Schroder Investment Management Group lowered its stake in shares of Hess Corp. (NYSE:HES) by 74.5% during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 45,524 shares of the oil and gas producer’s stock after selling 132,842 shares during the quarter. Schroder Investment Management Group’s holdings in Hess were worth $3,259,000 at the end of the most recent quarter.
Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. Forsta AP Fonden purchased a new stake in Hess in the 2nd quarter valued at approximately $34,368,000. Prudential Financial Inc. boosted its holdings in Hess by 170.5% in the 3rd quarter. Prudential Financial Inc. now owns 804,189 shares of the oil and gas producer’s stock valued at $57,564,000 after purchasing an additional 506,900 shares in the last quarter. Janus Henderson Group PLC boosted its holdings in Hess by 121.6% in the 3rd quarter. Janus Henderson Group PLC now owns 659,172 shares of the oil and gas producer’s stock valued at $47,184,000 after purchasing an additional 361,672 shares in the last quarter. FIL Ltd purchased a new stake in Hess in the 3rd quarter valued at approximately $21,289,000. Finally, Canada Pension Plan Investment Board boosted its holdings in Hess by 1,660.0% in the 3rd quarter. Canada Pension Plan Investment Board now owns 267,695 shares of the oil and gas producer’s stock valued at $19,162,000 after purchasing an additional 252,485 shares in the last quarter. 87.50% of the stock is currently owned by hedge funds and other institutional investors.
Shares of NYSE:HES opened at $52.61 on Friday. The company has a market cap of $15.81 billion, a PE ratio of -11.41, a PEG ratio of 533.70 and a beta of 1.55. The company has a debt-to-equity ratio of 0.60, a quick ratio of 2.16 and a current ratio of 2.30. Hess Corp. has a 12 month low of $40.37 and a 12 month high of $74.81.
Hess (NYSE:HES) last announced its quarterly earnings results on Wednesday, October 31st. The oil and gas producer reported $0.38 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.05) by $0.43. The business had revenue of $1.83 billion for the quarter, compared to analyst estimates of $1.54 billion. Hess had a negative return on equity of 2.65% and a negative net margin of 47.06%. The company’s quarterly revenue was up 11.2% on a year-over-year basis. During the same quarter in the previous year, the company earned ($1.07) EPS. Analysts expect that Hess Corp. will post 0.02 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Monday, December 31st. Stockholders of record on Monday, December 17th will be paid a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a dividend yield of 1.90%. The ex-dividend date of this dividend is Friday, December 14th. Hess’s dividend payout ratio (DPR) is -21.69%.
In other news, insider Michael R. Turner sold 4,142 shares of the business’s stock in a transaction that occurred on Wednesday, November 21st. The stock was sold at an average price of $56.82, for a total transaction of $235,348.44. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. 12.09% of the stock is owned by insiders.
HES has been the topic of a number of analyst reports. KLR Group reaffirmed a “hold” rating and issued a $74.00 price objective on shares of Hess in a report on Monday, August 20th. Bank of America reaffirmed a “buy” rating and issued a $86.00 price objective (up previously from $83.00) on shares of Hess in a report on Monday, September 17th. Credit Suisse Group set a $61.00 price objective on Hess and gave the company a “hold” rating in a report on Monday, September 17th. Morgan Stanley reaffirmed a “buy” rating and issued a $87.00 price objective (up previously from $84.00) on shares of Hess in a report on Tuesday, September 18th. Finally, Piper Jaffray Companies lowered Hess from an “overweight” rating to a “neutral” rating in a report on Thursday, September 27th. Two equities research analysts have rated the stock with a sell rating, ten have issued a hold rating and five have given a buy rating to the stock. Hess has a consensus rating of “Hold” and an average price target of $68.87.
Hess Corporation, an exploration and production company, develops, produces, purchases, transports, and sells crude oil, natural gas liquids (NGLs), and natural gas. It operates through two segments, Exploration and Production, and Midstream. The company conducts production operations primarily in the United States, Denmark, the Malaysia/Thailand Joint Development Area, and Malaysia; and exploration activities primarily offshore Guyana, Suriname, Canada, and in the Gulf of Mexico.
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