Bank of America Corp DE Purchases 2,669,913 Shares of Hess Co. (NYSE:HES)

Bank of America Corp DE lifted its position in Hess Co. (NYSE:HESGet Rating) by 99.1% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 5,363,237 shares of the oil and gas producer’s stock after buying an additional 2,669,913 shares during the quarter. Bank of America Corp DE’s holdings in Hess were worth $574,080,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also made changes to their positions in the company. City State Bank bought a new position in shares of Hess in the fourth quarter valued at $25,000. Riverview Trust Co bought a new position in shares of Hess in the first quarter valued at $25,000. HM Payson & Co. lifted its holdings in Hess by 880.0% during the 1st quarter. HM Payson & Co. now owns 245 shares of the oil and gas producer’s stock valued at $26,000 after purchasing an additional 220 shares during the last quarter. Washington Trust Advisors Inc. acquired a new stake in Hess during the 1st quarter valued at $28,000. Finally, Citizens National Bank Trust Department acquired a new stake in Hess during the 4th quarter valued at $37,000. 86.23% of the stock is owned by institutional investors.

Insider Buying and Selling at Hess

In other Hess news, COO Gregory P. Hill sold 10,000 shares of the business’s stock in a transaction that occurred on Thursday, August 18th. The stock was sold at an average price of $116.62, for a total value of $1,166,200.00. Following the transaction, the chief operating officer now directly owns 91,635 shares of the company’s stock, valued at $10,686,473.70. The sale was disclosed in a legal filing with the SEC, which is available through this link. In other news, COO Gregory P. Hill sold 10,000 shares of the company’s stock in a transaction that occurred on Thursday, August 18th. The stock was sold at an average price of $116.62, for a total transaction of $1,166,200.00. Following the transaction, the chief operating officer now directly owns 91,635 shares of the company’s stock, valued at $10,686,473.70. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, SVP Geurt G. Schoonman sold 12,000 shares of the company’s stock in a transaction on Thursday, August 25th. The stock was sold at an average price of $123.73, for a total value of $1,484,760.00. Following the sale, the senior vice president now owns 26,391 shares of the company’s stock, valued at approximately $3,265,358.43. The disclosure for this sale can be found here. Insiders own 9.93% of the company’s stock.

Analyst Ratings Changes

Several equities research analysts have issued reports on HES shares. Citigroup downgraded Hess from a “buy” rating to a “neutral” rating and cut their price target for the company from $126.00 to $100.00 in a report on Friday, June 24th. Mizuho cut their price target on Hess from $158.00 to $143.00 and set a “buy” rating for the company in a report on Tuesday, July 19th. Piper Sandler lifted their target price on Hess from $161.00 to $165.00 and gave the stock an “overweight” rating in a report on Tuesday, July 19th. Bank of America dropped their target price on Hess from $180.00 to $160.00 and set a “buy” rating for the company in a report on Tuesday, July 19th. Finally, Raymond James lifted their target price on Hess from $130.00 to $140.00 and gave the stock an “outperform” rating in a report on Wednesday, August 31st. Three research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $133.58.

Hess Price Performance

Hess stock opened at $121.64 on Friday. The stock’s 50 day moving average is $112.22 and its 200 day moving average is $110.34. The company has a debt-to-equity ratio of 1.10, a current ratio of 1.69 and a quick ratio of 1.55. The firm has a market cap of $37.66 billion, a P/E ratio of 25.83 and a beta of 1.56. Hess Co. has a one year low of $66.20 and a one year high of $131.43.

Hess (NYSE:HESGet Rating) last posted its quarterly earnings data on Wednesday, July 27th. The oil and gas producer reported $2.15 EPS for the quarter, topping analysts’ consensus estimates of $2.14 by $0.01. Hess had a return on equity of 20.25% and a net margin of 15.53%. The company had revenue of $2.99 billion for the quarter, compared to analyst estimates of $2.60 billion. During the same period in the previous year, the firm earned $0.24 earnings per share. The firm’s quarterly revenue was up 87.0% on a year-over-year basis. As a group, research analysts expect that Hess Co. will post 9.27 EPS for the current year.

Hess Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, September 30th. Shareholders of record on Monday, September 19th will be paid a $0.375 dividend. This represents a $1.50 annualized dividend and a yield of 1.23%. The ex-dividend date of this dividend is Friday, September 16th. Hess’s dividend payout ratio (DPR) is presently 31.85%.

Hess 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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Institutional Ownership by Quarter for Hess (NYSE:HES)

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