Hess (NYSE:HES) Shares Gap Up - Still a Buy?

Hess Corporation (NYSE:HES - Get Free Report)'s share price gapped up prior to trading on Friday . The stock had previously closed at $148.97, but opened at $160.31. Hess shares last traded at $160.31, with a volume of 104,703 shares.

Wall Street Analyst Weigh In

HES has been the topic of several research analyst reports. Piper Sandler raised their price objective on shares of Hess from $147.00 to $153.00 and gave the stock an "overweight" rating in a research note on Wednesday, July 2nd. Wall Street Zen upgraded shares of Hess from a "sell" rating to a "hold" rating in a research note on Saturday, June 14th. UBS Group lifted their price target on shares of Hess from $163.00 to $173.00 and gave the stock a "buy" rating in a research note on Wednesday, June 11th. Scotiabank set a $155.00 price target on shares of Hess and gave the stock a "sector perform" rating in a research note on Friday, July 11th. Finally, Susquehanna decreased their price target 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. Six research analysts have rated the stock with a hold rating and five have given a buy rating to the stock. Based on data from MarketBeat.com, Hess presently has a consensus rating of "Hold" and an average price target of $162.78.

Hess Stock Performance

The company has a market capitalization of $49.59 billion, a P/E ratio of 22.17 and a beta of 0.62. The stock has a fifty day simple moving average of $139.83 and a 200-day simple moving average of $141.43. 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 (NYSE:HES - Get Free Report) last issued 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). Hess had a net margin of 17.65% and a return on equity of 21.78%. The company had revenue of $2.92 billion for the quarter, compared to the consensus estimate of $2.95 billion. During the same period in the previous year, the business posted $3.16 earnings per share. The firm's revenue was down 12.1% compared to the same quarter last year. Equities analysts forecast that Hess Corporation will post 8.08 EPS for the current year.

Hess Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, June 30th. Investors of record on Monday, June 16th were issued a $0.50 dividend. 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 dividend payout ratio is 27.66%.

Insider Activity

In other Hess news, CEO John B. Hess sold 250,000 shares of the business's stock in a transaction dated 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 directly owned 1,734,679 shares of the company's stock, valued at approximately $235,933,690.79. The trade was a 12.60% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 9.10% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Hess

Institutional investors have recently modified their holdings of the stock. Bank Julius Baer & Co. Ltd Zurich acquired a new position in shares of Hess during the 1st quarter worth about $25,000. ORG Partners LLC acquired a new position in shares of Hess during the 2nd quarter worth about $25,000. Global X Japan Co. Ltd. grew its position in shares of Hess by 106.2% during the 1st quarter. Global X Japan Co. Ltd. now owns 200 shares of the oil and gas producer's stock worth $32,000 after buying an additional 103 shares during the period. Capital Analysts LLC grew its position in shares of Hess by 367.4% during the 1st quarter. Capital Analysts LLC now owns 201 shares of the oil and gas producer's stock worth $32,000 after buying an additional 158 shares during the period. Finally, Millstone Evans Group LLC acquired a new position in shares of Hess during the 4th quarter worth about $33,000. 88.51% of the stock is currently owned by institutional investors and hedge funds.

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.