Algert Global LLC Raises Stock Holdings in Hess Co. (NYSE:HES)

Algert Global LLC raised its position in shares of Hess Co. (NYSE:HES) by 759.5% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 25,096 shares of the oil and gas producer’s stock after buying an additional 22,176 shares during the quarter. Algert Global LLC’s holdings in Hess were worth $3,408,000 at the end of the most recent quarter.

A number of other hedge funds have also recently modified their holdings of the business. Primecap Management Co. CA boosted its stake in Hess by 4.4% during the second quarter. Primecap Management Co. CA now owns 8,098,012 shares of the oil and gas producer’s stock worth $1,194,619,000 after acquiring an additional 340,490 shares in the last quarter. Massachusetts Financial Services Co. MA boosted its position in shares of Hess by 31.0% in the 3rd quarter. Massachusetts Financial Services Co. MA now owns 3,318,822 shares of the oil and gas producer’s stock worth $450,696,000 after purchasing an additional 785,270 shares in the last quarter. Bank of New York Mellon Corp increased its position in Hess by 34.5% during the 2nd quarter. Bank of New York Mellon Corp now owns 2,835,486 shares of the oil and gas producer’s stock valued at $418,291,000 after buying an additional 726,631 shares in the last quarter. Legal & General Group Plc raised its stake in Hess by 6.6% during the second quarter. Legal & General Group Plc now owns 2,451,807 shares of the oil and gas producer’s stock valued at $361,691,000 after buying an additional 150,945 shares during the last quarter. Finally, Dimensional Fund Advisors LP boosted its holdings in Hess by 11.2% in the second quarter. Dimensional Fund Advisors LP now owns 1,798,788 shares of the oil and gas producer’s stock worth $265,359,000 after acquiring an additional 181,459 shares in the last quarter. Institutional investors own 88.51% of the company’s stock.

Hess Trading Down 2.2 %

Shares of NYSE:HES opened at $145.35 on Tuesday. Hess Co. has a 52-week low of $123.79 and a 52-week high of $163.98. The stock has a market capitalization of $44.79 billion, a price-to-earnings ratio of 16.94 and a beta of 1.15. The company has a debt-to-equity ratio of 0.75, a quick ratio of 1.13 and a current ratio of 1.26. The stock’s 50-day simple moving average is $139.12 and its two-hundred day simple moving average is $142.38.

Hess (NYSE:HES) last announced its earnings results on Wednesday, October 30th. The oil and gas producer reported $2.14 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.88 by $0.26. Hess had a net margin of 20.58% and a return on equity of 27.41%. The company had revenue of $3.20 billion during the quarter, compared to analyst estimates of $2.96 billion. During the same period in the previous year, the business posted $1.64 earnings per share. The firm’s quarterly revenue was up 12.7% compared to the same quarter last year. Analysts expect that Hess Co. will post 9.72 EPS for the current year.

Hess Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, September 30th. Stockholders of record on Monday, September 16th were paid a $0.50 dividend. This represents a $2.00 annualized dividend and a dividend yield of 1.38%. This is a positive change from Hess’s previous quarterly dividend of $0.44. The ex-dividend date was Monday, September 16th. Hess’s dividend payout ratio is 23.31%.

Insider Activity at Hess

In other news, CEO John B. Hess sold 92,894 shares of the firm’s stock in a transaction on Friday, November 22nd. The shares were sold at an average price of $147.80, for a total transaction of $13,729,733.20. Following the sale, the chief executive officer now directly owns 229,465 shares in the company, valued at $33,914,927. This trade represents a 28.82 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, SVP Geurt G. Schoonman sold 6,000 shares of the company’s stock in a transaction on Thursday, November 7th. The stock was sold at an average price of $141.91, for a total transaction of $851,460.00. Following the completion of the transaction, the senior vice president now directly owns 27,581 shares of the company’s stock, valued at $3,914,019.71. This represents a 17.87 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 314,370 shares of company stock worth $45,856,309. Corporate insiders own 9.76% of the company’s stock.

Analysts Set New Price Targets

Several research firms have recently issued reports on HES. Scotiabank lifted their price target on Hess from $157.00 to $167.00 and gave the stock a “sector perform” rating in a research report on Thursday, October 10th. Wells Fargo & Company decreased their target price on shares of Hess from $171.00 to $151.00 and set an “equal weight” rating for the company in a report on Friday, September 27th. Susquehanna increased their price target on shares of Hess from $149.00 to $154.00 and gave the company a “neutral” rating in a report on Friday, October 18th. Piper Sandler decreased their price objective on shares of Hess from $173.00 to $167.00 in a report on Friday, September 13th. Finally, Citigroup lowered their price objective on Hess from $160.00 to $145.00 and set a “neutral” rating on the stock in a research report on Thursday, September 5th. Six investment analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $163.30.

Hess Profile

Hess Corporation, an exploration and production company, explores, develops, produces, purchases, transports, and sells crude oil, natural gas liquids (NGLs), and natural gas. The company operates in two segments, Exploration and Production, and Midstream. It conducts production operations primarily in the United States, Guyana, the Malaysia/Thailand Joint Development Area, and Malaysia; and exploration activities principally offshore Guyana, the U.S.