DNB Asset Management AS increased its holdings in Hess Co. (NYSE:HES – Get Rating) by 9.1% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 45,886 shares of the oil and gas producer’s stock after purchasing an additional 3,822 shares during the period. DNB Asset Management AS’s holdings in Hess were worth $4,912,000 at the end of the most recent reporting period.
Other large investors have also modified their holdings of the company. Keybank National Association OH boosted its holdings in Hess by 86.7% in the fourth quarter. Keybank National Association OH now owns 581,549 shares of the oil and gas producer’s stock worth $43,052,000 after purchasing an additional 270,119 shares in the last quarter. CIBC Asset Management Inc lifted its position in Hess by 5.5% during the 4th quarter. CIBC Asset Management Inc now owns 27,734 shares of the oil and gas producer’s stock worth $2,053,000 after acquiring an additional 1,450 shares during the last quarter. Xponance Inc. lifted its position in Hess by 26.3% during the 4th quarter. Xponance Inc. now owns 20,151 shares of the oil and gas producer’s stock worth $1,492,000 after acquiring an additional 4,202 shares during the last quarter. American Trust acquired a new position in Hess during the 4th quarter worth $371,000. Finally, National Bank of Canada FI acquired a new position in Hess during the 4th quarter worth $142,000. Hedge funds and other institutional investors own 82.51% of the company’s stock.
In other Hess news, COO Gregory P. Hill sold 13,771 shares of the company’s stock in a transaction dated Friday, March 25th. The shares were sold at an average price of $106.23, for a total transaction of $1,462,893.33. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, SVP Barbara J. Lowery-Yilmaz sold 36,260 shares of the company’s stock in a transaction dated Thursday, June 9th. The stock was sold at an average price of $128.29, for a total transaction of $4,651,795.40. Following the sale, the senior vice president now directly owns 95,624 shares in the company, valued at $12,267,602.96. The disclosure for this sale can be found here. 9.93% of the stock is currently owned by corporate insiders.
Hess (NYSE:HES – Get Rating) last issued its quarterly earnings data on Wednesday, April 27th. The oil and gas producer reported $1.30 earnings per share for the quarter, topping the consensus estimate of $1.12 by $0.18. The firm had revenue of $2.37 billion for the quarter, compared to analysts’ expectations of $2.05 billion. Hess had a net margin of 9.01% and a return on equity of 12.35%. The company’s quarterly revenue was up 23.6% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.82 earnings per share. On average, research analysts expect that Hess Co. will post 8.96 EPS for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Thursday, June 30th. Shareholders of record on Wednesday, June 15th will be paid a dividend of $0.375 per share. The ex-dividend date is Tuesday, June 14th. This represents a $1.50 annualized dividend and a yield of 1.45%. Hess’s dividend payout ratio is 64.66%.
A number of research firms have weighed in on HES. Susquehanna Bancshares boosted their target price on shares of Hess from $118.00 to $138.00 and gave the stock a “positive” rating in a research report on Monday, April 25th. Wells Fargo & Company boosted their target price on shares of Hess from $106.00 to $133.00 and gave the stock an “overweight” rating in a research report on Friday, March 11th. Mizuho upped their price objective on shares of Hess from $139.00 to $158.00 and gave the company a “buy” rating in a research report on Tuesday, May 31st. Morgan Stanley upped their price objective on shares of Hess from $137.00 to $141.00 and gave the company an “overweight” rating in a research report on Monday, June 6th. Finally, Raymond James upped their price objective on shares of Hess from $112.00 to $140.00 and gave the company an “outperform” rating in a research report on Monday, April 25th. Two equities research analysts have rated the stock with a hold rating and ten have given a buy rating to the stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $127.27.
Hess Company Profile (Get Rating)
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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