Sowell Financial Services LLC Makes New $366,000 Investment in Hess Corporation (NYSE:HES)

Sowell Financial Services LLC bought a new position in Hess Corporation (NYSE:HES - Free Report) in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor bought 2,293 shares of the oil and gas producer's stock, valued at approximately $366,000.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. J.Safra Asset Management Corp purchased a new stake in Hess in the 4th quarter worth approximately $25,000. Millstone Evans Group LLC purchased a new stake in Hess in the 4th quarter worth approximately $33,000. Rialto Wealth Management LLC purchased a new stake in Hess in the 4th quarter worth approximately $37,000. Zions Bancorporation N.A. raised its holdings 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 purchasing an additional 203 shares in the last quarter. Finally, Raiffeisen Bank International AG bought a new position in shares of Hess during the 4th quarter valued at $39,000. Hedge funds and other institutional investors own 88.51% of the company's stock.

Hess Stock Performance

NYSE:HES traded up $0.85 during midday trading on Friday, reaching $144.51. The stock had a trading volume of 2,690,033 shares, compared to its average volume of 1,788,461. Hess Corporation has a 1-year low of $123.79 and a 1-year high of $161.69. The firm's fifty day simple moving average is $133.68 and its 200-day simple moving average is $140.02. The company has a debt-to-equity ratio of 0.71, a current ratio of 1.08 and a quick ratio of 0.91. The stock has a market capitalization of $44.70 billion, a P/E ratio of 19.99 and a beta of 0.62.

Hess (NYSE:HES - Get Free Report) last posted 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 firm had revenue of $2.92 billion during the quarter, compared to analyst estimates of $2.95 billion. During the same quarter in the previous year, the business posted $3.16 earnings per share. The business's quarterly revenue was down 12.1% compared to the same quarter last year. On average, equities research analysts forecast that Hess Corporation will post 8.08 EPS for the current fiscal year.

Hess Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, June 30th. Shareholders of record on Monday, June 16th will be given a $0.50 dividend. The ex-dividend date is Monday, June 16th. This represents a $2.00 annualized dividend and a yield of 1.38%. Hess's dividend payout ratio is 27.66%.

Wall Street Analyst Weigh In

HES has been the topic of a number of recent research reports. Scotiabank cut their price target on shares of Hess from $164.00 to $146.58 and set a "sector perform" rating on the stock in a report on Friday, April 11th. Piper Sandler cut their price target on shares of Hess from $151.00 to $147.00 and set an "overweight" rating on the stock in a report on Tuesday, May 13th. Wall Street Zen upgraded shares of Hess from a "sell" rating to a "hold" rating in a report on Saturday, June 14th. UBS Group raised their price target on shares of Hess from $163.00 to $173.00 and gave the company a "buy" rating in a report on Wednesday, June 11th. Finally, Mizuho cut their price target on shares of Hess from $193.00 to $191.00 and set a "neutral" rating on the stock in a report on Tuesday, May 13th. Six analysts have rated the stock with a hold rating and six have given a buy rating to the company's stock. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $163.16.

Insiders Place Their Bets

In other Hess news, CEO John B. Hess sold 225,000 shares of the firm's stock in a transaction on Thursday, June 5th. The shares were sold at an average price of $133.18, for a total value of $29,965,500.00. Following the sale, the chief executive officer now directly owns 1,984,679 shares in the company, valued at $264,319,549.22. This trade represents a 10.18% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Insiders have sold 650,000 shares of company stock worth $91,845,500 in the last ninety days. Insiders own 9.10% of the company's stock.

Hess 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.