Envestnet Asset Management Inc. lowered its position in Hess Corp. (NYSE:HES) by 3.3% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 43,634 shares of the oil and gas producer’s stock after selling 1,476 shares during the quarter. Envestnet Asset Management Inc.’s holdings in Hess were worth $2,774,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors have also recently modified their holdings of HES. Hartford Investment Management Co. raised its holdings in Hess by 0.7% in the 1st quarter. Hartford Investment Management Co. now owns 27,602 shares of the oil and gas producer’s stock valued at $1,662,000 after acquiring an additional 203 shares in the last quarter. Coastal Investment Advisors Inc. grew its stake in shares of Hess by 79.6% in the 2nd quarter. Coastal Investment Advisors Inc. now owns 573 shares of the oil and gas producer’s stock valued at $37,000 after purchasing an additional 254 shares during the period. Point View Wealth Management Inc. grew its stake in shares of Hess by 6.6% in the 2nd quarter. Point View Wealth Management Inc. now owns 5,037 shares of the oil and gas producer’s stock valued at $320,000 after purchasing an additional 310 shares during the period. Retirement Systems of Alabama grew its stake in shares of Hess by 0.3% in the 2nd quarter. Retirement Systems of Alabama now owns 118,869 shares of the oil and gas producer’s stock valued at $7,557,000 after purchasing an additional 340 shares during the period. Finally, Icon Wealth Partners LLC bought a new stake in shares of Hess in the 1st quarter valued at approximately $25,000. Hedge funds and other institutional investors own 96.84% of the company’s stock.
Several research firms have recently weighed in on HES. MKM Partners upgraded Hess from a “neutral” rating to a “buy” rating and set a $75.00 price objective on the stock in a research note on Tuesday, May 28th. Piper Jaffray Companies set a $61.00 price target on Hess and gave the stock a “hold” rating in a research report on Friday, August 16th. Capital One Financial upgraded Hess from an “underweight” rating to an “equal weight” rating in a research report on Wednesday, May 15th. Barclays started coverage on Hess in a research report on Monday, August 19th. They issued an “overweight” rating and a $93.00 price objective on the stock. Finally, Morgan Stanley set a $69.00 price objective on Hess and gave the company a “buy” rating in a research report on Monday, June 24th. One analyst has rated the stock with a sell rating, seven have issued a hold rating and seven have assigned a buy rating to the stock. The company has a consensus rating of “Hold” and an average target price of $70.08.
In other news, insider Michael R. Turner sold 30,345 shares of Hess stock in a transaction that occurred on Wednesday, June 26th. The shares were sold at an average price of $65.17, for a total value of $1,977,583.65. Following the completion of the sale, the insider now directly owns 94,537 shares in the company, valued at $6,160,976.29. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, CEO John B. Hess sold 142,109 shares of Hess stock in a transaction that occurred on Wednesday, September 4th. The shares were sold at an average price of $65.11, for a total transaction of $9,252,716.99. Following the completion of the sale, the chief executive officer now owns 1,562,015 shares of the company’s stock, valued at $101,702,796.65. The disclosure for this sale can be found here. Insiders have sold 191,017 shares of company stock valued at $12,342,732 in the last quarter. 12.22% of the stock is currently owned by corporate insiders.
Hess stock traded down $0.95 during mid-day trading on Friday, hitting $64.04. 3,534,994 shares of the company’s stock were exchanged, compared to its average volume of 2,453,947. The company’s 50 day simple moving average is $61.22 and its 200-day simple moving average is $61.02. The firm has a market capitalization of $19.79 billion, a P/E ratio of -86.54 and a beta of 1.98. The company has a quick ratio of 1.46, a current ratio of 1.58 and a debt-to-equity ratio of 0.68. Hess Corp. has a fifty-two week low of $35.59 and a fifty-two week high of $74.81.
Hess (NYSE:HES) last announced its quarterly earnings data on Wednesday, July 31st. The oil and gas producer reported ($0.09) earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.10) by $0.01. The company had revenue of $1.70 billion during the quarter, compared to analysts’ expectations of $1.52 billion. Hess had a return on equity of 0.46% and a net margin of 1.09%. Hess’s revenue for the quarter was up 8.4% compared to the same quarter last year. During the same quarter last year, the company earned ($0.23) EPS. Research analysts expect that Hess Corp. will post -0.4 EPS for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Monday, September 30th. Investors of record on Monday, September 16th will be issued a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a yield of 1.56%. The ex-dividend date is Friday, September 13th. Hess’s payout ratio is currently -135.14%.
Hess Corporation, an exploration and production company, explores for, develops, produces, purchases, transports, and sells crude oil, natural gas liquids (NGLs), and natural gas. It operates through two segments, Exploration and Production, and Midstream. The company conducts production operations primarily in the United States, Denmark, the Malaysia/Thailand Joint Development Area, and Malaysia; and exploration activities primarily offshore Guyana, Suriname, Canada, and in the Gulf of Mexico.
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