Massachusetts Financial Services Co. MA Acquires 63,641 Shares of Hess Corporation (NYSE:HES)

Massachusetts Financial Services Co. MA increased its holdings in shares of Hess Corporation (NYSE:HES - Free Report) by 1.8% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 3,562,099 shares of the oil and gas producer's stock after purchasing an additional 63,641 shares during the period. Massachusetts Financial Services Co. MA owned approximately 1.15% of Hess worth $568,974,000 at the end of the most recent quarter.

Several other institutional investors have also modified their holdings of HES. GAMMA Investing LLC lifted its holdings in shares of Hess by 16,134.6% during the 1st quarter. GAMMA Investing LLC now owns 1,546,506 shares of the oil and gas producer's stock valued at $2,470,230,000 after purchasing an additional 1,536,980 shares in the last quarter. Symmetry Investments LP lifted its holdings in shares of Hess by 154.1% during the 4th quarter. Symmetry Investments LP now owns 1,381,076 shares of the oil and gas producer's stock valued at $183,697,000 after purchasing an additional 837,662 shares in the last quarter. Adage Capital Partners GP L.L.C. lifted 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 valued at $1,521,499,000 after purchasing an additional 698,866 shares in the last quarter. Bank of New York Mellon Corp lifted its holdings in shares of Hess by 22.2% during the 1st quarter. Bank of New York Mellon Corp now owns 3,581,820 shares of the oil and gas producer's stock valued at $572,124,000 after purchasing an additional 651,311 shares in the last quarter. Finally, Point72 Asset Management L.P. lifted its holdings in shares of Hess by 164.1% during the 4th quarter. Point72 Asset Management L.P. now owns 769,042 shares of the oil and gas producer's stock valued at $102,290,000 after purchasing an additional 477,796 shares in the last quarter. Institutional investors own 88.51% of the company's stock.

Hess Stock Down 2.3%

NYSE:HES opened at $149.69 on Tuesday. The firm has a market capitalization of $46.30 billion, a price-to-earnings ratio of 20.70 and a beta of 0.62. Hess Corporation has a twelve month low of $123.79 and a twelve month high of $161.69. The stock's 50 day moving average price is $138.14 and its two-hundred day moving average price is $141.02. The company has a quick ratio of 0.91, a current ratio of 1.08 and a debt-to-equity ratio of 0.71.

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 for the quarter, missing the consensus estimate of $1.95 by ($0.14). The company 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 last year, the firm earned $3.16 EPS. Equities research analysts expect 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. Investors of record on Monday, June 16th were issued a dividend of $0.50 per share. This represents a $2.00 dividend on an annualized basis and a dividend yield of 1.34%. The ex-dividend date of this dividend was Monday, June 16th. Hess's payout ratio is presently 27.66%.

Wall Street Analysts Forecast Growth

Several research firms have recently weighed in on HES. Scotiabank set a $155.00 price objective on Hess and gave the company a "sector perform" rating in a report on Friday. Susquehanna dropped their target price on Hess from $160.00 to $136.00 and set a "neutral" rating on the stock in a research report on Tuesday, April 22nd. Wall Street Zen raised Hess from a "sell" rating to a "hold" rating in a research report on Saturday, June 14th. UBS Group lifted their target price on Hess from $163.00 to $173.00 and gave the company a "buy" rating in a research report on Wednesday, June 11th. Finally, Piper Sandler lifted their target price on Hess from $147.00 to $153.00 and gave the company an "overweight" rating in a research report on Wednesday, July 2nd. Six research analysts have rated the stock with a hold rating and six have given a buy rating to the company's stock. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average price target of $163.70.

Insider Buying and Selling at Hess

In related news, CEO John B. Hess sold 250,000 shares of the business's stock in a transaction that occurred 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 transaction, the chief executive officer directly owned 1,734,679 shares of the company's stock, valued at approximately $235,933,690.79. The trade was a 12.60% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 9.10% of the company's stock.

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.

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