Rhumbline Advisers Acquires 22,847 Shares of Hess Co. (NYSE:HES)

Rhumbline Advisers lifted its position in shares of Hess Co. (NYSE:HES - Free Report) by 4.3% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 558,539 shares of the oil and gas producer's stock after purchasing an additional 22,847 shares during the period. Rhumbline Advisers owned 0.18% of Hess worth $89,215,000 at the end of the most recent quarter.

Other institutional investors also recently modified their holdings of the company. Vanguard Group Inc. boosted its holdings in shares of Hess by 0.9% during the 4th quarter. Vanguard Group Inc. now owns 33,141,244 shares of the oil and gas producer's stock worth $4,408,117,000 after buying an additional 296,406 shares during the period. Adage Capital Partners GP L.L.C. boosted 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 worth $1,521,499,000 after buying an additional 698,866 shares during the period. HBK Investments L P boosted its holdings in shares of Hess by 1.7% during the 4th quarter. HBK Investments L P now owns 7,237,911 shares of the oil and gas producer's stock worth $962,715,000 after buying an additional 120,091 shares during the period. Geode Capital Management LLC boosted its holdings in shares of Hess by 2.4% during the 4th quarter. Geode Capital Management LLC now owns 6,695,533 shares of the oil and gas producer's stock worth $888,240,000 after buying an additional 158,371 shares during the period. Finally, Wellington Management Group LLP boosted its holdings in shares of Hess by 2.4% during the 4th quarter. Wellington Management Group LLP now owns 3,844,257 shares of the oil and gas producer's stock worth $511,325,000 after buying an additional 91,131 shares during the period. 88.51% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In related news, CEO John B. Hess sold 175,000 shares of the stock in a transaction on Thursday, March 27th. The shares were sold at an average price of $159.30, for a total transaction of $27,877,500.00. Following the transaction, the chief executive officer now directly owns 2,384,679 shares of the company's stock, valued at $379,879,364.70. This represents a 6.84% decrease in their ownership of the stock. The sale 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.

Analyst Upgrades and Downgrades

Several brokerages recently commented on HES. Wall Street Zen began coverage on shares of Hess in a report on Wednesday, May 21st. They set a "hold" rating for the company. Scotiabank cut their price objective on shares of Hess from $164.00 to $146.58 and set a "sector perform" rating for the company in a report on Friday, April 11th. UBS Group cut their price objective on shares of Hess from $170.00 to $163.00 and set a "buy" rating for the company in a report on Wednesday, April 16th. Mizuho cut their price objective on shares of Hess from $193.00 to $191.00 and set a "neutral" rating for the company in a report on Tuesday, May 13th. Finally, Piper Sandler cut 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. Six equities research analysts have rated the stock with a hold rating and six have given a buy rating to the stock. Based on data from MarketBeat, Hess currently has an average rating of "Moderate Buy" and a consensus target price of $162.16.

Hess Price Performance

HES stock traded down $0.47 during trading on Thursday, reaching $132.98. 2,163,612 shares of the company were exchanged, compared to its average volume of 1,794,113. The company has a 50-day moving average of $133.05 and a two-hundred day moving average of $140.49. The company has a market capitalization of $41.13 billion, a price-to-earnings ratio of 14.78 and a beta of 0.62. Hess Co. has a twelve month low of $123.79 and a twelve month high of $161.69. The company has a debt-to-equity ratio of 0.72, a current ratio of 1.12 and a quick ratio of 1.13.

Hess (NYSE:HES - Get Free Report) last announced 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). Hess had a net margin of 21.27% and a return on equity of 26.32%. The business had revenue of $2.92 billion during the quarter, compared to analyst estimates of $2.95 billion. During the same quarter last year, the company posted $3.16 earnings per share. The company's revenue was down 12.1% compared to the same quarter last year. As a group, equities analysts predict that Hess Co. will post 8.08 earnings per share for the current fiscal year.

Hess Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, June 30th. Stockholders of record on Monday, June 16th will be paid a $0.50 dividend. This represents a $2.00 dividend on an annualized basis and a dividend yield of 1.50%. The ex-dividend date is Monday, June 16th. Hess's dividend payout ratio is currently 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.