Perigon Wealth Management LLC Makes New $402,000 Investment in Hess Co. (NYSE:HES)

Perigon Wealth Management LLC bought a new position in shares of Hess Co. (NYSE:HES) during the 4th quarter, HoldingsChannel.com reports. The institutional investor bought 2,791 shares of the oil and gas producer’s stock, valued at approximately $402,000.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the business. FMR LLC boosted its stake in Hess by 2.4% during the 3rd quarter. FMR LLC now owns 37,239,078 shares of the oil and gas producer’s stock worth $5,697,579,000 after purchasing an additional 889,122 shares during the last quarter. Vanguard Group Inc. raised its holdings in shares of Hess by 2.2% during the 1st quarter. Vanguard Group Inc. now owns 30,928,530 shares of the oil and gas producer’s stock worth $3,310,590,000 after acquiring an additional 667,979 shares during the period. Massachusetts Financial Services Co. MA raised its holdings in shares of Hess by 4.1% during the 3rd quarter. Massachusetts Financial Services Co. MA now owns 7,790,382 shares of the oil and gas producer’s stock worth $1,191,928,000 after acquiring an additional 303,942 shares during the period. Geode Capital Management LLC raised its holdings in shares of Hess by 1.7% during the 1st quarter. Geode Capital Management LLC now owns 5,728,515 shares of the oil and gas producer’s stock worth $756,386,000 after acquiring an additional 93,731 shares during the period. Finally, Invesco Ltd. raised its holdings in shares of Hess by 44.1% during the 3rd quarter. Invesco Ltd. now owns 3,610,484 shares of the oil and gas producer’s stock worth $552,404,000 after acquiring an additional 1,105,204 shares during the period. Institutional investors and hedge funds own 88.51% of the company’s stock.

Analysts Set New Price Targets

Several research analysts have recently commented on the company. Piper Sandler lifted their price target on Hess from $169.00 to $172.00 and gave the stock an “overweight” rating in a report on Thursday, March 14th. StockNews.com began coverage on Hess in a report on Tuesday, April 9th. They set a “sell” rating on the stock. Mizuho boosted their price objective on shares of Hess from $200.00 to $205.00 and gave the company a “neutral” rating in a report on Wednesday, March 20th. Finally, Susquehanna boosted their price objective on shares of Hess from $152.00 to $156.00 and gave the company a “neutral” rating in a report on Monday, March 4th. One equities research analyst has rated the stock with a sell rating, six have given a hold rating and four have issued a buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $176.67.

Insider Buying and Selling

In related news, SVP Geurt G. Schoonman sold 13,921 shares of the company’s stock in a transaction that occurred on Wednesday, March 20th. The shares were sold at an average price of $151.08, for a total transaction of $2,103,184.68. Following the sale, the senior vice president now directly owns 33,581 shares in the company, valued at $5,073,417.48. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. In other Hess news, SVP Geurt G. Schoonman sold 13,921 shares of the stock in a transaction that occurred on Wednesday, March 20th. The shares were sold at an average price of $151.08, for a total value of $2,103,184.68. Following the transaction, the senior vice president now directly owns 33,581 shares in the company, valued at $5,073,417.48. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO John B. Hess sold 73,885 shares of the stock in a transaction that occurred on Thursday, February 29th. The shares were sold at an average price of $145.87, for a total transaction of $10,777,604.95. Following the completion of the transaction, the chief executive officer now owns 138,718 shares in the company, valued at $20,234,794.66. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 155,798 shares of company stock worth $22,811,166. Company insiders own 9.76% of the company’s stock.

Hess Stock Down 1.0 %

Shares of NYSE:HES opened at $151.66 on Tuesday. The company has a debt-to-equity ratio of 0.88, a current ratio of 1.05 and a quick ratio of 0.96. The firm has a market capitalization of $46.73 billion, a PE ratio of 33.70 and a beta of 1.27. The firm’s 50-day moving average is $149.41 and its two-hundred day moving average is $146.75. Hess Co. has a 1 year low of $124.27 and a 1 year high of $167.75.

Hess (NYSE:HES) last issued its quarterly earnings results on Wednesday, January 31st. The oil and gas producer reported $1.63 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.43 by $0.20. The company had revenue of $3.04 billion for the quarter, compared to analyst estimates of $2.76 billion. Hess had a net margin of 12.98% and a return on equity of 17.00%. The business’s revenue for the quarter was down .6% compared to the same quarter last year. During the same period in the prior year, the firm earned $1.78 earnings per share. Analysts predict that Hess Co. will post 7.76 EPS for the current year.

Hess Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, March 28th. Investors of record on Monday, March 18th were paid a dividend of $0.4375 per share. The ex-dividend date was Friday, March 15th. This represents a $1.75 dividend on an annualized basis and a dividend yield of 1.15%. Hess’s payout ratio is 38.89%.

Hess 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.