Polar Asset Management Partners Inc. Takes $2 Million Position in Hess Co. (NYSE:HES)

Polar Asset Management Partners Inc. bought a new position in shares of Hess Co. (NYSE:HES - Free Report) during the 4th quarter, according to its most recent Form 13F filing with the SEC. The institutional investor bought 15,000 shares of the oil and gas producer's stock, valued at approximately $1,995,000.

Other large investors also recently modified their holdings of the company. Strategic Financial Concepts LLC acquired a new stake in Hess in the fourth quarter valued at about $3,117,000. Manning & Napier Advisors LLC acquired a new stake in Hess in the fourth quarter valued at about $2,274,000. Charles Schwab Investment Management Inc. boosted its stake in 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 valued at $244,483,000 after buying an additional 82,703 shares in the last quarter. CIBC Asset Management Inc boosted its stake in Hess by 4.5% in the fourth quarter. CIBC Asset Management Inc now owns 43,085 shares of the oil and gas producer's stock valued at $5,731,000 after buying an additional 1,861 shares in the last quarter. Finally, American Century Companies Inc. boosted its stake in Hess by 14.7% in the fourth quarter. American Century Companies Inc. now owns 333,056 shares of the oil and gas producer's stock valued at $44,300,000 after buying an additional 42,797 shares in the last quarter. 88.51% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In other Hess news, CEO John B. Hess sold 175,000 shares of the firm's stock in a transaction dated Thursday, March 27th. The stock was 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 of the company's stock, valued at $379,879,364.70. This trade represents a 6.84% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Insiders own 9.10% of the company's stock.

Wall Street Analyst Weigh In

Several research firms recently weighed in on HES. UBS Group reduced their price objective on Hess from $170.00 to $163.00 and set a "buy" rating on the stock in a research note on Wednesday, April 16th. Susquehanna reduced their price objective on Hess from $160.00 to $136.00 and set a "neutral" rating on the stock in a research note on Tuesday, April 22nd. StockNews.com started coverage on Hess in a research note on Tuesday, May 13th. They issued a "hold" rating on the stock. Mizuho cut their price target on Hess from $193.00 to $191.00 and set a "neutral" rating on the stock in a research note on Tuesday, May 13th. Finally, Piper Sandler reduced their price target on Hess from $151.00 to $147.00 and set an "overweight" rating on the stock in a report on Tuesday, May 13th. Six research analysts have rated the stock with a hold rating and six have given a buy rating to the company. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus price target of $162.16.

Hess Stock Down 0.6%

Hess stock traded down $0.78 during trading on Tuesday, hitting $132.01. 1,603,250 shares of the company were exchanged, compared to its average volume of 1,803,810. The business's 50 day moving average is $139.03 and its 200 day moving average is $141.40. Hess Co. has a 52 week low of $123.79 and a 52 week high of $161.69. The company has a market capitalization of $40.83 billion, a P/E ratio of 14.67 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 (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 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 business had revenue of $2.92 billion during the quarter, compared to analysts' expectations of $2.95 billion. During the same period in the prior year, the firm posted $3.16 EPS. The firm's revenue for the quarter was down 12.1% on a year-over-year basis. Analysts predict that Hess Co. will post 8.08 earnings per share for the current year.

Hess Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, June 30th. Stockholders of record on Monday, June 16th will be given a dividend of $0.50 per share. The ex-dividend date is Monday, June 16th. This represents a $2.00 dividend on an annualized basis and a dividend yield of 1.52%. Hess's dividend payout ratio is presently 27.66%.

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.