Earnest Partners LLC decreased its holdings in Hess Corp. (NYSE:HES) by 3.9% during the 4th quarter, according to its most recent disclosure with the SEC. The firm owned 38,714 shares of the oil and gas producer’s stock after selling 1,589 shares during the period. Earnest Partners LLC’s holdings in Hess were worth $1,838,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors have also bought and sold shares of the stock. Hotchkis & Wiley Capital Management LLC raised its holdings in Hess by 13.9% in the third quarter. Hotchkis & Wiley Capital Management LLC now owns 9,206,402 shares of the oil and gas producer’s stock valued at $431,688,000 after buying an additional 1,123,000 shares during the period. Bank of New York Mellon Corp grew its position in Hess by 3.9% in the fourth 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 acquiring an additional 203,463 shares in the last quarter. Artisan Partners Limited Partnership grew its position in Hess by 2.3% in the third quarter. Artisan Partners Limited Partnership now owns 5,189,336 shares of the oil and gas producer’s stock valued at $243,328,000 after acquiring an additional 114,613 shares in the last quarter. Barrow Hanley Mewhinney & Strauss LLC grew its position in Hess by 2.0% in the third quarter. Barrow Hanley Mewhinney & Strauss LLC now owns 4,227,746 shares of the oil and gas producer’s stock valued at $198,239,000 after acquiring an additional 82,901 shares in the last quarter. Finally, Levin Capital Strategies L.P. grew its position in Hess by 4.5% in the fourth 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 acquiring an additional 179,125 shares in the last quarter. Hedge funds and other institutional investors own 92.40% of the company’s stock.
Several analysts have issued reports on HES shares. Credit Suisse Group raised shares of Hess from an “underperform” rating to a “neutral” rating and set a $42.00 price objective for the company in a research report on Monday, February 12th. JPMorgan Chase & Co. downgraded shares of Hess from a “neutral” rating to an “underweight” rating and set a $44.00 price objective for the company. in a research report on Friday, December 15th. Barclays reaffirmed a “hold” rating and issued a $49.00 price objective on shares of Hess in a research report on Monday, January 8th. Macquarie started coverage on shares of Hess in a research report on Wednesday, January 17th. They issued an “outperform” rating and a $65.00 price objective for the company. Finally, Morgan Stanley increased their price objective on shares of Hess from $49.00 to $57.00 and gave the company an “equal weight” rating in a research report on Wednesday, January 24th. Four equities research analysts have rated the stock with a sell rating, ten have issued a hold rating and seven have given a buy rating to the company. The stock presently has a consensus rating of “Hold” and an average price target of $52.16.
Hess (NYSE:HES) last released its quarterly earnings results on Monday, February 5th. The oil and gas producer reported ($1.01) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.91) by ($0.10). Hess had a negative return on equity of 9.82% and a negative net margin of 74.55%. The company had revenue of $1.30 billion for the quarter, compared to analyst estimates of $1.32 billion. During the same period in the previous year, the business posted ($1.01) EPS. The firm’s quarterly revenue was down 6.5% compared to the same quarter last year. analysts forecast that Hess Corp. will post -2 earnings per share for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Thursday, March 29th. Stockholders of record on Monday, March 19th will be given a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a dividend yield of 2.05%. The ex-dividend date is Friday, March 16th. Hess’s payout ratio is currently -7.62%.
Hess declared that its board has approved a share repurchase program on Thursday, March 8th that allows the company to repurchase $1.00 billion in shares. This repurchase authorization allows the oil and gas producer to reacquire shares of its stock through open market purchases. Shares repurchase programs are usually an indication that the company’s board of directors believes its stock is undervalued.
In other Hess news, SVP Timothy B. Goodell sold 3,627 shares of Hess stock in a transaction on Thursday, February 8th. The shares were sold at an average price of $44.43, for a total value of $161,147.61. Following the completion of the transaction, the senior vice president now owns 99,555 shares of the company’s stock, valued at $4,423,228.65. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CEO John B. Hess sold 93,712 shares of Hess stock in a transaction on Thursday, February 8th. The stock was sold at an average price of $44.29, for a total transaction of $4,150,504.48. Following the completion of the transaction, the chief executive officer now directly owns 1,885,911 shares of the company’s stock, valued at approximately $83,526,998.19. The disclosure for this sale can be found here. Insiders have sold 174,017 shares of company stock valued at $7,981,459 in the last three months. Corporate insiders own 11.80% of the company’s stock.
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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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