Raymond James & Associates Sells 13,029 Shares of Hess Co. (NYSE:HES)

Posted by on May 15th, 2023

Raymond James & Associates trimmed its position in Hess Co. (NYSE:HES – Get Rating) by 8.9% during the fourth quarter, according to its most recent 13F filing with the SEC. The fund owned 132,625 shares of the oil and gas producer’s stock after selling 13,029 shares during the period. Raymond James & Associates’ holdings in Hess were worth $18,809,000 as of its most recent filing with the SEC.

A number of other hedge funds have also recently bought and sold shares of HES. Orion Capital Management LLC boosted its position in Hess by 63.4% in the 4th quarter. Orion Capital Management LLC now owns 214 shares of the oil and gas producer’s stock valued at $30,000 after buying an additional 83 shares during the last quarter. Lindbrook Capital LLC boosted its position in Hess by 53.8% in the 4th quarter. Lindbrook Capital LLC now owns 223 shares of the oil and gas producer’s stock valued at $32,000 after buying an additional 78 shares during the last quarter. Zions Bancorporation N.A. boosted its position in Hess by 92.3% in the 3rd quarter. Zions Bancorporation N.A. now owns 300 shares of the oil and gas producer’s stock valued at $33,000 after buying an additional 144 shares during the last quarter. Guardian Wealth Advisors LLC bought a new position in Hess in the 3rd quarter valued at $38,000. Finally, Hanseatic Management Services Inc. bought a new position in Hess in the 4th quarter valued at $38,000. 86.06% of the stock is currently owned by institutional investors.

Hess Price Performance

NYSE:HES opened at $132.79 on Monday. The company has a debt-to-equity ratio of 0.98, a quick ratio of 1.55 and a current ratio of 1.65. The stock’s 50-day simple moving average is $135.75 and its 200 day simple moving average is $140.29. The company has a market cap of $40.77 billion, a P/E ratio of 19.02 and a beta of 1.57. Hess Co. has a 52-week low of $90.34 and a 52-week high of $160.52.

Hess (NYSE:HES – Get Rating) last posted its quarterly earnings results on Wednesday, April 26th. The oil and gas producer reported $1.13 EPS for the quarter, topping analysts’ consensus estimates of $1.03 by $0.10. Hess had a return on equity of 25.85% and a net margin of 18.47%. The business had revenue of $2.45 billion during the quarter, compared to analysts’ expectations of $2.37 billion. During the same quarter last year, the company posted $1.30 earnings per share. Hess’s quarterly revenue was up 3.5% on a year-over-year basis. As a group, sell-side analysts forecast that Hess Co. will post 6.03 EPS for the current fiscal year.

Hess Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, March 30th. Stockholders of record on Monday, March 13th were issued a dividend of $0.438 per share. This represents a $1.75 dividend on an annualized basis and a dividend yield of 1.32%. The ex-dividend date of this dividend was Friday, March 10th. This is a boost from Hess’s previous quarterly dividend of $0.38. Hess’s payout ratio is currently 25.07%.

Insider Transactions at Hess

In other news, CFO John P. Rielly sold 3,380 shares of the business’s stock in a transaction that occurred on Tuesday, March 7th. The stock was sold at an average price of $137.41, for a total transaction of $464,445.80. Following the completion of the sale, the chief financial officer now owns 309,841 shares in the company, valued at $42,575,251.81. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. In other news, EVP Timothy B. Goodell sold 3,527 shares of Hess stock in a transaction that occurred on Tuesday, March 7th. The shares were sold at an average price of $137.41, for a total value of $484,645.07. Following the completion of the sale, the executive vice president now directly owns 138,338 shares in the company, valued at $19,009,024.58. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, CFO John P. Rielly sold 3,380 shares of Hess stock in a transaction that occurred on Tuesday, March 7th. The shares were sold at an average price of $137.41, for a total transaction of $464,445.80. Following the completion of the sale, the chief financial officer now owns 309,841 shares of the company’s stock, valued at $42,575,251.81. The disclosure for this sale can be found here. Insiders sold a total of 53,721 shares of company stock worth $7,391,691 over the last quarter. Company insiders own 9.93% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts have recently issued reports on the company. Piper Sandler raised their price target on Hess from $166.00 to $167.00 and gave the stock an “overweight” rating in a research report on Thursday, April 20th. 92 Resources restated a “maintains” rating on shares of Hess in a research report on Friday, April 28th. Credit Suisse Group raised their price target on Hess from $125.00 to $150.00 and gave the stock a “neutral” rating in a research report on Thursday, January 26th. Citigroup raised their price target on Hess from $155.00 to $160.00 and gave the stock a “neutral” rating in a research report on Friday, January 27th. Finally, UBS Group started coverage on Hess in a research note on Wednesday, April 19th. They set a “buy” rating and a $184.00 price objective on the stock. One investment analyst has rated the stock with a sell rating, five have issued a hold rating and nine have issued a buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $168.94.

Hess Company Profile

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Hess Corp is an exploration and production company, which engages in exploration, development, production, transportation, purchase & sale of crude oil, natural gas liquids and natural gas with production operations. It operates through the following segments: Exploration and Production and Midstream.

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Institutional Ownership by Quarter for Hess (NYSE:HES)

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