Pinebridge Investments L.P. Acquires 12,996 Shares of Hess Co. (NYSE:HES)

Pinebridge Investments L.P. lifted its position in Hess Co. (NYSE:HES - Free Report) by 241.8% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 18,370 shares of the oil and gas producer's stock after buying an additional 12,996 shares during the quarter. Pinebridge Investments L.P.'s holdings in Hess were worth $2,443,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Strategic Financial Concepts LLC acquired a new stake in shares of Hess in the fourth quarter valued at about $3,117,000. Manning & Napier Advisors LLC acquired a new position in shares of Hess during the fourth quarter worth approximately $2,274,000. Czech National Bank boosted its position in shares of Hess by 6.4% in the fourth quarter. Czech National Bank now owns 59,927 shares of the oil and gas producer's stock valued at $7,971,000 after acquiring an additional 3,625 shares during the period. Charles Schwab Investment Management Inc. grew its stake in shares of Hess by 4.7% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,838,079 shares of the oil and gas producer's stock worth $244,483,000 after acquiring an additional 82,703 shares during the last quarter. Finally, CIBC Asset Management Inc raised its stake in Hess by 4.5% during the 4th quarter. CIBC Asset Management Inc now owns 43,085 shares of the oil and gas producer's stock valued at $5,731,000 after purchasing an additional 1,861 shares during the last quarter. 88.51% of the stock is currently owned by institutional investors and hedge funds.

Hess Price Performance

NYSE:HES traded up $1.57 during mid-day trading on Friday, reaching $131.36. 769,258 shares of the company were exchanged, compared to its average volume of 1,867,602. The company has a quick ratio of 1.13, a current ratio of 1.12 and a debt-to-equity ratio of 0.72. The stock has a market cap of $40.63 billion, a PE ratio of 14.59 and a beta of 0.88. Hess Co. has a 12 month low of $123.79 and a 12 month high of $161.69. The company has a fifty day moving average of $142.10 and a 200 day moving average of $141.74.

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

Hess Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, March 31st. Stockholders of record on Monday, March 17th were given a dividend of $0.50 per share. This represents a $2.00 annualized dividend and a dividend yield of 1.52%. The ex-dividend date of this dividend was Monday, March 17th. Hess's dividend payout ratio is 22.22%.

Insider Buying and Selling

In related news, CEO John B. Hess sold 175,000 shares of the 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 directly owns 2,384,679 shares in the company, valued at $379,879,364.70. This trade represents a 6.84 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. 9.10% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

Several research analysts have recently issued reports on HES shares. UBS Group dropped their price objective on shares of Hess from $170.00 to $163.00 and set a "buy" rating on the stock in a report on Wednesday, April 16th. Pickering Energy Partners upgraded Hess to a "hold" rating in a research report on Friday, January 3rd. Scotiabank decreased their price objective on Hess from $164.00 to $146.58 and set a "sector perform" rating on the stock in a report on Friday, April 11th. Susquehanna reduced their target price on Hess from $160.00 to $136.00 and set a "neutral" rating for the company in a research report on Tuesday, April 22nd. Finally, StockNews.com initiated coverage on shares of Hess in a report on Sunday, April 27th. They issued a "hold" rating on the stock. Six investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of "Hold" and a consensus price target of $164.46.

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.