DnB Asset Management AS Sells 898 Shares of Hess Co. (NYSE:HES)

DnB Asset Management AS cut its holdings in shares of Hess Co. (NYSE:HES) by 0.4% during the second quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 218,147 shares of the oil and gas producer’s stock after selling 898 shares during the period. DnB Asset Management AS owned 0.07% of Hess worth $29,657,000 as of its most recent SEC filing.

A number of other large investors also recently bought and sold shares of the business. Delta Asset Management LLC TN purchased a new stake in Hess in the fourth quarter valued at about $26,000. KB Financial Partners LLC purchased a new position in shares of Hess in the 1st quarter valued at approximately $26,000. New Hampshire Trust acquired a new stake in Hess in the 4th quarter worth approximately $35,000. TFC Financial Management Inc. purchased a new stake in Hess during the 1st quarter worth approximately $36,000. Finally, Massmutual Trust Co. FSB ADV increased its stake in Hess by 36.8% during the 1st quarter. Massmutual Trust Co. FSB ADV now owns 279 shares of the oil and gas producer’s stock valued at $37,000 after purchasing an additional 75 shares in the last quarter. Institutional investors own 81.72% of the company’s stock.

Hess Trading Up 1.7 %

Shares of NYSE:HES traded up $2.80 during mid-day trading on Thursday, reaching $163.25. 405,013 shares of the company were exchanged, compared to its average volume of 1,685,014. Hess Co. has a 1 year low of $100.34 and a 1 year high of $163.86. The company has a debt-to-equity ratio of 0.97, a current ratio of 1.54 and a quick ratio of 1.43. The firm’s 50-day simple moving average is $149.92 and its 200 day simple moving average is $140.16. The firm has a market cap of $50.13 billion, a price-to-earnings ratio of 30.74 and a beta of 1.58.

Hess (NYSE:HES) last released its earnings results on Wednesday, July 26th. The oil and gas producer reported $0.65 EPS for the quarter, topping the consensus estimate of $0.57 by $0.08. The firm had revenue of $2.32 billion during the quarter, compared to analysts’ expectations of $2.32 billion. Hess had a return on equity of 19.56% and a net margin of 14.60%. Hess’s revenue for the quarter was down 22.4% on a year-over-year basis. During the same period in the previous year, the firm posted $2.15 EPS. Equities research analysts forecast that Hess Co. will post 4.38 EPS for the current year.

Hess Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 29th. Shareholders of record on Monday, September 18th will be paid a $0.4375 dividend. This represents a $1.75 dividend on an annualized basis and a yield of 1.07%. The ex-dividend date of this dividend is Friday, September 15th. Hess’s dividend payout ratio is currently 33.52%.

Analyst Upgrades and Downgrades

Several analysts have recently commented on HES shares. UBS Group upped their price objective on shares of Hess from $168.00 to $206.00 and gave the company a “buy” rating in a report on Thursday, August 17th. Morgan Stanley raised their target price on Hess from $154.00 to $158.00 and gave the company an “overweight” rating in a research report on Friday, August 18th. Mizuho upped their price target on Hess from $169.00 to $175.00 and gave the stock a “neutral” rating in a report on Wednesday, August 16th. Citigroup increased their price target on Hess from $152.00 to $155.00 and gave the stock a “neutral” rating in a research report on Wednesday, August 2nd. Finally, Wells Fargo & Company upped their target price on Hess from $161.00 to $169.00 in a research note on Thursday, July 27th. One research analyst has rated the stock with a sell rating, five have issued a hold rating and ten have assigned a buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $168.94.

Insider Activity

In other Hess news, COO Gregory P. Hill sold 33,414 shares of Hess stock in a transaction that occurred on Monday, July 31st. The stock was sold at an average price of $151.33, for a total value of $5,056,540.62. Following the sale, the chief operating officer now owns 82,932 shares of the company’s stock, valued at approximately $12,550,099.56. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In other news, COO Gregory P. Hill sold 33,414 shares of the stock in a transaction dated Monday, July 31st. The shares were sold at an average price of $151.33, for a total value of $5,056,540.62. Following the completion of the transaction, the chief operating officer now owns 82,932 shares in the company, valued at approximately $12,550,099.56. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, SVP Barbara J. Lowery-Yilmaz sold 24,319 shares of the business’s stock in a transaction dated Friday, September 1st. The stock was sold at an average price of $156.91, for a total transaction of $3,815,894.29. Following the sale, the senior vice president now directly owns 113,670 shares in the company, valued at approximately $17,835,959.70. The disclosure for this sale can be found here. Corporate insiders own 9.93% of the company’s stock.

About Hess

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.