Artemis Investment Management LLP lowered its position in shares of Hess Corp. (NYSE:HES) by 9.5% in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 886,282 shares of the oil and gas producer’s stock after selling 92,595 shares during the period. Artemis Investment Management LLP owned 0.29% of Hess worth $53,494,000 at the end of the most recent quarter.
Several other hedge funds have also recently modified their holdings of the stock. Cerebellum GP LLC purchased a new stake in shares of Hess in the third quarter valued at about $1,575,000. State of Alaska Department of Revenue raised its holdings in shares of Hess by 137.8% in the third quarter. State of Alaska Department of Revenue now owns 155,785 shares of the oil and gas producer’s stock valued at $9,421,000 after buying an additional 90,280 shares during the last quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp raised its holdings in shares of Hess by 6.1% in the second quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 78,945 shares of the oil and gas producer’s stock valued at $5,019,000 after buying an additional 4,563 shares during the last quarter. Hancock Whitney Corp raised its holdings in shares of Hess by 15.4% in the second quarter. Hancock Whitney Corp now owns 6,801 shares of the oil and gas producer’s stock valued at $432,000 after buying an additional 909 shares during the last quarter. Finally, Atria Investments LLC raised its holdings in shares of Hess by 1,607.0% in the second quarter. Atria Investments LLC now owns 66,981 shares of the oil and gas producer’s stock valued at $1,301,000 after buying an additional 63,057 shares during the last quarter. Hedge funds and other institutional investors own 90.10% of the company’s stock.
NYSE HES traded up $0.91 during trading hours on Thursday, hitting $65.26. 908,092 shares of the stock were exchanged, compared to its average volume of 3,424,965. The company has a market cap of $19.09 billion, a price-to-earnings ratio of -88.19 and a beta of 1.97. Hess Corp. has a 12-month low of $35.59 and a 12-month high of $72.25. The stock has a 50-day moving average of $63.08 and a 200 day moving average of $61.91. The company has a quick ratio of 1.46, a current ratio of 1.58 and a debt-to-equity ratio of 0.68.
Hess (NYSE:HES) last posted its quarterly earnings results on Wednesday, July 31st. The oil and gas producer reported ($0.09) earnings per share (EPS) for the quarter, topping the consensus estimate 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 period in the prior year, the company posted ($0.23) earnings per share. The firm’s revenue for the quarter was up 8.4% on a year-over-year basis. On average, equities research analysts expect that Hess Corp. will post -0.39 earnings per share for the current year.
The business also recently announced a quarterly dividend, which was paid on Monday, September 30th. Shareholders of record on Monday, September 16th were given a dividend of $0.25 per share. The ex-dividend date was Friday, September 13th. This represents a $1.00 annualized dividend and a yield of 1.53%. Hess’s payout ratio is currently -135.14%.
In other Hess news, insider Barbara J. Lowery-Yilmaz sold 7,305 shares of the company’s stock in a transaction dated Tuesday, August 6th. The shares were sold at an average price of $57.18, for a total transaction of $417,699.90. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO John B. Hess sold 142,109 shares of the company’s stock in a transaction dated Wednesday, September 4th. The stock was sold at an average price of $65.11, for a total transaction of $9,252,716.99. Following the transaction, the chief executive officer now owns 1,562,015 shares in the company, valued at $101,702,796.65. The disclosure for this sale can be found here. Insiders have sold 242,911 shares of company stock worth $16,012,509 over the last 90 days. 12.22% of the stock is currently owned by company insiders.
HES has been the subject of a number of research reports. Barclays initiated coverage on shares of Hess in a report on Monday, August 19th. They issued an “overweight” rating and a $93.00 target price for the company. Morgan Stanley set a $69.00 price target on shares of Hess and gave the stock a “buy” rating in a report on Monday, June 24th. ValuEngine raised shares of Hess from a “hold” rating to a “buy” rating in a report on Monday, September 16th. Wells Fargo & Co reissued a “buy” rating on shares of Hess in a report on Wednesday, July 31st. Finally, Piper Jaffray Companies set a $61.00 price target on shares of Hess and gave the stock a “hold” rating in a report on Friday, August 16th. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating and seven have assigned a buy rating to the stock. The company currently has an average rating of “Hold” and a consensus target price of $68.08.
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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