M&G Investment Management Ltd. lessened its holdings in Hess Co. (NYSE:HES) by 8.7% in the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 52,146 shares of the oil and gas producer’s stock after selling 4,986 shares during the period. M&G Investment Management Ltd.’s holdings in Hess were worth $3,702,000 as of its most recent filing with the Securities & Exchange Commission.
Several other institutional investors have also made changes to their positions in the stock. FMR LLC increased its stake in shares of Hess by 4.3% in the 4th quarter. FMR LLC now owns 30,744,647 shares of the oil and gas producer’s stock valued at $1,623,010,000 after purchasing an additional 1,278,288 shares in the last quarter. BlackRock Inc. increased its stake in shares of Hess by 3.2% in the 1st quarter. BlackRock Inc. now owns 21,579,360 shares of the oil and gas producer’s stock valued at $1,526,956,000 after purchasing an additional 662,329 shares in the last quarter. Primecap Management Co. CA increased its stake in shares of Hess by 1.0% in the 4th quarter. Primecap Management Co. CA now owns 8,532,185 shares of the oil and gas producer’s stock valued at $450,414,000 after purchasing an additional 82,500 shares in the last quarter. Barrow Hanley Mewhinney & Strauss LLC increased its stake in shares of Hess by 0.9% in the 4th quarter. Barrow Hanley Mewhinney & Strauss LLC now owns 7,978,815 shares of the oil and gas producer’s stock valued at $421,201,000 after purchasing an additional 73,736 shares in the last quarter. Finally, Price T Rowe Associates Inc. MD increased its stake in shares of Hess by 6.5% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 7,031,881 shares of the oil and gas producer’s stock valued at $371,213,000 after purchasing an additional 427,304 shares in the last quarter. Hedge funds and other institutional investors own 82.03% of the company’s stock.
In other Hess news, EVP Timothy B. Goodell sold 86,794 shares of the stock in a transaction on Wednesday, May 5th. The shares were sold at an average price of $81.27, for a total value of $7,053,748.38. Following the completion of the sale, the executive vice president now directly owns 169,374 shares of the company’s stock, valued at approximately $13,765,024.98. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, COO Gregory P. Hill sold 120,730 shares of the firm’s stock in a transaction dated Thursday, May 6th. The stock was sold at an average price of $78.51, for a total transaction of $9,478,512.30. Following the transaction, the chief operating officer now directly owns 199,660 shares of the company’s stock, valued at $15,675,306.60. The disclosure for this sale can be found here. In the last 90 days, insiders sold 823,462 shares of company stock valued at $65,666,608. 10.79% of the stock is owned by insiders.
Hess (NYSE:HES) last released its earnings results on Wednesday, April 28th. The oil and gas producer reported $0.82 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.44 by $0.38. Hess had a negative net margin of 7.62% and a negative return on equity of 6.76%. The company had revenue of $1.92 billion during the quarter, compared to the consensus estimate of $1.61 billion. During the same quarter in the previous year, the firm earned ($0.60) EPS. The company’s revenue was up 40.2% on a year-over-year basis. As a group, sell-side analysts expect that Hess Co. will post 1.52 earnings per share for the current year.
The company also recently announced a quarterly dividend, which will be paid on Wednesday, June 30th. Shareholders of record on Tuesday, June 15th will be given a $0.25 dividend. This represents a $1.00 annualized dividend and a yield of 1.12%. The ex-dividend date is Monday, June 14th. Hess’s dividend payout ratio (DPR) is -34.13%.
HES has been the subject of several research reports. Tudor Pickering initiated coverage on Hess in a research note on Thursday, May 27th. They set a “hold” rating and a $93.00 price objective for the company. Barclays boosted their price objective on Hess from $81.00 to $91.00 and gave the stock an “overweight” rating in a research note on Thursday, June 3rd. Piper Sandler boosted their price objective on Hess from $69.00 to $86.00 and gave the stock an “overweight” rating in a research note on Thursday, April 1st. Morgan Stanley upped their price target on Hess from $82.00 to $86.00 and gave the company an “overweight” rating in a research report on Wednesday, May 19th. Finally, Mizuho upped their price target on Hess from $94.00 to $112.00 and gave the company a “buy” rating in a research report on Monday, May 17th. Six investment analysts have rated the stock with a hold rating and ten have given a buy rating to the company’s stock. The company currently has an average rating of “Buy” and a consensus price target of $75.69.
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 through two segments, Exploration and Production, and Marketing and Refining. It 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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