Edgestream Partners L.P. Boosts Stock Holdings in Hess Corporation (NYSE:HES)

Edgestream Partners L.P. increased its stake in shares of Hess Corporation (NYSE:HES - Free Report) by 373.7% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 36,361 shares of the oil and gas producer's stock after acquiring an additional 28,685 shares during the period. Edgestream Partners L.P.'s holdings in Hess were worth $5,808,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also made changes to their positions in the stock. Vanguard Group Inc. grew its position in 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 in the last quarter. Adage Capital Partners GP L.L.C. boosted its holdings in shares of Hess by 6.5% during the 4th 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 holdings in shares of Hess by 1.7% during the 4th 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 holdings in shares of Hess by 2.4% during the 4th 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 raised 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 worth $511,325,000 after purchasing an additional 91,131 shares in the last quarter. 88.51% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several analysts have weighed in on HES shares. Wall Street Zen upgraded shares of Hess from a "sell" rating to a "hold" rating in a research note on Saturday, June 14th. UBS Group increased their price objective on shares of Hess from $163.00 to $173.00 and gave the company a "buy" rating in a research note on Wednesday, June 11th. 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. Piper Sandler upped their price target on shares of Hess from $147.00 to $153.00 and gave the company an "overweight" rating in a research report on Wednesday, July 2nd. Finally, Mizuho decreased their price objective on shares of Hess from $193.00 to $191.00 and set a "neutral" rating for the company in a research report on Tuesday, May 13th. Six research analysts have rated the stock with a hold rating and six have given a buy rating to the stock. According to MarketBeat, Hess has a consensus rating of "Moderate Buy" and an average price target of $163.70.

Hess Stock Performance

HES stock traded up $0.41 during mid-day trading on Wednesday, hitting $149.03. The company had a trading volume of 1,425,118 shares, compared to its average volume of 2,051,122. The firm has a market cap of $46.10 billion, a PE ratio of 20.61 and a beta of 0.62. The company has a debt-to-equity ratio of 0.71, a quick ratio of 0.91 and a current ratio of 1.08. Hess Corporation has a 12 month low of $123.79 and a 12 month high of $161.69. The stock's fifty day moving average price is $138.54 and its two-hundred day moving average price is $141.07.

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

Hess Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, June 30th. Stockholders 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 annualized dividend and a dividend yield of 1.34%. Hess's payout ratio is 27.66%.

Insider Buying and Selling at Hess

In other news, CEO John B. Hess sold 250,000 shares of Hess stock in a transaction dated 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 completion of the transaction, the chief executive officer owned 1,734,679 shares in the company, valued at $235,933,690.79. This trade represents a 12.60% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 9.10% of the stock is owned by insiders.

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.