Northern Trust Corp increased its stake in shares of Hess Corp. (NYSE:HES) by 1.3% in the 2nd quarter, according to its most recent 13F filing with the SEC. The firm owned 3,366,311 shares of the oil and gas producer’s stock after buying an additional 44,833 shares during the period. Northern Trust Corp owned 1.11% of Hess worth $213,996,000 as of its most recent filing with the SEC.
Several other hedge funds also recently made changes to their positions in the stock. Icon Wealth Partners LLC bought a new stake in shares of Hess in the first quarter valued at about $25,000. Steward Partners Investment Advisory LLC bought a new position in Hess during the second quarter worth about $29,000. Trustcore Financial Services LLC acquired a new stake in Hess in the 1st quarter worth about $35,000. Coastal Investment Advisors Inc. raised its stake in Hess by 79.6% in the 2nd quarter. Coastal Investment Advisors Inc. now owns 573 shares of the oil and gas producer’s stock worth $37,000 after purchasing an additional 254 shares in the last quarter. Finally, Citizens Financial Group Inc RI acquired a new stake in Hess in the 1st quarter worth about $52,000. 90.30% of the stock is owned by institutional investors and hedge funds.
In other news, insider Michael R. Turner sold 30,345 shares of the company’s stock in a transaction on Wednesday, June 26th. The shares were sold at an average price of $65.17, for a total value of $1,977,583.65. Following the sale, the insider now directly owns 94,537 shares of the company’s stock, valued at approximately $6,160,976.29. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, insider Barbara J. Lowery-Yilmaz sold 7,305 shares of the company’s stock in a transaction on Tuesday, August 6th. The shares were sold at an average price of $57.18, for a total transaction of $417,699.90. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 191,017 shares of company stock valued at $12,342,732. 12.22% of the stock is owned by corporate insiders.
A number of research analysts have issued reports on the stock. Wells Fargo & Co restated a “buy” rating on shares of Hess in a research report on Wednesday, July 31st. Piper Jaffray Companies set a $61.00 price target on Hess and gave the company a “hold” rating in a research note on Friday, August 16th. Morgan Stanley set a $69.00 price objective on shares of Hess and gave the stock a “buy” rating in a research report on Monday, June 24th. Capital One Financial upgraded shares of Hess from an “underweight” rating to an “equal weight” rating in a research note on Wednesday, May 15th. Finally, Barclays began coverage on shares of Hess in a report on Monday, August 19th. They issued an “overweight” rating and a $93.00 target price on the stock. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating and seven have given a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and an average target price of $70.08.
Hess stock traded up $0.78 during midday trading on Wednesday, reaching $63.99. The company’s stock had a trading volume of 230,339 shares, compared to its average volume of 2,654,187. Hess Corp. has a 52 week low of $35.59 and a 52 week high of $74.81. The company has a current ratio of 1.58, a quick ratio of 1.46 and a debt-to-equity ratio of 0.68. The business has a 50-day moving average price of $61.48 and a 200-day moving average price of $61.13. The stock has a market cap of $19.51 billion, a PE ratio of -87.04 and a beta of 1.98.
Hess (NYSE:HES) last posted its earnings results on Wednesday, July 31st. The oil and gas producer reported ($0.09) EPS for the quarter, topping analysts’ consensus estimates of ($0.10) by $0.01. Hess had a net margin of 1.09% and a return on equity of 0.46%. The firm had revenue of $1.70 billion during the quarter, compared to analysts’ expectations of $1.52 billion. During the same quarter in the prior year, the business earned ($0.23) earnings per share. The business’s revenue for the quarter was up 8.4% compared to the same quarter last year. As a group, research analysts predict that Hess Corp. will post -0.4 EPS for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Monday, September 30th. Investors of record on Monday, September 16th will be issued a $0.25 dividend. The ex-dividend date of this dividend is Friday, September 13th. This represents a $1.00 dividend on an annualized basis and a yield of 1.56%. Hess’s payout ratio is -135.14%.
Hess Company Profile
Hess Corporation, an exploration and production company, explores for, 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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