KLP Kapitalforvaltning AS Purchases 23,200 Shares of Hess Corporation (NYSE:HES)

KLP Kapitalforvaltning AS raised its position in shares of Hess Corporation (NYSE:HES - Free Report) by 7.3% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 340,154 shares of the oil and gas producer's stock after purchasing an additional 23,200 shares during the period. KLP Kapitalforvaltning AS owned 0.11% of Hess worth $54,333,000 as of its most recent SEC filing.

Several other institutional investors have also made changes to their positions in the company. Bank Julius Baer & Co. Ltd Zurich bought a new stake in Hess in the first quarter worth approximately $25,000. Universal Beteiligungs und Servicegesellschaft mbH lifted its stake in shares of Hess by 8.5% in the 1st quarter. Universal Beteiligungs und Servicegesellschaft mbH now owns 172,578 shares of the oil and gas producer's stock valued at $27,566,000 after purchasing an additional 13,478 shares during the last quarter. Y Intercept Hong Kong Ltd bought a new stake in Hess in the first quarter worth $580,000. Choreo LLC increased its position in Hess by 7.7% during the first quarter. Choreo LLC now owns 4,296 shares of the oil and gas producer's stock worth $686,000 after buying an additional 308 shares during the last quarter. Finally, Teachers Retirement System of The State of Kentucky lifted its position in shares of Hess by 4.4% in the first quarter. Teachers Retirement System of The State of Kentucky now owns 21,378 shares of the oil and gas producer's stock worth $3,414,000 after buying an additional 895 shares during the last quarter. 88.51% of the stock is currently owned by institutional investors and hedge funds.

Hess Stock Performance

Shares of NYSE:HES traded up $11.34 during trading on Thursday, hitting $160.31. 104,703 shares of the stock were exchanged, compared to its average volume of 1,867,605. The company has a market capitalization of $49.59 billion, a price-to-earnings ratio of 22.17 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 1-year low of $123.79 and a 1-year high of $161.69. The company's fifty day simple moving average is $141.35 and its 200-day simple moving average is $141.95.

Hess (NYSE:HES - Get Free Report) last posted 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 during 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 business's revenue for the quarter was down 12.1% on a year-over-year basis. During the same period last year, the company earned $3.16 EPS. Sell-side analysts expect that Hess Corporation will post 8.08 EPS for the current fiscal year.

Hess Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, June 30th. Investors of record on Monday, June 16th were given a dividend of $0.50 per share. The ex-dividend date of this dividend was Monday, June 16th. This represents a $2.00 annualized dividend and a dividend yield of 1.25%. Hess's dividend payout ratio (DPR) is presently 27.66%.

Insider Activity at Hess

In other Hess news, CEO John B. Hess sold 250,000 shares of the stock in a transaction on Friday, June 6th. The stock was sold at an average price of $136.01, for a total transaction of $34,002,500.00. Following the completion of the transaction, the chief executive officer directly owned 1,734,679 shares in the company, valued at $235,933,690.79. This represents a 12.60% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. 9.10% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

A number of research analysts have recently commented on the company. Mizuho lowered their price objective on Hess from $193.00 to $191.00 and set a "neutral" rating on the stock in a report on Tuesday, May 13th. Piper Sandler boosted their target price on shares of Hess from $147.00 to $153.00 and gave the stock an "overweight" rating in a research report on Wednesday, July 2nd. Susquehanna lowered their price target on Hess from $160.00 to $136.00 and set a "neutral" rating on the stock in a research report on Tuesday, April 22nd. Scotiabank set a $155.00 price objective on Hess and gave the stock a "sector perform" rating in a research report on Friday, July 11th. Finally, Wall Street Zen raised Hess from a "sell" rating to a "hold" rating in a report on Saturday, June 14th. Six analysts have rated the stock with a hold rating and five have issued a buy rating to the company's stock. According to data from MarketBeat.com, Hess has a consensus rating of "Hold" and a consensus price target of $162.78.

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.