Nuveen Asset Management LLC Sells 70,680 Shares of Hess Co. (NYSE:HES)

Nuveen Asset Management LLC decreased its holdings in Hess Co. (NYSE:HES - Free Report) by 4.6% in the 4th quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 1,476,294 shares of the oil and gas producer's stock after selling 70,680 shares during the quarter. Nuveen Asset Management LLC owned 0.48% of Hess worth $196,362,000 as of its most recent filing with the SEC.

Other large investors also recently modified their holdings of the company. Vanguard Group Inc. raised its position 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 in the last quarter. Adage Capital Partners GP L.L.C. raised its holdings in 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 raised its holdings in 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 raised its holdings in 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 raised its holdings in 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 owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several equities research analysts have recently weighed in on the company. Susquehanna reduced their price objective on Hess from $160.00 to $136.00 and set a "neutral" rating for the company in a research report on Tuesday, April 22nd. 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 research report on Friday, April 11th. UBS Group reduced their price objective on Hess from $170.00 to $163.00 and set a "buy" rating for the company in a research report on Wednesday, April 16th. Piper Sandler lowered their target price on Hess from $151.00 to $147.00 and set an "overweight" rating on the stock in a research report on Tuesday, May 13th. Finally, StockNews.com started coverage on Hess in a research report on Tuesday, May 13th. They issued a "hold" rating on the stock. Six research analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $162.16.

Insider Activity

In related news, CEO John B. Hess sold 175,000 shares of the firm's stock in a transaction that occurred on Thursday, March 27th. The shares were sold at an average price of $159.30, for a total value of $27,877,500.00. Following the sale, the chief executive officer now owns 2,384,679 shares in the company, valued at approximately $379,879,364.70. This trade represents a 6.84% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Corporate insiders own 9.10% of the company's stock.

Hess Price Performance

Shares of HES stock traded down $2.10 during trading hours on Monday, hitting $132.83. 1,770,852 shares of the company's stock were exchanged, compared to its average volume of 1,804,350. The company has a market capitalization of $41.09 billion, a PE ratio of 14.76 and a beta of 0.61. The company has a current ratio of 1.12, a quick ratio of 1.13 and a debt-to-equity ratio of 0.72. Hess Co. has a 12-month low of $123.79 and a 12-month high of $161.69. The business's 50 day simple moving average is $139.25 and its 200-day simple moving average is $141.43.

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 for the quarter, missing analysts' consensus estimates of $1.95 by ($0.14). Hess had a net margin of 21.27% and a return on equity of 26.32%. The company had revenue of $2.92 billion for the quarter, compared to the consensus estimate of $2.95 billion. During the same period last year, the business earned $3.16 EPS. The firm's quarterly revenue was down 12.1% on a year-over-year basis. On average, equities research analysts anticipate that Hess Co. will post 8.08 earnings per share for the current year.

Hess Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, June 30th. Stockholders of record on Monday, June 16th will be issued a dividend of $0.50 per share. This represents a $2.00 dividend on an annualized basis and a dividend yield of 1.51%. The ex-dividend date of this dividend is Monday, June 16th. Hess's payout ratio is currently 27.66%.

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.