Bessemer Group Inc. Purchases 1,946 Shares of Hess Corporation (NYSE:HES)

Bessemer Group Inc. boosted its position in shares of Hess Corporation (NYSE:HES - Free Report) by 37.6% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 7,123 shares of the oil and gas producer's stock after buying an additional 1,946 shares during the period. Bessemer Group Inc.'s holdings in Hess were worth $1,138,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Adams Diversified Equity Fund Inc. boosted its stake in Hess by 59.4% during the first quarter. Adams Diversified Equity Fund Inc. now owns 49,100 shares of the oil and gas producer's stock valued at $7,843,000 after buying an additional 18,300 shares during the last quarter. Legacy Advisors LLC boosted its stake in Hess by 8.8% during the first quarter. Legacy Advisors LLC now owns 2,063 shares of the oil and gas producer's stock valued at $330,000 after buying an additional 166 shares during the last quarter. Asset Management One Co. Ltd. boosted its stake in Hess by 5.1% during the first quarter. Asset Management One Co. Ltd. now owns 113,287 shares of the oil and gas producer's stock valued at $18,095,000 after buying an additional 5,528 shares during the last quarter. Oppenheimer & Co. Inc. boosted its stake in Hess by 429.8% during the first quarter. Oppenheimer & Co. Inc. now owns 10,316 shares of the oil and gas producer's stock valued at $1,648,000 after buying an additional 8,369 shares during the last quarter. Finally, Avantra Family Wealth Inc. purchased a new stake in Hess during the first quarter valued at approximately $598,000. 88.51% of the stock is owned by institutional investors.

Hess Trading Down 0.8%

HES opened at $139.06 on Monday. The stock's fifty day moving average is $134.75 and its two-hundred day moving average is $139.90. The company has a market capitalization of $43.01 billion, a P/E ratio of 19.23 and a beta of 0.62. Hess Corporation has a 52 week low of $123.79 and a 52 week high of $161.69. The company has a quick ratio of 0.91, a current ratio of 1.08 and a debt-to-equity ratio of 0.71.

Hess (NYSE:HES - Get Free Report) last released its quarterly earnings data on Wednesday, April 30th. The oil and gas producer reported $1.81 EPS 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 analysts' expectations of $2.95 billion. Hess had a return on equity of 21.78% and a net margin of 17.65%. The company's revenue for the quarter was down 12.1% compared to the same quarter last year. During the same quarter in the previous year, the business earned $3.16 earnings per share. Analysts forecast that Hess Corporation will post 8.08 earnings per share for the current year.

Hess Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, June 30th. Shareholders 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 yield of 1.44%. Hess's payout ratio is currently 27.66%.

Analyst Upgrades and Downgrades

A number of equities research analysts have issued reports on HES shares. Wells Fargo & Company decreased their price objective on Hess from $193.00 to $184.00 and set an "overweight" rating on the stock in a research report on Thursday. Mizuho decreased their price objective on Hess from $193.00 to $191.00 and set a "neutral" rating on the stock in a research report on Tuesday, May 13th. UBS Group upped their price objective on Hess from $163.00 to $173.00 and gave the company a "buy" rating in a research report on Wednesday, June 11th. Piper Sandler decreased their price objective on Hess from $151.00 to $147.00 and set an "overweight" rating on the stock in a research report on Tuesday, May 13th. Finally, Scotiabank decreased their price objective on Hess from $164.00 to $146.58 and set a "sector perform" rating on the stock in a research report on Friday, April 11th. Six equities research analysts have rated the stock with a hold rating and six have given a buy rating to the company's stock. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $162.26.

Insiders Place Their Bets

In other Hess news, CEO John B. Hess sold 250,000 shares of the stock in a transaction on Friday, June 6th. The stock was sold at an average price of $136.01, for a total transaction of $34,002,500.00. Following the sale, the chief executive officer now owns 1,734,679 shares of the company's stock, valued at approximately $235,933,690.79. This trade represents a 12.60% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 9.10% of the stock is currently owned by company insiders.

Hess Company 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.

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