Kornitzer Capital Management Inc. KS Has $92.64 Million Stake in Hess Corporation (NYSE:HES)

Kornitzer Capital Management Inc. KS lowered its stake in Hess Corporation (NYSE:HES - Free Report) by 4.6% during the first quarter, according to the company in its most recent filing with the SEC. The fund owned 579,968 shares of the oil and gas producer's stock after selling 28,281 shares during the period. Hess makes up 1.9% of Kornitzer Capital Management Inc. KS's portfolio, making the stock its 5th largest holding. Kornitzer Capital Management Inc. KS owned 0.19% of Hess worth $92,638,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds have also bought and sold shares of HES. Vanguard Group Inc. lifted its holdings in shares of Hess by 0.9% during the 4th quarter. Vanguard Group Inc. now owns 33,141,244 shares of the oil and gas producer's stock worth $4,408,117,000 after acquiring an additional 296,406 shares during the period. Adage Capital Partners GP L.L.C. lifted its stake in Hess by 6.5% in the 4th 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 purchasing an additional 698,866 shares during the last quarter. HBK Investments L P lifted its stake in Hess by 1.7% in the 4th quarter. HBK Investments L P now owns 7,237,911 shares of the oil and gas producer's stock valued at $962,715,000 after purchasing an additional 120,091 shares during the last quarter. Geode Capital Management LLC lifted its stake in Hess by 2.4% in the 4th quarter. Geode Capital Management LLC now owns 6,695,533 shares of the oil and gas producer's stock valued at $888,240,000 after purchasing an additional 158,371 shares during the last quarter. Finally, Wellington Management Group LLP lifted its stake in Hess by 2.4% in the 4th quarter. Wellington Management Group LLP now owns 3,844,257 shares of the oil and gas producer's stock valued at $511,325,000 after purchasing an additional 91,131 shares during the last quarter. Institutional investors and hedge funds own 88.51% of the company's stock.

Insider Activity

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

Wall Street Analysts Forecast Growth

HES has been the subject of several research reports. Piper Sandler increased their price objective on shares of Hess from $147.00 to $153.00 and gave the company an "overweight" rating in a research note on Wednesday, July 2nd. Mizuho dropped 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 set a $155.00 price target on shares of Hess and gave the company a "sector perform" rating in a research report on Friday. Susquehanna decreased their price target on shares of Hess from $160.00 to $136.00 and set a "neutral" rating for the company in a research report on Tuesday, April 22nd. Finally, Wells Fargo & Company decreased their price target on shares of Hess from $193.00 to $184.00 and set an "overweight" rating for the company in a research report on Thursday, June 26th. Six investment analysts have rated the stock with a hold rating and six have issued a buy rating to the company's stock. According to data from MarketBeat.com, Hess presently has an average rating of "Moderate Buy" and a consensus price target of $163.70.

Hess Stock Performance

HES traded down $0.64 during midday trading on Tuesday, reaching $148.81. The company had a trading volume of 2,224,530 shares, compared to its average volume of 1,849,109. The company has a debt-to-equity ratio of 0.71, a quick ratio of 0.91 and a current ratio of 1.08. The stock has a market cap of $46.03 billion, a PE ratio of 20.58 and a beta of 0.62. Hess Corporation has a 12-month low of $123.79 and a 12-month high of $161.69. The business has a 50-day moving average price of $138.14 and a two-hundred day moving average price of $141.02.

Hess (NYSE:HES - Get Free Report) last released its earnings results on Wednesday, April 30th. The oil and gas producer reported $1.81 earnings per share for the quarter, missing analysts' consensus estimates of $1.95 by ($0.14). Hess had a net margin of 17.65% and a return on equity of 21.78%. The company had revenue of $2.92 billion during the quarter, compared to analysts' expectations of $2.95 billion. During the same quarter in the previous year, the firm earned $3.16 earnings per share. The firm's revenue was down 12.1% compared to the same quarter last year. On average, sell-side analysts expect that Hess Corporation will post 8.08 earnings per share for the current fiscal year.

Hess Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, June 30th. Stockholders of record on Monday, June 16th were given a $0.50 dividend. This represents a $2.00 annualized dividend and a dividend yield of 1.34%. The ex-dividend date of this dividend was Monday, June 16th. Hess's dividend payout ratio (DPR) is currently 27.66%.

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.