Hess Co. (NYSE:HES) Shares Bought by Retirement Systems of Alabama

Retirement Systems of Alabama raised its stake in Hess Co. (NYSE:HES) by 330.3% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 262,316 shares of the oil and gas producer’s stock after buying an additional 201,349 shares during the period. Retirement Systems of Alabama owned approximately 0.09% of Hess worth $35,623,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently modified their holdings of the stock. Wellington Management Group LLP increased its position in shares of Hess by 58.9% in the third quarter. Wellington Management Group LLP now owns 3,753,126 shares of the oil and gas producer’s stock valued at $509,675,000 after buying an additional 1,391,311 shares in the last quarter. HBK Investments L P grew its stake in Hess by 16.7% in the 3rd quarter. HBK Investments L P now owns 7,117,820 shares of the oil and gas producer’s stock valued at $966,600,000 after acquiring an additional 1,017,720 shares during the last quarter. Massachusetts Financial Services Co. MA increased its stake in shares of Hess by 31.0% during 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 raised its position in shares of 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 worth $418,291,000 after purchasing an additional 726,631 shares during the last quarter. Finally, Hsbc Holdings PLC lifted its stake in Hess by 76.4% in the 2nd quarter. Hsbc Holdings PLC now owns 1,532,132 shares of the oil and gas producer’s stock valued at $227,273,000 after buying an additional 663,338 shares in the last quarter. 88.51% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at Hess

In related news, SVP Geurt G. Schoonman sold 6,000 shares of the business’s stock in a transaction dated Thursday, November 7th. The shares were sold at an average price of $141.91, for a total transaction of $851,460.00. Following the completion of the sale, the senior vice president now 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 sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO John B. Hess sold 90,476 shares of Hess stock in a transaction that occurred on Thursday, November 7th. The shares were sold at an average price of $142.47, for a total value of $12,890,115.72. Following the completion of the transaction, the chief executive officer now owns 223,147 shares of the company’s stock, valued at approximately $31,791,753.09. The trade was a 28.85 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 314,370 shares of company stock valued at $45,856,309. 9.76% of the stock is currently owned by corporate insiders.

Hess Price Performance

HES stock opened at $140.20 on Friday. The stock has a 50-day simple moving average of $141.65 and a 200-day simple moving average of $141.48. The firm has a market cap of $43.20 billion, a P/E ratio of 16.34 and a beta of 1.17. The company has a debt-to-equity ratio of 0.75, a quick ratio of 1.13 and a current ratio of 1.26. Hess Co. has a 1 year low of $123.79 and a 1 year high of $163.98.

Hess (NYSE:HES) last posted its quarterly earnings data on Wednesday, October 30th. The oil and gas producer reported $2.14 earnings per share for the quarter, beating analysts’ consensus estimates of $1.88 by $0.26. The company had revenue of $3.20 billion during the quarter, compared to analysts’ expectations of $2.96 billion. Hess had a net margin of 20.58% and a return on equity of 27.41%. The firm’s revenue for the quarter was up 12.7% on a year-over-year basis. During the same period in the prior year, the company posted $1.64 EPS. On average, equities analysts predict that Hess Co. will post 9.74 earnings per share for the current fiscal year.

Hess Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, December 31st. Shareholders of record on Monday, December 16th will be given a $0.50 dividend. This represents a $2.00 dividend on an annualized basis and a dividend yield of 1.43%. The ex-dividend date is Monday, December 16th. Hess’s payout ratio is 23.31%.

Wall Street Analysts Forecast Growth

Several equities analysts have weighed in on the company. StockNews.com initiated coverage on Hess in a research report on Thursday. They set a “hold” rating for the company. Piper Sandler cut their price objective on shares of Hess from $173.00 to $167.00 in a research report on Friday, September 13th. Wells Fargo & Company upgraded shares of Hess from an “equal weight” rating to an “overweight” rating and raised their target price for the stock from $151.00 to $193.00 in a research report on Monday, December 9th. Mizuho lowered their price objective on Hess from $210.00 to $194.00 and set a “neutral” rating for the company in a research report on Monday, September 16th. Finally, Citigroup lifted their price target on Hess from $145.00 to $163.00 and gave the company a “neutral” rating in a report on Friday, December 6th. Five investment analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $170.50.

About Hess

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.