Manning & Napier Advisors LLC Boosts Position in Hess Corporation (NYSE:HES)

Manning & Napier Advisors LLC boosted its position in Hess Corporation (NYSE:HES - Free Report) by 79.0% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 30,610 shares of the oil and gas producer's stock after purchasing an additional 13,511 shares during the period. Manning & Napier Advisors LLC's holdings in Hess were worth $4,889,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also bought and sold shares of the company. J.Safra Asset Management Corp bought a new stake in Hess in the 4th quarter valued at about $25,000. Global X Japan Co. Ltd. increased its stake in shares of Hess by 106.2% in the first quarter. Global X Japan Co. Ltd. now owns 200 shares of the oil and gas producer's stock worth $32,000 after purchasing an additional 103 shares in the last quarter. Millstone Evans Group LLC bought a new stake in shares of Hess in the fourth quarter valued at approximately $33,000. Rialto Wealth Management LLC purchased a new stake in shares of Hess during the 4th quarter valued at approximately $37,000. Finally, Zions Bancorporation N.A. lifted its stake in shares of Hess by 225.6% during the 4th quarter. Zions Bancorporation N.A. now owns 293 shares of the oil and gas producer's stock valued at $39,000 after buying an additional 203 shares in the last quarter. 88.51% of the stock is owned by institutional investors.

Insider Activity

In related news, CEO John B. Hess sold 250,000 shares of the company's stock in a transaction on Friday, June 6th. The shares were sold at an average price of $136.01, for a total transaction of $34,002,500.00. Following the completion of the sale, the chief executive officer now directly owns 1,734,679 shares in the company, valued at $235,933,690.79. This represents a 12.60% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. In the last quarter, insiders sold 650,000 shares of company stock valued at $91,845,500. Insiders own 9.10% of the company's stock.

Wall Street Analyst Weigh In

A number of equities research analysts have issued reports on the stock. Piper Sandler lowered their target price on shares of Hess from $151.00 to $147.00 and set an "overweight" rating on the stock in a report on Tuesday, May 13th. UBS Group boosted their price objective on Hess from $163.00 to $173.00 and gave the company a "buy" rating in a research note on Wednesday, June 11th. Wall Street Zen upgraded Hess from a "sell" rating to a "hold" rating in a research note on Saturday, June 14th. Mizuho reduced their target price on Hess from $193.00 to $191.00 and set a "neutral" rating for the company in a report on Tuesday, May 13th. Finally, Susquehanna cut their price objective 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. Six analysts have rated the stock with a hold rating and six have issued a buy rating to the company's stock. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average price target of $163.16.

Hess Price Performance

HES traded down $3.15 during midday trading on Tuesday, hitting $138.37. The stock had a trading volume of 587,699 shares, compared to its average volume of 1,786,981. The company has a market cap of $42.80 billion, a P/E ratio of 19.14 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 business has a fifty day moving average of $133.96 and a 200 day moving average of $139.99. 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 (NYSE:HES - Get Free Report) last released its earnings results 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 business had revenue of $2.92 billion for the quarter, compared to the consensus estimate of $2.95 billion. Hess had a net margin of 17.65% and a return on equity of 21.78%. Hess's revenue for the quarter was down 12.1% on a year-over-year basis. During the same period in the prior year, the business posted $3.16 EPS. As a group, equities analysts forecast that Hess Corporation will post 8.08 earnings per share for the current fiscal year.

Hess Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, June 30th. Stockholders 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 1.45%. Hess's dividend payout ratio 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.