AE Wealth Management LLC raised its holdings in shares of Hess Co. (NYSE:HES – Free Report) by 608.6% in the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 33,341 shares of the oil and gas producer’s stock after buying an additional 28,636 shares during the period. AE Wealth Management LLC’s holdings in Hess were worth $4,533,000 at the end of the most recent reporting period.
Several other institutional investors have also added to or reduced their stakes in HES. SG Americas Securities LLC boosted its holdings in shares of Hess by 1,340.7% during the second quarter. SG Americas Securities LLC now owns 20,617 shares of the oil and gas producer’s stock worth $2,803,000 after purchasing an additional 19,186 shares during the period. Nordea Investment Management AB boosted its holdings in shares of Hess by 1.2% during the second quarter. Nordea Investment Management AB now owns 15,749 shares of the oil and gas producer’s stock worth $2,124,000 after purchasing an additional 188 shares during the period. Avondale Wealth Management purchased a new stake in shares of Hess during the second quarter worth about $41,000. Confluence Investment Management LLC purchased a new stake in shares of Hess during the second quarter worth about $441,000. Finally, ProShare Advisors LLC boosted its holdings in shares of Hess by 16.0% during the first quarter. ProShare Advisors LLC now owns 74,405 shares of the oil and gas producer’s stock worth $9,847,000 after purchasing an additional 10,249 shares during the period. 81.72% of the stock is currently owned by hedge funds and other institutional investors.
Insider Activity at Hess
In related news, SVP Barbara J. Lowery-Yilmaz sold 24,319 shares of the firm’s stock in a transaction that occurred on Friday, September 1st. The shares were sold at an average price of $156.91, for a total transaction of $3,815,894.29. Following the completion of the sale, the senior vice president now owns 113,670 shares of the company’s stock, valued at $17,835,959.70. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In related news, SVP Barbara J. Lowery-Yilmaz sold 24,319 shares of the firm’s stock in a transaction that occurred on Friday, September 1st. The shares were sold at an average price of $156.91, for a total value of $3,815,894.29. Following the sale, the senior vice president now owns 113,670 shares in the company, valued at $17,835,959.70. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, COO Gregory P. Hill sold 33,414 shares of the firm’s stock in a transaction that occurred on Monday, July 31st. The stock was sold at an average price of $151.33, for a total transaction of $5,056,540.62. Following the completion of the sale, the chief operating officer now owns 82,932 shares in the company, valued at approximately $12,550,099.56. The disclosure for this sale can be found here. 9.91% of the stock is owned by insiders.
Hess Price Performance
Hess (NYSE:HES – Get Free Report) last announced its quarterly earnings results on Wednesday, July 26th. The oil and gas producer reported $0.65 earnings per share for the quarter, beating the consensus estimate of $0.57 by $0.08. The company had revenue of $2.32 billion during the quarter, compared to the consensus estimate of $2.32 billion. Hess had a net margin of 14.60% and a return on equity of 19.56%. The firm’s quarterly revenue was down 22.4% compared to the same quarter last year. During the same quarter last year, the firm earned $2.15 earnings per share. Analysts expect that Hess Co. will post 4.4 EPS for the current fiscal year.
Hess Announces Dividend
The company also recently declared a quarterly dividend, which will be paid on Friday, September 29th. Investors of record on Monday, September 18th will be given a dividend of $0.4375 per share. This represents a $1.75 annualized dividend and a dividend yield of 1.12%. The ex-dividend date of this dividend is Friday, September 15th. Hess’s dividend payout ratio (DPR) is currently 33.52%.
Analysts Set New Price Targets
HES has been the subject of a number of analyst reports. Morgan Stanley increased their target price on shares of Hess from $154.00 to $158.00 and gave the stock an “overweight” rating in a report on Friday, August 18th. UBS Group increased their price target on shares of Hess from $168.00 to $206.00 and gave the stock a “buy” rating in a research note on Thursday, August 17th. Citigroup increased their price target on shares of Hess from $152.00 to $155.00 and gave the stock a “neutral” rating in a research note on Wednesday, August 2nd. Susquehanna increased their price target on shares of Hess from $183.00 to $187.00 in a research note on Thursday, July 27th. Finally, Evercore ISI decreased their price target on shares of Hess from $155.00 to $153.00 in a research note on Monday, July 10th. One analyst has rated the stock with a sell rating, five have issued a hold rating and ten have given a buy rating to the company. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $169.12.
Check Out Our Latest Report on HES
Hess Company Profile
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 in two segments, Exploration and Production, and Midstream. It conducts production operations primarily in the United States, Guyana, the Malaysia/Thailand Joint Development Area, and Malaysia; and exploration activities principally offshore Guyana, the U.S.
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