Hess Corp. (NYSE:HES) declared a quarterly dividend on Wednesday, March 7th, RTT News reports. Stockholders of record on Monday, March 19th will be paid a dividend of 0.25 per share by the oil and gas producer on Thursday, March 29th. This represents a $1.00 annualized dividend and a dividend yield of 2.06%. The ex-dividend date of this dividend is Friday, March 16th.
Hess has a dividend payout ratio of -21.6% indicating that the company cannot currently cover its dividend with earnings alone and is relying on its balance sheet to cover its dividend payments. Research analysts expect Hess to earn ($0.92) per share next year, which means the company may not be able to cover its $1.00 annual dividend with an expected future payout ratio of -108.7%.
Shares of Hess (HES) traded up $0.17 during trading on Wednesday, hitting $48.57. 2,667,505 shares of the stock traded hands, compared to its average volume of 5,070,000. The stock has a market cap of $15,300.00, a PE ratio of -5.77 and a beta of 1.60. Hess has a 1-year low of $37.25 and a 1-year high of $55.48. The company has a quick ratio of 2.43, a current ratio of 2.53 and a debt-to-equity ratio of 0.52.
A number of analysts have recently weighed in on HES shares. BMO Capital Markets restated a “hold” rating and issued a $50.00 target price on shares of Hess in a report on Thursday, January 11th. Piper Jaffray Companies restated a “buy” rating and issued a $52.00 target price on shares of Hess in a report on Friday, February 23rd. Credit Suisse Group started coverage on shares of Hess in a report on Monday, December 11th. They issued an “underperform” rating and a $38.00 target price on the stock. Morgan Stanley boosted their target price on shares of Hess from $49.00 to $57.00 and gave the stock an “equal weight” rating in a report on Wednesday, January 24th. Finally, Scotiabank set a $50.00 price target on shares of Hess and gave the company a “buy” rating in a report on Friday, November 17th. Four equities research analysts have rated the stock with a sell rating, ten have given a hold rating and seven have given a buy rating to the stock. Hess has a consensus rating of “Hold” and a consensus price target of $52.16.
In other Hess news, Director Kevin Omar Meyers purchased 516 shares of the stock in a transaction dated Tuesday, March 6th. The stock was purchased at an average price of $48.48 per share, with a total value of $25,015.68. Following the transaction, the director now owns 22,117 shares of the company’s stock, valued at $1,072,232.16. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, COO Gregory P. Hill sold 7,422 shares of the stock in a transaction that occurred on Wednesday, March 7th. The shares were sold at an average price of $48.04, for a total transaction of $356,552.88. Following the sale, the chief operating officer now directly owns 90,600 shares of the company’s stock, valued at approximately $4,352,424. The disclosure for this sale can be found here. Insiders sold a total of 174,017 shares of company stock valued at $7,981,459 in the last ninety days. Corporate insiders own 11.80% of the company’s stock.
Hess announced that its Board of Directors has approved a stock repurchase program on Thursday, March 8th that authorizes the company to repurchase $1.00 billion in outstanding shares. This repurchase authorization authorizes the oil and gas producer to reacquire shares of its stock through open market purchases. Stock repurchase programs are often an indication that the company’s leadership believes its shares are undervalued.
Hess Company Profile
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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