Hess Corporation (NYSE:HES) Shares Sold by Readystate Asset Management LP

Readystate Asset Management LP reduced its stake in shares of Hess Corporation (NYSE:HES - Free Report) by 52.3% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 252,138 shares of the oil and gas producer's stock after selling 276,964 shares during the period. Hess accounts for about 1.3% of Readystate Asset Management LP's holdings, making the stock its 14th biggest position. Readystate Asset Management LP owned about 0.08% of Hess worth $40,274,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Bank Julius Baer & Co. Ltd Zurich acquired a new stake in shares of Hess during the first quarter valued at $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 valued at $32,000 after purchasing an additional 103 shares in the last quarter. Millstone Evans Group LLC acquired a new stake in shares of Hess during the 4th quarter worth about $33,000. Wayfinding Financial LLC purchased a new stake in shares of Hess during the first quarter worth about $33,000. Finally, Zions Bancorporation N.A. raised its position in shares of Hess by 225.6% in the fourth 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 during the last quarter. Hedge funds and other institutional investors own 88.51% of the company's stock.

Hess Trading Up 7.6%

HES stock traded up $11.34 during midday trading on Friday, reaching $160.31. 104,703 shares of the company's stock traded hands, compared to its average volume of 1,867,605. The company has a debt-to-equity ratio of 0.71, a current ratio of 1.08 and a quick ratio of 0.91. Hess Corporation has a fifty-two week low of $123.79 and a fifty-two week high of $161.69. The business has a 50-day moving average price of $141.86 and a two-hundred day moving average price of $142.12. The company has a market capitalization of $49.59 billion, a P/E ratio of 22.17 and a beta of 0.62.

Hess (NYSE:HES - Get Free Report) last issued its earnings results on Wednesday, April 30th. The oil and gas producer reported $1.81 EPS for the quarter, missing analysts' consensus estimates of $1.95 by ($0.14). The business had revenue of $2.92 billion during the quarter, compared to analysts' expectations of $2.95 billion. Hess had a net margin of 17.65% and a return on equity of 21.78%. The business's revenue was down 12.1% on a year-over-year basis. During the same period in the prior year, the business posted $3.16 EPS. Equities research analysts forecast that Hess Corporation will post 8.08 EPS 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. 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 payout ratio is 27.66%.

Analyst Ratings Changes

Several analysts have commented on the stock. Susquehanna lowered their target price on shares of Hess from $160.00 to $136.00 and set a "neutral" rating for the company in a research note on Tuesday, April 22nd. Wells Fargo & Company lowered their price objective on Hess from $193.00 to $184.00 and set an "overweight" rating for the company in a research report on Thursday, June 26th. Wall Street Zen upgraded Hess from a "sell" rating to a "hold" rating in a research report on Saturday, June 14th. Mizuho decreased their price target on Hess from $193.00 to $191.00 and set a "neutral" rating on the stock in a research note on Tuesday, May 13th. Finally, Piper Sandler upped their price objective on shares of Hess from $147.00 to $153.00 and gave the company an "overweight" rating in a research note on Wednesday, July 2nd. Six equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. According to MarketBeat, Hess currently has a consensus rating of "Hold" and an average target price of $162.78.

Insider Buying and Selling at Hess

In related news, CEO John B. Hess sold 250,000 shares of Hess 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 transaction, the chief executive officer owned 1,734,679 shares in the company, 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 SEC, which can be accessed through this link. 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.