LPL Financial LLC increased its stake in shares of Hess Corp. (NYSE:HES) by 24.6% during the fourth quarter, according to the company in its most recent filing with the SEC. The fund owned 12,548 shares of the oil and gas producer’s stock after acquiring an additional 2,475 shares during the period. LPL Financial LLC’s holdings in Hess were worth $596,000 as of its most recent filing with the SEC.
Other hedge funds and other institutional investors also recently modified their holdings of the company. Bank of New York Mellon Corp grew its holdings in Hess by 3.9% in the 4th quarter. Bank of New York Mellon Corp now owns 5,417,438 shares of the oil and gas producer’s stock valued at $257,165,000 after buying an additional 203,463 shares during the last quarter. Levin Capital Strategies L.P. grew its holdings in Hess by 4.5% in the 4th quarter. Levin Capital Strategies L.P. now owns 4,193,086 shares of the oil and gas producer’s stock valued at $199,046,000 after buying an additional 179,125 shares during the last quarter. UBS Asset Management Americas Inc. grew its holdings in Hess by 17.4% in the 4th quarter. UBS Asset Management Americas Inc. now owns 3,679,502 shares of the oil and gas producer’s stock valued at $174,666,000 after buying an additional 545,558 shares during the last quarter. Geode Capital Management LLC grew its holdings in Hess by 3.0% in the 4th quarter. Geode Capital Management LLC now owns 2,928,183 shares of the oil and gas producer’s stock valued at $138,707,000 after buying an additional 85,707 shares during the last quarter. Finally, Impala Asset Management LLC grew its holdings in Hess by 62.9% in the 4th quarter. Impala Asset Management LLC now owns 2,295,452 shares of the oil and gas producer’s stock valued at $108,965,000 after buying an additional 886,096 shares during the last quarter. 92.35% of the stock is currently owned by institutional investors and hedge funds.
Shares of NYSE:HES opened at $56.24 on Tuesday. Hess Corp. has a 1-year low of $37.25 and a 1-year high of $56.94. The company has a market cap of $17,743.82, a PE ratio of -12.20 and a beta of 1.44. The company has a current ratio of 2.53, a quick ratio of 2.43 and a debt-to-equity ratio of 0.52.
The company also recently disclosed a quarterly dividend, which was paid on Thursday, March 29th. Stockholders of record on Monday, March 19th were issued a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a dividend yield of 1.78%. The ex-dividend date of this dividend was Friday, March 16th. Hess’s payout ratio is presently -21.69%.
Hess declared that its board has approved a stock buyback program on Thursday, March 8th that authorizes the company to buyback $1.00 billion in shares. This buyback authorization authorizes the oil and gas producer to reacquire shares of its stock through open market purchases. Stock buyback programs are generally a sign that the company’s board of directors believes its shares are undervalued.
A number of analysts have issued reports on the company. Credit Suisse Group set a $48.00 target price on Hess and gave the company a “hold” rating in a report on Friday. ValuEngine raised Hess from a “sell” rating to a “hold” rating in a report on Monday, April 2nd. BMO Capital Markets reaffirmed a “hold” rating and issued a $50.00 target price on shares of Hess in a report on Thursday, January 11th. Macquarie reaffirmed an “outperform” rating and issued a $58.00 target price (down previously from $63.00) on shares of Hess in a report on Wednesday, February 21st. Finally, UBS assumed coverage on Hess in a report on Wednesday, March 7th. They issued a “neutral” rating and a $50.00 target price on the stock. Three investment analysts have rated the stock with a sell rating, eleven have given a hold rating and seven have given a buy rating to the stock. The stock currently has an average rating of “Hold” and a consensus target price of $50.97.
In related news, Director Kevin Omar Meyers bought 516 shares of the business’s stock in a transaction that occurred on Tuesday, March 6th. The stock was acquired at an average price of $48.48 per share, for a total transaction of $25,015.68. Following the transaction, the director now directly owns 22,117 shares of the company’s stock, valued at $1,072,232.16. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Michael R. Turner sold 1,914 shares of the firm’s stock in a transaction that occurred on Thursday, February 8th. The stock was sold at an average price of $44.43, for a total value of $85,039.02. The disclosure for this sale can be found here. Insiders have sold a total of 174,017 shares of company stock worth $7,981,459 in the last three months. 11.80% of the stock is owned by insiders.
Hess Company Profile
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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