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

Readystate Asset Management LP decreased its holdings in shares of Hess Corporation (NYSE:HES - Free Report) by 52.3% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 252,138 shares of the oil and gas producer's stock after selling 276,964 shares during the quarter. Hess comprises approximately 1.3% of Readystate Asset Management LP's portfolio, making the stock its 14th biggest holding. Readystate Asset Management LP owned approximately 0.08% of Hess worth $40,274,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Bank Julius Baer & Co. Ltd Zurich purchased a new stake in Hess in the first quarter worth about $25,000. Global X Japan Co. Ltd. grew its position 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 during the period. Millstone Evans Group LLC purchased a new position in shares of Hess during the 4th quarter worth $33,000. Wayfinding Financial LLC purchased a new position in shares of Hess during the 1st quarter worth $33,000. 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. Institutional investors own 88.51% of the company's stock.

Insider Activity at Hess

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 value of $34,002,500.00. Following the sale, the chief executive officer directly owned 1,734,679 shares of the company's stock, 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 is accessible through this link. Insiders own 9.10% of the company's stock.

Analysts Set New Price Targets

HES has been the topic of a number of research reports. 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 report on Wednesday, July 2nd. Mizuho dropped their target price on shares of Hess from $193.00 to $191.00 and set a "neutral" rating on the stock in a research note on Tuesday, May 13th. Wall Street Zen upgraded shares of Hess from a "sell" rating to a "hold" rating in a research note on Saturday, June 14th. Susquehanna dropped their price objective on shares of Hess from $160.00 to $136.00 and set a "neutral" rating on the stock in a research note on Tuesday, April 22nd. Finally, Wells Fargo & Company reduced their price target on Hess from $193.00 to $184.00 and set an "overweight" rating for the company in a research report on Thursday, June 26th. Six research analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. According to data from MarketBeat, Hess has a consensus rating of "Hold" and an average price target of $162.78.

Hess Trading Up 7.6%

Shares of NYSE HES traded up $11.34 during midday trading on Wednesday, reaching $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 P/E ratio of 22.17 and a beta of 0.62. Hess Corporation has a 52-week low of $123.79 and a 52-week high of $161.69. The company has a current ratio of 1.08, a quick ratio of 0.91 and a debt-to-equity ratio of 0.71. The stock has a 50 day moving average price of $141.35 and a 200-day moving average price of $141.95.

Hess (NYSE:HES - Get Free Report) last released its earnings results on Wednesday, April 30th. The oil and gas producer reported $1.81 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $1.95 by ($0.14). Hess had a net margin of 17.65% and a return on equity of 21.78%. The company had revenue of $2.92 billion during the quarter, compared to analysts' expectations of $2.95 billion. During the same quarter in the previous year, the firm posted $3.16 earnings per share. Hess's revenue for the quarter was down 12.1% compared to the same quarter last year. Equities research analysts expect that Hess Corporation will post 8.08 earnings per share for the current fiscal year.

Hess Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, June 30th. Stockholders of record on Monday, June 16th were given a dividend of $0.50 per share. The ex-dividend date was Monday, June 16th. This represents a $2.00 dividend on an annualized basis and a dividend yield of 1.25%. Hess's payout ratio is currently 27.66%.

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.