GAMMA Investing LLC Boosts Position in Hess Co. (NYSE:HES)

GAMMA Investing LLC lifted its stake in shares of Hess Co. (NYSE:HES - Free Report) by 16,134.6% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 1,546,506 shares of the oil and gas producer's stock after buying an additional 1,536,980 shares during the period. GAMMA Investing LLC owned approximately 0.50% of Hess worth $2,470,230,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in HES. Strategic Financial Concepts LLC acquired a new position in Hess in the 4th quarter valued at about $3,117,000. Manning & Napier Advisors LLC purchased a new position in Hess during the 4th quarter worth $2,274,000. Charles Schwab Investment Management Inc. lifted its stake in shares of Hess by 4.7% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,838,079 shares of the oil and gas producer's stock worth $244,483,000 after acquiring an additional 82,703 shares during the period. CIBC Asset Management Inc lifted its stake in shares of Hess by 4.5% in the fourth quarter. CIBC Asset Management Inc now owns 43,085 shares of the oil and gas producer's stock valued at $5,731,000 after purchasing an additional 1,861 shares during the period. Finally, American Century Companies Inc. raised its position in Hess by 14.7% during the fourth quarter. American Century Companies Inc. now owns 333,056 shares of the oil and gas producer's stock worth $44,300,000 after acquiring an additional 42,797 shares during the last quarter. 88.51% of the stock is currently owned by institutional investors and hedge funds.

Hess Stock Up 1.9%

Hess stock traded up $2.53 during trading on Tuesday, hitting $136.28. 729,602 shares of the company were exchanged, compared to its average volume of 1,789,194. The company has a market capitalization of $42.15 billion, a P/E ratio of 15.14 and a beta of 0.61. The company has a current ratio of 1.12, a quick ratio of 1.13 and a debt-to-equity ratio of 0.72. The business's 50 day moving average is $134.55 and its 200 day moving average is $140.67. Hess Co. has a 52 week low of $123.79 and a 52 week high of $161.69.

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 analysts' consensus estimates of $1.95 by ($0.14). The company had revenue of $2.92 billion for the quarter, compared to analysts' expectations of $2.95 billion. Hess had a return on equity of 26.32% and a net margin of 21.27%. The business's revenue for the quarter was down 12.1% on a year-over-year basis. During the same period last year, the company posted $3.16 EPS. Analysts predict that Hess Co. will post 8.08 earnings per share for the current year.

Hess Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, June 30th. Shareholders of record on Monday, June 16th will be issued a $0.50 dividend. The ex-dividend date of this dividend is Monday, June 16th. This represents a $2.00 annualized dividend and a dividend yield of 1.47%. Hess's payout ratio is currently 27.66%.

Insider Buying and Selling at Hess

In related news, CEO John B. Hess sold 175,000 shares of Hess stock in a transaction on Thursday, March 27th. The shares were 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 $379,879,364.70. The trade was a 6.84% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Insiders own 9.10% of the company's stock.

Analyst Ratings Changes

A number of research analysts have recently commented on HES shares. Wall Street Zen initiated coverage on shares of Hess in a research report on Wednesday, May 21st. They set a "hold" rating on the stock. Mizuho reduced their price objective on shares of Hess from $193.00 to $191.00 and set a "neutral" rating for the company in a research note on Tuesday, May 13th. Scotiabank dropped their price target on shares of Hess from $164.00 to $146.58 and set a "sector perform" rating on the stock in a research report on Friday, April 11th. UBS Group dropped their target price on shares of Hess from $170.00 to $163.00 and set a "buy" rating on the stock in a research report on Wednesday, April 16th. Finally, Piper Sandler reduced their target price on shares of Hess from $151.00 to $147.00 and set an "overweight" rating on the stock in a research note on Tuesday, May 13th. Six investment analysts have rated the stock with a hold rating and six have given a buy rating to the company's stock. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average price target of $162.16.

About Hess

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.