Hess Corporation (NYSE:HES) Shares Sold by Financiere des Professionnels Fonds d investissement inc.

Financiere des Professionnels Fonds d investissement inc. cut its position in Hess Corporation (NYSE:HES - Free Report) by 4.0% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 58,779 shares of the oil and gas producer's stock after selling 2,441 shares during the quarter. Financiere des Professionnels Fonds d investissement inc.'s holdings in Hess were worth $9,389,000 at the end of the most recent reporting period.

Several other hedge funds have also recently made changes to their positions in the company. GAMMA Investing LLC grew its position in shares of Hess by 16,134.6% in the first quarter. GAMMA Investing LLC now owns 1,546,506 shares of the oil and gas producer's stock valued at $2,470,230,000 after purchasing an additional 1,536,980 shares in the last quarter. Symmetry Investments LP lifted its stake in Hess by 154.1% in the fourth quarter. Symmetry Investments LP now owns 1,381,076 shares of the oil and gas producer's stock worth $183,697,000 after acquiring an additional 837,662 shares during the period. Adage Capital Partners GP L.L.C. lifted its position in Hess by 6.5% during the fourth quarter. Adage Capital Partners GP L.L.C. now owns 11,438,985 shares of the oil and gas producer's stock valued at $1,521,499,000 after buying an additional 698,866 shares during the period. Bank of New York Mellon Corp increased its holdings in shares of Hess by 22.2% during the first quarter. Bank of New York Mellon Corp now owns 3,581,820 shares of the oil and gas producer's stock valued at $572,124,000 after acquiring an additional 651,311 shares in the last quarter. Finally, Point72 Asset Management L.P. increased its holdings in shares of Hess by 164.1% during the fourth quarter. Point72 Asset Management L.P. now owns 769,042 shares of the oil and gas producer's stock valued at $102,290,000 after acquiring an additional 477,796 shares in the last quarter. 88.51% of the stock is currently owned by institutional investors.

Hess Price Performance

NYSE HES traded up $6.84 during trading hours on Tuesday, reaching $150.16. The company's stock had a trading volume of 4,487,417 shares, compared to its average volume of 1,826,514. The company has a market capitalization of $46.45 billion, a price-to-earnings ratio of 20.77 and a beta of 0.62. Hess Corporation has a 1 year low of $123.79 and a 1 year high of $161.69. The firm's 50-day moving average price is $136.07 and its 200-day moving average price is $140.29. 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 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 21.78% and a net margin of 17.65%. The firm had revenue of $2.92 billion for the quarter, compared to analysts' expectations of $2.95 billion. During the same period last year, the company earned $3.16 earnings per share. The firm's revenue was down 12.1% on a year-over-year basis. On average, equities research analysts predict that Hess Corporation will post 8.08 EPS for the current fiscal year.

Hess Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, June 30th. Shareholders of record on Monday, June 16th were paid a $0.50 dividend. The ex-dividend date of this dividend was Monday, June 16th. This represents a $2.00 dividend on an annualized basis and a yield of 1.33%. Hess's payout ratio is 27.66%.

Wall Street Analysts Forecast Growth

HES has been the subject of several research analyst reports. Scotiabank reduced their price objective on Hess from $164.00 to $146.58 and set a "sector perform" rating for the company in a report on Friday, April 11th. UBS Group boosted their price target on Hess from $163.00 to $173.00 and gave the company a "buy" rating in a research note on Wednesday, June 11th. Susquehanna cut their price target on Hess from $160.00 to $136.00 and set a "neutral" rating for the company in a research note on Tuesday, April 22nd. Wall Street Zen upgraded Hess from a "sell" rating to a "hold" rating in a research note on Saturday, June 14th. Finally, Piper Sandler boosted their price target on Hess from $147.00 to $153.00 and gave the company an "overweight" rating in a research note on Wednesday, July 2nd. Six investment analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. According to data from MarketBeat.com, Hess presently has a consensus rating of "Moderate Buy" and an average price target of $162.86.

Insiders Place Their Bets

In other news, CEO John B. Hess sold 250,000 shares of the firm's 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 transaction, the chief executive officer owned 1,734,679 shares in the company, valued at approximately $235,933,690.79. This trade represents a 12.60% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. 9.10% of the stock is currently owned by 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.