Wakefield Asset Management LLLP Buys New Shares in Hess Co. (NYSE:HES)

Wakefield Asset Management LLLP purchased a new position in shares of Hess Co. (NYSE:HES) during the 2nd quarter, according to its most recent Form 13F filing with the SEC. The fund purchased 22,974 shares of the oil and gas producer’s stock, valued at approximately $3,389,000. Hess makes up about 1.2% of Wakefield Asset Management LLLP’s holdings, making the stock its 28th biggest position.

A number of other large investors also recently modified their holdings of the business. Manchester Capital Management LLC raised its holdings in Hess by 1.4% during the first quarter. Manchester Capital Management LLC now owns 5,102 shares of the oil and gas producer’s stock worth $779,000 after acquiring an additional 68 shares in the last quarter. Drive Wealth Management LLC raised its stake in shares of Hess by 1.6% during the 2nd quarter. Drive Wealth Management LLC now owns 4,599 shares of the oil and gas producer’s stock worth $678,000 after purchasing an additional 72 shares in the last quarter. Quent Capital LLC boosted its holdings in shares of Hess by 7.3% in the 2nd quarter. Quent Capital LLC now owns 1,074 shares of the oil and gas producer’s stock valued at $158,000 after buying an additional 73 shares during the last quarter. Massmutual Trust Co. FSB ADV grew its stake in shares of Hess by 17.9% in the first quarter. Massmutual Trust Co. FSB ADV now owns 507 shares of the oil and gas producer’s stock valued at $77,000 after buying an additional 77 shares in the last quarter. Finally, Versant Capital Management Inc increased its holdings in Hess by 16.9% during the second quarter. Versant Capital Management Inc now owns 540 shares of the oil and gas producer’s stock worth $80,000 after buying an additional 78 shares during the last quarter. 88.51% of the stock is currently owned by institutional investors and hedge funds.

Hess Stock Performance

Shares of NYSE HES opened at $126.29 on Friday. The company has a debt-to-equity ratio of 0.78, a current ratio of 1.27 and a quick ratio of 1.14. The firm has a market cap of $38.91 billion, a price-to-earnings ratio of 19.34 and a beta of 1.15. The stock’s fifty day moving average price is $141.80 and its two-hundred day moving average price is $148.23. Hess Co. has a one year low of $125.89 and a one year high of $167.75.

Hess (NYSE:HES) last released its quarterly earnings results on Wednesday, July 31st. The oil and gas producer reported $2.62 EPS for the quarter, beating the consensus estimate of $2.48 by $0.14. Hess had a net margin of 21.22% and a return on equity of 27.43%. The business had revenue of $3.26 billion for the quarter, compared to the consensus estimate of $3.24 billion. During the same period in the prior year, the company posted $0.65 earnings per share. Hess’s revenue was up 40.3% compared to the same quarter last year. On average, equities analysts forecast that Hess Co. will post 11.12 EPS for the current year.

Hess Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, September 30th. Stockholders of record on Monday, September 16th will be issued a dividend of $0.50 per share. The ex-dividend date of this dividend is Monday, September 16th. This is a boost from Hess’s previous quarterly dividend of $0.44. This represents a $2.00 annualized dividend and a dividend yield of 1.58%. Hess’s dividend payout ratio (DPR) is currently 26.80%.

Analysts Set New Price Targets

A number of analysts have commented on the stock. Scotiabank cut their price target on shares of Hess from $165.00 to $157.00 and set a “sector perform” rating for the company in a research note on Friday, July 12th. StockNews.com started coverage on shares of Hess in a research note on Friday, June 28th. They issued a “hold” rating for the company. Susquehanna lowered their price target on Hess from $151.00 to $149.00 and set a “neutral” rating on the stock in a research report on Wednesday. Citigroup dropped their price objective on Hess from $160.00 to $145.00 and set a “neutral” rating on the stock in a research note on Thursday. Finally, Wolfe Research began coverage on Hess in a research note on Thursday, July 18th. They set a “peer perform” rating for the company. Eight research analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. According to MarketBeat, the company has an average rating of “Hold” and a consensus target price of $174.46.

Hess Company 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.