TVR Capital Management LP purchased a new position in Hess Corporation (NYSE:HES) in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor purchased 162,173 shares of the oil and gas producer’s stock, valued at approximately $7,113,000. Hess Corporation makes up 1.9% of TVR Capital Management LP’s investment portfolio, making the stock its 16th biggest holding. TVR Capital Management LP owned 0.05% of Hess Corporation as of its most recent filing with the Securities & Exchange Commission.
Several other large investors have also added to or reduced their stakes in the company. BlackRock Inc. grew its stake in shares of Hess Corporation by 4,680.2% in the first quarter. BlackRock Inc. now owns 28,963,519 shares of the oil and gas producer’s stock worth $1,396,331,000 after purchasing an additional 28,357,619 shares in the last quarter. Vanguard Group Inc. grew its stake in shares of Hess Corporation by 2.3% in the second quarter. Vanguard Group Inc. now owns 19,787,281 shares of the oil and gas producer’s stock worth $868,068,000 after purchasing an additional 449,097 shares in the last quarter. State Street Corp grew its stake in shares of Hess Corporation by 1.3% in the second quarter. State Street Corp now owns 15,518,364 shares of the oil and gas producer’s stock worth $680,786,000 after purchasing an additional 198,888 shares in the last quarter. Hotchkis & Wiley Capital Management LLC grew its stake in shares of Hess Corporation by 5.1% in the second quarter. Hotchkis & Wiley Capital Management LLC now owns 8,083,402 shares of the oil and gas producer’s stock worth $354,619,000 after purchasing an additional 391,200 shares in the last quarter. Finally, Alliancebernstein L.P. grew its stake in shares of Hess Corporation by 6.3% in the second quarter. Alliancebernstein L.P. now owns 7,027,470 shares of the oil and gas producer’s stock worth $308,295,000 after purchasing an additional 416,608 shares in the last quarter. 87.20% of the stock is owned by institutional investors.
Several research analysts have recently issued reports on the company. BMO Capital Markets set a $55.00 price target on Hess Corporation and gave the stock a “hold” rating in a research note on Saturday, June 17th. Scotiabank set a $50.00 price target on Hess Corporation and gave the stock a “buy” rating in a research note on Saturday, July 1st. Wolfe Research cut Hess Corporation from an “outperform” rating to a “market perform” rating in a research note on Monday, July 17th. Cowen and Company set a $50.00 target price on Hess Corporation and gave the company a “hold” rating in a research note on Wednesday, July 19th. Finally, Atlantic Securities cut Hess Corporation from an “overweight” rating to a “neutral” rating and decreased their target price for the company from $68.00 to $45.00 in a research note on Tuesday, June 27th. Three equities research analysts have rated the stock with a sell rating, ten have given a hold rating and six have issued a buy rating to the company. The company has a consensus rating of “Hold” and a consensus target price of $51.83.
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In related news, insider Brian D. Truelove sold 6,000 shares of the company’s stock in a transaction dated Monday, September 18th. The stock was sold at an average price of $42.53, for a total transaction of $255,180.00. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Barbara J. Lowery-Yilmaz sold 3,873 shares of the company’s stock in a transaction dated Tuesday, August 8th. The stock was sold at an average price of $43.47, for a total value of $168,359.31. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 21,599 shares of company stock worth $873,466. Corporate insiders own 11.80% of the company’s stock.
Shares of Hess Corporation (NYSE HES) traded down 2.02% on Friday, reaching $44.59. The company’s stock had a trading volume of 4,688,950 shares. The company’s 50 day moving average is $42.07 and its 200-day moving average is $44.74. The stock’s market cap is $14.02 billion. Hess Corporation has a 1-year low of $37.25 and a 1-year high of $65.56.
Hess Corporation (NYSE:HES) last issued its quarterly earnings results on Wednesday, July 26th. The oil and gas producer reported ($1.46) EPS for the quarter, missing analysts’ consensus estimates of ($1.32) by ($0.14). The firm had revenue of $1.23 billion during the quarter, compared to the consensus estimate of $1.19 billion. Hess Corporation had a negative net margin of 118.07% and a negative return on equity of 8.49%. The business’s revenue for the quarter was down 3.2% on a year-over-year basis. During the same quarter last year, the firm earned ($1.10) earnings per share. On average, equities analysts predict that Hess Corporation will post ($4.81) earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which was paid on Friday, September 29th. Stockholders of record on Monday, September 18th were issued a $0.25 dividend. The ex-dividend date of this dividend was Friday, September 15th. This represents a $1.00 dividend on an annualized basis and a dividend yield of 2.24%. Hess Corporation’s dividend payout ratio (DPR) is -5.18%.
Hess Corporation Profile
Hess Corporation is an exploration and production company. The Company is engaged in exploration, development, production, transportation, purchase and sale of crude oil, natural gas liquids (NGL) and natural gas. The Company’s segments include Exploration and Production, and Bakken Midstream. Its Exploration and Production segment explores for, develops, produces, purchases and sells crude oil, NGLs and natural gas with production operations primarily in the United States, Denmark, Equatorial Guinea, the Malaysia/Thailand Joint Development Area (JDA), Malaysia and Norway.
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