Kentucky Retirement Systems Insurance Trust Fund Trims Stock Position in Hess Corporation (NYSE:HES)

Kentucky Retirement Systems Insurance Trust Fund lowered its position in Hess Corporation (NYSE:HES - Free Report) by 19.3% in the 1st quarter, according to its most recent 13F filing with the SEC. The firm owned 8,124 shares of the oil and gas producer's stock after selling 1,949 shares during the period. Kentucky Retirement Systems Insurance Trust Fund's holdings in Hess were worth $1,298,000 at the end of the most recent quarter.

A number of other institutional investors have also bought and sold shares of the business. J.Safra Asset Management Corp bought a new position in shares of Hess in the fourth quarter worth about $25,000. Global X Japan Co. Ltd. lifted its holdings in Hess by 106.2% in the 1st 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 position in Hess in the 4th quarter worth approximately $33,000. Rialto Wealth Management LLC purchased a new stake in Hess during the 4th quarter valued at approximately $37,000. Finally, Zions Bancorporation N.A. grew its holdings in 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. Hedge funds and other institutional investors own 88.51% of the company's stock.

Analyst Ratings Changes

HES has been the subject of a number of research reports. Susquehanna dropped their target price 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. Piper Sandler dropped their price objective on shares of Hess from $151.00 to $147.00 and set an "overweight" rating for the company in a report on Tuesday, May 13th. Wall Street Zen raised Hess from a "sell" rating to a "hold" rating in a report on Saturday, June 14th. Mizuho dropped their price target on Hess from $193.00 to $191.00 and set a "neutral" rating for the company in a research note on Tuesday, May 13th. Finally, UBS Group raised their price target on Hess from $163.00 to $173.00 and gave the company a "buy" rating in a report on Wednesday, June 11th. Six investment analysts have rated the stock with a hold rating and six have issued a buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $163.16.

Insider Activity at Hess

In other Hess news, CEO John B. Hess sold 175,000 shares of the stock in a transaction on Thursday, March 27th. The stock was 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 in the company, valued at $379,879,364.70. This trade represents a 6.84% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. In the last ninety days, insiders have sold 650,000 shares of company stock worth $91,845,500. Insiders own 9.10% of the company's stock.

Hess Trading Down 2.2%

Shares of NYSE:HES traded down $3.15 during trading on Tuesday, hitting $138.37. The company had a trading volume of 587,699 shares, compared to its average volume of 1,786,981. The stock has a market cap of $42.80 billion, a price-to-earnings ratio of 19.14 and a beta of 0.62. The company has a debt-to-equity ratio of 0.71, a current ratio of 1.08 and a quick ratio of 0.91. The company has a fifty day simple moving average of $133.96 and a two-hundred day simple moving average of $139.99. Hess Corporation has a one year low of $123.79 and a one year high of $161.69.

Hess (NYSE:HES - Get Free Report) last posted 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). Hess had a return on equity of 21.78% and a net margin of 17.65%. The firm had revenue of $2.92 billion for the quarter, compared to analysts' expectations of $2.95 billion. During the same period in the previous year, the firm earned $3.16 earnings per share. The firm's quarterly revenue was down 12.1% compared to the same quarter last year. As a group, equities analysts forecast that Hess Corporation will post 8.08 earnings per share for the current year.

Hess Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, June 30th. Investors of record on Monday, June 16th will be issued a dividend of $0.50 per share. The ex-dividend date of this dividend is Monday, June 16th. This represents a $2.00 annualized dividend and a yield of 1.45%. Hess's payout ratio is 27.66%.

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.