Teachers Retirement System of The State of Kentucky boosted its holdings in shares of Hess Corp. (NYSE:HES) by 15.1% in the 4th quarter, Holdings Channel reports. The firm owned 317,846 shares of the oil and gas producer’s stock after buying an additional 41,800 shares during the period. Teachers Retirement System of The State of Kentucky’s holdings in Hess were worth $15,088,000 at the end of the most recent reporting period.
A number of other hedge funds have also added to or reduced their stakes in the stock. Nationwide Fund Advisors lifted its position in shares of Hess by 12.0% in the 3rd quarter. Nationwide Fund Advisors now owns 448,728 shares of the oil and gas producer’s stock valued at $21,041,000 after acquiring an additional 48,056 shares in the last quarter. Raymond James Financial Services Advisors Inc. lifted its position in shares of Hess by 15.2% in the 3rd quarter. Raymond James Financial Services Advisors Inc. now owns 32,008 shares of the oil and gas producer’s stock valued at $1,501,000 after acquiring an additional 4,221 shares in the last quarter. Andra AP fonden lifted its position in shares of Hess by 26.1% in the 3rd quarter. Andra AP fonden now owns 28,000 shares of the oil and gas producer’s stock valued at $1,313,000 after acquiring an additional 5,800 shares in the last quarter. State of Tennessee Treasury Department lifted its position in shares of Hess by 16.6% in the 3rd quarter. State of Tennessee Treasury Department now owns 86,158 shares of the oil and gas producer’s stock valued at $4,040,000 after acquiring an additional 12,248 shares in the last quarter. Finally, Swiss National Bank lifted its position in shares of Hess by 1.5% in the 3rd quarter. Swiss National Bank now owns 1,053,165 shares of the oil and gas producer’s stock valued at $49,383,000 after acquiring an additional 15,300 shares in the last quarter. 92.40% of the stock is owned by institutional investors and hedge funds.
In other news, SVP Timothy B. Goodell sold 3,627 shares of the stock in a transaction on Thursday, February 8th. The shares were sold at an average price of $44.43, for a total transaction of $161,147.61. Following the transaction, the senior vice president now owns 99,555 shares in the company, valued at approximately $4,423,228.65. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CEO John B. Hess sold 93,712 shares of the stock in a transaction on Thursday, February 8th. The stock was sold at an average price of $44.29, for a total transaction of $4,150,504.48. Following the transaction, the chief executive officer now owns 1,885,911 shares in the company, valued at approximately $83,526,998.19. The disclosure for this sale can be found here. In the last quarter, insiders sold 174,017 shares of company stock worth $7,981,459. Company insiders own 11.80% of the company’s stock.
Several equities research analysts recently commented on HES shares. Credit Suisse Group upgraded shares of Hess from an “underperform” rating to a “neutral” rating and set a $42.00 price target for the company in a research report on Monday, February 12th. JPMorgan Chase & Co. downgraded shares of Hess from a “neutral” rating to an “underweight” rating and set a $44.00 price target for the company. in a research report on Friday, December 15th. Barclays restated a “hold” rating and issued a $49.00 price target on shares of Hess in a research report on Monday, January 8th. Macquarie started coverage on shares of Hess in a research report on Wednesday, January 17th. They issued an “outperform” rating and a $65.00 price target for the company. Finally, Morgan Stanley upped their price target on shares of Hess from $49.00 to $57.00 and gave the company an “equal weight” rating in a research report on Wednesday, January 24th. Four equities research analysts have rated the stock with a sell rating, ten have issued a hold rating and seven have assigned a buy rating to the stock. The company has an average rating of “Hold” and an average price target of $52.16.
Hess Corp. (NYSE HES) opened at $48.40 on Wednesday. The company has a debt-to-equity ratio of 0.52, a current ratio of 2.53 and a quick ratio of 2.43. Hess Corp. has a 12 month low of $37.25 and a 12 month high of $55.48.
Hess (NYSE:HES) last released its quarterly earnings data on Monday, February 5th. The oil and gas producer reported ($1.01) earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.91) by ($0.10). The company had revenue of $1.30 billion during the quarter, compared to analyst estimates of $1.32 billion. Hess had a negative net margin of 74.55% and a negative return on equity of 9.82%. The firm’s quarterly revenue was down 6.5% compared to the same quarter last year. During the same quarter in the prior year, the company posted ($1.01) EPS. research analysts forecast that Hess Corp. will post -2.01 EPS for the current year.
Hess declared that its Board of Directors has approved a stock buyback program on Thursday, March 8th that allows the company to buyback $1.00 billion in outstanding shares. This buyback authorization allows the oil and gas producer to reacquire shares of its stock through open market purchases. Stock buyback programs are generally an indication that the company’s leadership believes its stock is undervalued.
The business also recently disclosed a quarterly dividend, which will be paid on Thursday, March 29th. Shareholders of record on Monday, March 19th will be paid a $0.25 dividend. The ex-dividend date is Friday, March 16th. This represents a $1.00 annualized dividend and a yield of 2.07%. Hess’s dividend payout ratio is presently -7.62%.
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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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