Gateway Investment Advisers LLC reduced its holdings in shares of Hess Corp. (NYSE:HES) by 2.4% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 65,550 shares of the oil and gas producer’s stock after selling 1,594 shares during the period. Gateway Investment Advisers LLC’s holdings in Hess were worth $4,692,000 at the end of the most recent quarter.
Other hedge funds have also made changes to their positions in the company. Harvest Fund Management Co. Ltd purchased a new stake in Hess during the second quarter valued at approximately $104,000. Tower Research Capital LLC TRC boosted its position in shares of Hess by 509.4% in the second quarter. Tower Research Capital LLC TRC now owns 2,084 shares of the oil and gas producer’s stock worth $140,000 after purchasing an additional 1,742 shares during the period. Cornerstone Wealth Management LLC bought a new position in shares of Hess in the second quarter worth approximately $154,000. Fox Run Management L.L.C. bought a new position in shares of Hess in the third quarter worth approximately $204,000. Finally, Piedmont Investment Advisors LLC bought a new position in shares of Hess in the second quarter worth approximately $205,000. 88.83% of the stock is owned by institutional investors and hedge funds.
Shares of NYSE:HES opened at $63.56 on Friday. The company has a quick ratio of 2.29, a current ratio of 2.41 and a debt-to-equity ratio of 0.56. Hess Corp. has a fifty-two week low of $40.26 and a fifty-two week high of $74.81.
Hess (NYSE:HES) last issued its earnings results on Wednesday, July 25th. The oil and gas producer reported ($0.23) earnings per share for the quarter, topping the Zacks’ consensus estimate of ($0.32) by $0.09. Hess had a negative net margin of 59.77% and a negative return on equity of 6.04%. The firm had revenue of $1.57 billion during the quarter, compared to analyst estimates of $1.35 billion. During the same quarter in the prior year, the business earned ($1.46) earnings per share. Hess’s revenue for the quarter was up 30.3% on a year-over-year basis. On average, research analysts forecast that Hess Corp. will post -0.44 EPS for the current year.
The business also recently announced a quarterly dividend, which was paid on Friday, September 28th. Investors of record on Monday, September 17th were given a dividend of $0.25 per share. The ex-dividend date of this dividend was Friday, September 14th. This represents a $1.00 dividend on an annualized basis and a dividend yield of 1.57%. Hess’s dividend payout ratio is -21.69%.
In related news, COO Gregory P. Hill sold 11,480 shares of the company’s stock in a transaction on Thursday, August 2nd. The shares were sold at an average price of $65.69, for a total transaction of $754,121.20. Following the completion of the transaction, the chief operating officer now owns 76,511 shares in the company, valued at $5,026,007.59. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. 12.09% of the stock is currently owned by corporate insiders.
A number of equities analysts have weighed in on HES shares. Zacks Investment Research upgraded shares of Hess from a “hold” rating to a “buy” rating and set a $70.00 price target for the company in a research report on Tuesday, June 26th. Capital One Financial reiterated an “underweight” rating on shares of Hess in a research report on Friday, June 29th. Credit Suisse Group set a $55.00 price target on shares of Hess and gave the stock a “hold” rating in a research report on Friday, June 29th. Barclays lowered shares of Hess from an “equal weight” rating to an “underweight” rating and upped their price target for the stock from $55.00 to $66.00 in a research report on Wednesday, July 11th. Finally, BMO Capital Markets reiterated a “hold” rating and issued a $60.00 price target on shares of Hess in a research report on Thursday, July 12th. Three research analysts have rated the stock with a sell rating, eight have given a hold rating and five have issued a buy rating to the stock. Hess presently has a consensus rating of “Hold” and an average target price of $66.71.
Hess Corporation, an exploration and production company, 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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