Gamco Investors INC. ET AL trimmed its holdings in shares of Hess Co. (NYSE:HES – Get Rating) by 36.8% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 6,684 shares of the oil and gas producer’s stock after selling 3,898 shares during the period. Gamco Investors INC. ET AL’s holdings in Hess were worth $948,000 at the end of the most recent reporting period.
Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Vanguard Group Inc. boosted its stake in shares of Hess by 2.2% in the first quarter. Vanguard Group Inc. now owns 30,928,530 shares of the oil and gas producer’s stock valued at $3,310,590,000 after purchasing an additional 667,979 shares during the period. State Street Corp boosted its stake in shares of Hess by 0.9% in the third quarter. State Street Corp now owns 18,783,175 shares of the oil and gas producer’s stock valued at $2,047,178,000 after purchasing an additional 159,750 shares during the period. Primecap Management Co. CA boosted its stake in shares of Hess by 0.5% in the third quarter. Primecap Management Co. CA now owns 9,372,740 shares of the oil and gas producer’s stock valued at $1,021,535,000 after purchasing an additional 50,900 shares during the period. Price T Rowe Associates Inc. MD boosted its stake in shares of Hess by 51.5% in the third quarter. Price T Rowe Associates Inc. MD now owns 7,493,096 shares of the oil and gas producer’s stock valued at $816,673,000 after purchasing an additional 2,546,257 shares during the period. Finally, Geode Capital Management LLC boosted its stake in shares of Hess by 1.0% in the fourth quarter. Geode Capital Management LLC now owns 5,634,784 shares of the oil and gas producer’s stock valued at $797,665,000 after purchasing an additional 55,567 shares during the period. 86.06% of the stock is owned by institutional investors and hedge funds.
Insider Activity at Hess
In related news, Director Corp Hess sold 6,382,500 shares of the stock in a transaction dated Friday, May 19th. The shares were sold at an average price of $26.12, for a total value of $166,710,900.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In related news, Director Corp Hess sold 6,382,500 shares of the stock in a transaction dated Friday, May 19th. The shares were sold at an average price of $26.12, for a total value of $166,710,900.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, COO Gregory P. Hill sold 7,500 shares of the firm’s stock in a transaction dated Wednesday, March 29th. The shares were sold at an average price of $132.40, for a total transaction of $993,000.00. Following the transaction, the chief operating officer now owns 116,346 shares of the company’s stock, valued at approximately $15,404,210.40. The disclosure for this sale can be found here. 9.93% of the stock is currently owned by insiders.
Hess Stock Down 0.5 %
Hess (NYSE:HES – Get Rating) last released its quarterly earnings results on Wednesday, April 26th. The oil and gas producer reported $1.13 EPS for the quarter, topping the consensus estimate of $1.03 by $0.10. The business had revenue of $2.45 billion during the quarter, compared to analyst estimates of $2.37 billion. Hess had a net margin of 18.47% and a return on equity of 25.85%. The company’s quarterly revenue was up 3.5% on a year-over-year basis. During the same quarter in the prior year, the firm earned $1.30 earnings per share. As a group, equities analysts expect that Hess Co. will post 5.44 earnings per share for the current year.
Hess Cuts Dividend
The business also recently announced a quarterly dividend, which will be paid on Friday, June 30th. Investors of record on Thursday, June 15th will be given a $0.4375 dividend. The ex-dividend date is Wednesday, June 14th. This represents a $1.75 dividend on an annualized basis and a yield of 1.28%. Hess’s dividend payout ratio is presently 25.07%.
Analysts Set New Price Targets
Several brokerages have recently weighed in on HES. Morgan Stanley upped their target price on shares of Hess from $156.00 to $158.00 in a research note on Monday, May 15th. 92 Resources reaffirmed a “maintains” rating on shares of Hess in a report on Friday, April 28th. Piper Sandler upped their price target on shares of Hess from $167.00 to $168.00 in a report on Thursday, May 18th. StockNews.com began coverage on shares of Hess in a report on Thursday, May 18th. They issued a “sell” rating on the stock. Finally, JPMorgan Chase & Co. upped their price target on shares of Hess from $156.00 to $158.00 and gave the company an “overweight” rating in a report on Wednesday, April 5th. One analyst has rated the stock with a sell rating, five have issued a hold rating and nine have given a buy rating to the company. According to MarketBeat, Hess has a consensus rating of “Moderate Buy” and a consensus target price of $169.00.
Hess Company Profile
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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