DnB Asset Management AS cut its stake in Hess Corp. (NYSE:HES) by 23.7% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 81,889 shares of the oil and gas producer’s stock after selling 25,400 shares during the quarter. DnB Asset Management AS’s holdings in Hess were worth $3,887,000 as of its most recent filing with the Securities and Exchange Commission.
Several other hedge funds and other institutional investors also recently bought and sold shares of the company. Linscomb & Williams Inc. increased its stake in shares of Hess by 0.3% in the second quarter. Linscomb & Williams Inc. now owns 21,171 shares of the oil and gas producer’s stock worth $929,000 after acquiring an additional 71 shares during the last quarter. Nordea Investment Management AB increased its stake in shares of Hess by 0.8% in the second quarter. Nordea Investment Management AB now owns 17,889 shares of the oil and gas producer’s stock worth $785,000 after acquiring an additional 141 shares during the last quarter. Oppenheimer Asset Management Inc. increased its stake in shares of Hess by 7.3% in the second quarter. Oppenheimer Asset Management Inc. now owns 2,464 shares of the oil and gas producer’s stock worth $108,000 after acquiring an additional 167 shares during the last quarter. Sentry Investment Management LLC increased its stake in shares of Hess by 1.1% in the second quarter. Sentry Investment Management LLC now owns 21,156 shares of the oil and gas producer’s stock worth $928,000 after acquiring an additional 224 shares during the last quarter. Finally, Earnest Partners LLC increased its stake in shares of Hess by 0.7% in the second quarter. Earnest Partners LLC now owns 40,980 shares of the oil and gas producer’s stock worth $1,798,000 after acquiring an additional 304 shares during the last quarter. 89.12% of the stock is currently owned by institutional investors and hedge funds.
Shares of Hess Corp. (NYSE:HES) opened at $54.54 on Friday. Hess Corp. has a fifty-two week low of $37.25 and a fifty-two week high of $60.13. The company has a quick ratio of 1.68, a current ratio of 1.84 and a debt-to-equity ratio of 0.46.
Hess (NYSE:HES) last issued its quarterly earnings data on Wednesday, October 25th. The oil and gas producer reported ($1.07) earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of ($1.29) by $0.22. The firm had revenue of $1.67 billion during the quarter, compared to analysts’ expectations of $1.27 billion. Hess had a negative net margin of 113.21% and a negative return on equity of 9.30%. Hess’s revenue for the quarter was up 39.3% on a year-over-year basis. During the same period in the prior year, the company posted ($1.12) earnings per share. analysts forecast that Hess Corp. will post -4.63 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which was paid on Friday, December 29th. Shareholders of record on Monday, December 18th were issued a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a yield of 1.83%. The ex-dividend date was Friday, December 15th. Hess’s dividend payout ratio (DPR) is -4.95%.
In other Hess news, COO Gregory P. Hill sold 7,400 shares of the company’s stock in a transaction dated Thursday, December 7th. The shares were sold at an average price of $44.62, for a total transaction of $330,188.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 11.80% of the stock is owned by corporate insiders.
A number of equities analysts have recently weighed in on the stock. JPMorgan Chase & Co. downgraded shares of Hess from a “neutral” rating to an “underweight” rating and set a $44.00 price target on the stock. in a research note on Friday, December 15th. Barclays reaffirmed a “hold” rating and issued a $49.00 price target on shares of Hess in a research note on Monday, January 8th. Morgan Stanley reaffirmed an “equal weight” rating on shares of Hess in a research note on Saturday, September 16th. Zacks Investment Research upgraded shares of Hess from a “hold” rating to a “buy” rating and set a $50.00 price objective for the company in a report on Wednesday, October 11th. Finally, Scotiabank set a $50.00 price objective on shares of Hess and gave the stock a “buy” rating in a report on Friday, November 17th. Five analysts have rated the stock with a sell rating, eight have given a hold rating and seven have assigned a buy rating to the stock. Hess has an average rating of “Hold” and a consensus price target of $51.12.
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Hess Corporation is an exploration and production company. The Company is engaged in exploration, development, production, transportation, purchase and sale of crude oil, natural gas liquids (NGL) and natural gas. The Company’s segments include Exploration and Production, and Bakken Midstream. Its Exploration and Production segment explores for, develops, produces, purchases and sells crude oil, NGLs and natural gas with production operations primarily in the United States, Denmark, the Malaysia/Thailand Joint Development Area (JDA), Malaysia and Norway.
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