Short Interest in Hess Corporation (NYSE:HES) Rises By 24.6%

Hess Corporation (NYSE:HES - Get Free Report) was the recipient of a large growth in short interest during the month of May. As of May 31st, there was short interest totalling 11,080,000 shares, a growth of 24.6% from the May 15th total of 8,890,000 shares. Currently, 3.9% of the company's shares are sold short. Based on an average daily trading volume, of 1,970,000 shares, the short-interest ratio is presently 5.6 days.

Analysts Set New Price Targets

A number of analysts have commented on the stock. Mizuho cut their price target on shares of Hess from $193.00 to $191.00 and set a "neutral" rating on the stock in a research report on Tuesday, May 13th. Piper Sandler reduced their price objective on Hess from $151.00 to $147.00 and set an "overweight" rating for the company in a report on Tuesday, May 13th. Susquehanna lowered their price objective on Hess from $160.00 to $136.00 and set a "neutral" rating on the stock in a research report on Tuesday, April 22nd. Scotiabank lowered their price target on Hess from $164.00 to $146.58 and set a "sector perform" rating on the stock in a research report on Friday, April 11th. Finally, Wall Street Zen upgraded Hess from a "sell" rating to a "hold" rating in a report on Saturday. Six investment analysts have rated the stock with a hold rating and six have issued a buy rating to the company's stock. According to MarketBeat, Hess currently has an average rating of "Moderate Buy" and a consensus price target of $163.16.

Insider Buying and Selling at Hess

In related news, CEO John B. Hess sold 225,000 shares of Hess stock in a transaction dated Thursday, June 5th. The stock was sold at an average price of $133.18, for a total transaction of $29,965,500.00. Following the completion of the transaction, the chief executive officer now owns 1,984,679 shares in the company, valued at approximately $264,319,549.22. This trade represents a 10.18% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In the last ninety days, insiders have sold 650,000 shares of company stock worth $91,845,500. Insiders own 9.10% of the company's stock.

Institutional Investors Weigh In On Hess

Several hedge funds have recently bought and sold shares of HES. Checchi Capital Advisers LLC lifted its position in shares of Hess by 3.5% during the 4th quarter. Checchi Capital Advisers LLC now owns 2,154 shares of the oil and gas producer's stock worth $287,000 after buying an additional 72 shares during the period. Avantax Advisory Services Inc. raised its stake in Hess by 1.9% in the fourth quarter. Avantax Advisory Services Inc. now owns 3,971 shares of the oil and gas producer's stock valued at $528,000 after buying an additional 73 shares during the period. Allworth Financial LP grew its position in shares of Hess by 8.4% in the first quarter. Allworth Financial LP now owns 1,019 shares of the oil and gas producer's stock valued at $163,000 after purchasing an additional 79 shares during the last quarter. Kentucky Retirement Systems grew its position in Hess by 0.4% during the first quarter. Kentucky Retirement Systems now owns 19,073 shares of the oil and gas producer's stock worth $3,047,000 after buying an additional 80 shares in the last quarter. Finally, Howard Capital Management Inc. lifted its stake in Hess by 5.2% during the fourth quarter. Howard Capital Management Inc. now owns 1,809 shares of the oil and gas producer's stock worth $241,000 after purchasing an additional 90 shares during the last quarter. 88.51% of the stock is owned by hedge funds and other institutional investors.

Hess Stock Performance

HES traded down $0.81 during trading on Wednesday, hitting $143.50. 1,584,594 shares of the stock were exchanged, compared to its average volume of 1,796,046. The firm has a market capitalization of $44.39 billion, a P/E ratio of 19.85 and a beta of 0.62. The company has a quick ratio of 0.91, a current ratio of 1.08 and a debt-to-equity ratio of 0.71. The stock has a fifty day moving average price of $133.03 and a two-hundred day moving average price of $140.09. Hess has a 1-year low of $123.79 and a 1-year high of $161.69.

Hess (NYSE:HES - Get Free Report) last announced its quarterly earnings results on Wednesday, April 30th. The oil and gas producer reported $1.81 EPS for the quarter, missing the consensus estimate of $1.95 by ($0.14). The firm had revenue of $2.92 billion for the quarter, compared to analyst estimates of $2.95 billion. Hess had a return on equity of 21.78% and a net margin of 17.65%. The business's revenue was down 12.1% compared to the same quarter last year. During the same quarter in the prior year, the company earned $3.16 earnings per share. As a group, sell-side analysts predict that Hess will post 8.08 earnings per share for the current year.

Hess Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, June 30th. Stockholders of record on Monday, June 16th will be issued a $0.50 dividend. The ex-dividend date of this dividend is Monday, June 16th. This represents a $2.00 annualized dividend and a dividend yield of 1.39%. Hess's dividend payout ratio (DPR) is 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.

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