Sage Mountain Advisors LLC Takes $287,000 Position in Hess Corporation (NYSE:HES)

Sage Mountain Advisors LLC purchased a new stake in shares of Hess Corporation (NYSE:HES - Free Report) during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm purchased 1,795 shares of the oil and gas producer's stock, valued at approximately $287,000.

Other hedge funds and other institutional investors have also modified their holdings of the company. Arizona State Retirement System raised its holdings in shares of Hess by 3.1% during the 1st quarter. Arizona State Retirement System now owns 81,381 shares of the oil and gas producer's stock valued at $12,999,000 after purchasing an additional 2,420 shares in the last quarter. Summit Trail Advisors LLC bought a new position in shares of Hess during the 1st quarter valued at $373,000. Asset Management One Co. Ltd. raised its holdings in shares of Hess by 5.1% during the 1st quarter. Asset Management One Co. Ltd. now owns 113,287 shares of the oil and gas producer's stock valued at $18,095,000 after purchasing an additional 5,528 shares in the last quarter. Nisa Investment Advisors LLC grew its stake in Hess by 156.6% in the 1st quarter. Nisa Investment Advisors LLC now owns 136,496 shares of the oil and gas producer's stock valued at $21,803,000 after buying an additional 83,301 shares during the last quarter. Finally, OneDigital Investment Advisors LLC acquired a new position in Hess in the 1st quarter valued at $369,000. Institutional investors own 88.51% of the company's stock.

Hess Stock Performance

NYSE HES traded up $11.34 during midday trading on Friday, hitting $160.31. The company had a trading volume of 104,703 shares, compared to its average volume of 2,059,240. The company has a quick ratio of 0.91, a current ratio of 1.08 and a debt-to-equity ratio of 0.71. The stock has a market cap of $49.59 billion, a price-to-earnings ratio of 22.17 and a beta of 0.62. The firm has a fifty day simple moving average of $139.27 and a two-hundred day simple moving average of $141.24. Hess Corporation has a fifty-two week low of $123.79 and a fifty-two week high of $161.69.

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). Hess had a return on equity of 21.78% and a net margin of 17.65%. The company had revenue of $2.92 billion during the quarter, compared to analyst estimates of $2.95 billion. During the same quarter in the prior year, the business earned $3.16 earnings per share. The business's revenue for the quarter was down 12.1% on a year-over-year basis. Equities analysts forecast that Hess Corporation will post 8.08 earnings per share for the current fiscal year.

Hess Dividend Announcement

The firm 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 annualized dividend and a dividend yield of 1.25%. Hess's dividend payout ratio (DPR) is currently 27.66%.

Insider Buying and Selling at Hess

In other news, CEO John B. Hess sold 250,000 shares of Hess stock in a transaction dated 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 sale, the chief executive officer directly 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 sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 9.10% of the company's stock.

Analysts Set New Price Targets

A number of research analysts recently issued reports on the stock. Susquehanna lowered their target price 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. Wall Street Zen upgraded shares of Hess from a "sell" rating to a "hold" rating in a research note on Saturday, June 14th. Scotiabank set a $155.00 target price on shares of Hess and gave the company a "sector perform" rating in a research note on Friday, July 11th. Wells Fargo & Company lowered their target price on shares of Hess from $193.00 to $184.00 and set an "overweight" rating on the stock in a research note on Thursday, June 26th. Finally, Mizuho lowered 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. Six equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company's stock. According to MarketBeat.com, the stock currently has an average rating of "Hold" and a consensus target price 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.