61,416 Shares in Hess Corporation (NYSE:HES) Acquired by Tabor Asset Management LP

Tabor Asset Management LP purchased a new position in Hess Corporation (NYSE:HES - Free Report) in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor purchased 61,416 shares of the oil and gas producer's stock, valued at approximately $9,810,000. Hess accounts for approximately 2.5% of Tabor Asset Management LP's investment portfolio, making the stock its 2nd largest holding.

Several other hedge funds have also recently modified their holdings of the business. Forum Financial Management LP increased its stake in shares of Hess by 6.8% in the first quarter. Forum Financial Management LP now owns 3,344 shares of the oil and gas producer's stock worth $534,000 after acquiring an additional 212 shares during the period. Graypoint LLC lifted its stake in shares of Hess by 12.7% in the first quarter. Graypoint LLC now owns 2,669 shares of the oil and gas producer's stock worth $426,000 after buying an additional 301 shares in the last quarter. Cullen Frost Bankers Inc. increased its holdings in shares of Hess by 1.0% during the 1st quarter. Cullen Frost Bankers Inc. now owns 138,815 shares of the oil and gas producer's stock worth $22,173,000 after buying an additional 1,418 shares during the last quarter. Victory Capital Management Inc. increased its position in shares of Hess by 0.5% during the first quarter. Victory Capital Management Inc. now owns 82,858 shares of the oil and gas producer's stock valued at $13,235,000 after acquiring an additional 382 shares during the last quarter. Finally, Sage Mountain Advisors LLC acquired a new stake in shares of Hess during the first quarter valued at about $287,000. Hedge funds and other institutional investors own 88.51% of the company's stock.

Hess Stock Performance

Shares of NYSE:HES traded up $11.34 during midday trading on Friday, reaching $160.31. 104,703 shares of the company traded hands, compared to its average volume of 1,863,440. The company has a quick ratio of 0.91, a current ratio of 1.08 and a debt-to-equity ratio of 0.71. Hess Corporation has a 12 month low of $123.79 and a 12 month high of $161.69. The firm has a market capitalization of $49.59 billion, a price-to-earnings ratio of 22.17 and a beta of 0.62. The firm's fifty day moving average price is $139.83 and its two-hundred day moving average price is $141.49.

Hess (NYSE:HES - Get Free Report) last posted its quarterly earnings data 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). The firm had revenue of $2.92 billion during the quarter, compared to analysts' expectations of $2.95 billion. Hess had a return on equity of 21.78% and a net margin of 17.65%. Hess's revenue for the quarter was down 12.1% compared to the same quarter last year. During the same quarter in the previous year, the company posted $3.16 earnings per share. On average, equities analysts expect that Hess Corporation will post 8.08 earnings per share for the current year.

Hess Dividend Announcement

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

Insider Activity

In related news, CEO John B. Hess sold 250,000 shares of the company's stock in a transaction on Friday, June 6th. The stock was sold at an average price of $136.01, for a total transaction of $34,002,500.00. Following the completion of the sale, the chief executive officer owned 1,734,679 shares in the company, valued at approximately $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 Securities & Exchange Commission, which can be accessed through the SEC website. 9.10% of the stock is currently owned by insiders.

Analysts Set New Price Targets

Several brokerages have issued reports on HES. Scotiabank set a $155.00 price objective on shares of Hess and gave the stock a "sector perform" rating in a research report on Friday, July 11th. 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. Wells Fargo & Company decreased their price objective on shares of Hess from $193.00 to $184.00 and set an "overweight" rating for the company in a report on Thursday, June 26th. UBS Group raised their target price on Hess from $163.00 to $173.00 and gave the company a "buy" rating in a research note on Wednesday, June 11th. Finally, Wall Street Zen upgraded shares of Hess from a "sell" rating to a "hold" rating in a research note on Saturday, June 14th. Six equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the company's stock. According to MarketBeat, the stock 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.