Hess Corporation (NYSE:HES) is Packer & Co Ltd's 2nd Largest Position

Packer & Co Ltd lowered its position in Hess Corporation (NYSE:HES - Free Report) by 52.8% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 312,616 shares of the oil and gas producer's stock after selling 350,000 shares during the quarter. Hess comprises about 15.2% of Packer & Co Ltd's holdings, making the stock its 2nd biggest holding. Packer & Co Ltd owned approximately 0.10% of Hess worth $49,934,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently modified their holdings of the company. Vanguard Group Inc. grew its holdings in shares of Hess by 0.9% in the fourth quarter. Vanguard Group Inc. now owns 33,141,244 shares of the oil and gas producer's stock valued at $4,408,117,000 after purchasing an additional 296,406 shares during the period. Adage Capital Partners GP L.L.C. boosted its stake 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 worth $1,521,499,000 after buying an additional 698,866 shares during the period. HBK Investments L P boosted its stake in Hess by 1.7% during the fourth quarter. HBK Investments L P now owns 7,237,911 shares of the oil and gas producer's stock worth $962,715,000 after buying an additional 120,091 shares during the period. Geode Capital Management LLC boosted its stake in Hess by 2.4% during the fourth quarter. Geode Capital Management LLC now owns 6,695,533 shares of the oil and gas producer's stock worth $888,240,000 after buying an additional 158,371 shares during the period. Finally, Wellington Management Group LLP boosted its stake in Hess by 2.4% during the fourth quarter. Wellington Management Group LLP now owns 3,844,257 shares of the oil and gas producer's stock worth $511,325,000 after buying an additional 91,131 shares during the period. Hedge funds and other institutional investors own 88.51% of the company's stock.

Analyst Ratings Changes

Several research analysts have weighed in on HES shares. Scotiabank lowered their target price on shares of Hess from $164.00 to $146.58 and set a "sector perform" rating for the company in a research note on Friday, April 11th. Piper Sandler lowered their target price on shares of Hess from $151.00 to $147.00 and set an "overweight" rating for the company in a research note on Tuesday, May 13th. UBS Group increased their target price on shares of Hess from $163.00 to $173.00 and gave the stock a "buy" rating in a research note on Wednesday, June 11th. Susquehanna lowered their target price on shares of Hess from $160.00 to $136.00 and set a "neutral" rating for the company in a research note on Tuesday, April 22nd. Finally, Mizuho lowered their target price 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. Six equities research 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, the stock has a consensus rating of "Moderate Buy" and an average price target of $163.16.

Insider Activity at Hess

In related news, CEO John B. Hess sold 175,000 shares of the firm's stock in a transaction that occurred 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 sale, the chief executive officer now owns 2,384,679 shares of the company's stock, valued at $379,879,364.70. This trade represents a 6.84% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Insiders have sold a total of 650,000 shares of company stock valued at $91,845,500 over the last 90 days. 9.10% of the stock is owned by corporate insiders.

Hess Stock Up 0.6%

Shares of HES opened at $144.51 on Friday. The stock has a market capitalization of $44.70 billion, a PE ratio of 19.99 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 company has a debt-to-equity ratio of 0.71, a quick ratio of 0.91 and a current ratio of 1.08. The company's 50-day simple moving average is $133.68 and its 200-day simple moving average is $140.05.

Hess (NYSE:HES - Get Free Report) last issued its quarterly earnings results 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). The business had revenue of $2.92 billion for the quarter, compared to analyst estimates of $2.95 billion. Hess had a return on equity of 21.78% and a net margin of 17.65%. The firm's revenue for the quarter was down 12.1% compared to the same quarter last year. During the same period in the prior year, the company posted $3.16 EPS. Analysts forecast that Hess Corporation will post 8.08 earnings per share for the current fiscal year.

Hess Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, June 30th. Investors 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 yield of 1.38%. Hess's dividend payout ratio (DPR) is 27.66%.

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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