 after buying an additional 203 shares during the last quarter. Hedge funds and other institutional investors own 88.51% of the company's stock.
Insider Activity
In related news, CEO John B. Hess sold 175,000 shares of the firm's stock in a transaction on 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 transaction, the chief executive officer now directly owns 2,384,679 shares of the company's stock, valued at approximately $379,879,364.70. This trade represents a 6.84% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 9.10% of the company's stock.
Wall Street Analyst Weigh In
Several analysts recently weighed in on HES shares. Piper Sandler cut their price target on Hess from $151.00 to $147.00 and set an "overweight" rating on the stock in a research note on Tuesday, May 13th. Susquehanna cut their price target on Hess from $160.00 to $136.00 and set a "neutral" rating on the stock in a research note on Tuesday, April 22nd. UBS Group cut their target price on Hess from $170.00 to $163.00 and set a "buy" rating on the stock in a research note on Wednesday, April 16th. Mizuho cut their target price on Hess from $193.00 to $191.00 and set a "neutral" rating on the stock in a research note on Tuesday, May 13th. Finally, Scotiabank cut their target price on Hess from $164.00 to $146.58 and set a "sector perform" rating on the stock in a research note on Friday, April 11th. Six research analysts have rated the stock with a hold rating and six have issued a buy rating to the company. Based on data from MarketBeat, Hess currently has a consensus rating of "Moderate Buy" and an average target price of $162.16.
Check Out Our Latest Research Report on HES
Hess Stock Performance
Shares of NYSE HES traded up $1.22 during midday trading on Tuesday, hitting $132.58. 3,165,890 shares of the stock traded hands, compared to its average volume of 1,797,613. The firm has a 50-day moving average of $137.10 and a two-hundred day moving average of $141.04. The firm has a market capitalization of $41.01 billion, a P/E ratio of 14.73 and a beta of 0.61. The company has a debt-to-equity ratio of 0.72, a quick ratio of 1.13 and a current ratio of 1.12. Hess Co. has a one year low of $123.79 and a one year high of $161.69.
Hess (NYSE:HES - Get Free Report) last released its quarterly earnings results on Wednesday, April 30th. The oil and gas producer reported $1.81 earnings per share for the quarter, missing the consensus estimate of $1.95 by ($0.14). The firm had revenue of $2.92 billion for the quarter, compared to the consensus estimate of $2.95 billion. Hess had a net margin of 21.27% and a return on equity of 26.32%. Hess's quarterly revenue was down 12.1% compared to the same quarter last year. During the same period in the previous year, the company earned $3.16 earnings per share. On average, equities analysts forecast that Hess Co. will post 8.08 EPS for the current fiscal year.
Hess Dividend Announcement
The company also recently declared a quarterly dividend, which will be paid on Monday, June 30th. Stockholders of record on Monday, June 16th will be issued a dividend of $0.50 per share. The ex-dividend date is Monday, June 16th. This represents a $2.00 annualized dividend and a dividend yield of 1.51%. Hess's payout ratio is 27.66%.
About Hess
(
Free Report)
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.
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