Kornitzer Capital Management Inc. KS Has $85.36 Million Stock Holdings in Hess Co. (NYSE:HES)

Kornitzer Capital Management Inc. KS decreased its position in Hess Co. (NYSE:HES) by 0.1% during the third quarter, HoldingsChannel.com reports. The fund owned 628,552 shares of the oil and gas producer’s stock after selling 816 shares during the quarter. Hess comprises 1.6% of Kornitzer Capital Management Inc. KS’s investment portfolio, making the stock its 5th biggest position. Kornitzer Capital Management Inc. KS’s holdings in Hess were worth $85,357,000 as of its most recent SEC filing.

Several other hedge funds have also modified their holdings of the company. Bank of New York Mellon Corp grew its position in Hess by 34.5% in the second 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 acquiring an additional 726,631 shares in the last quarter. Hsbc Holdings PLC lifted its stake in shares of 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 purchasing an additional 663,338 shares during the last quarter. Bank of Montreal Can boosted its holdings in shares of Hess by 64.3% in the 2nd quarter. Bank of Montreal Can now owns 1,449,969 shares of the oil and gas producer’s stock worth $218,220,000 after purchasing an additional 567,550 shares during the period. Marshall Wace LLP increased its position in shares of Hess by 45.6% during the 2nd quarter. Marshall Wace LLP now owns 1,794,087 shares of the oil and gas producer’s stock valued at $264,664,000 after purchasing an additional 561,832 shares during the last quarter. Finally, Sculptor Capital LP raised its holdings in Hess by 188.7% during the 2nd quarter. Sculptor Capital LP now owns 765,542 shares of the oil and gas producer’s stock valued at $112,933,000 after buying an additional 500,342 shares during the period. 88.51% of the stock is owned by hedge funds and other institutional investors.

Hess Stock Down 0.1 %

Shares of HES traded down $0.11 during midday trading on Thursday, reaching $142.46. 50,453 shares of the stock were exchanged, compared to its average volume of 2,113,912. The company has a market capitalization of $43.89 billion, a P/E ratio of 16.62 and a beta of 1.15. The company has a current ratio of 1.26, a quick ratio of 1.14 and a debt-to-equity ratio of 0.75. Hess Co. has a 52 week low of $123.79 and a 52 week high of $163.98. The company’s 50 day moving average is $135.48 and its two-hundred day moving average is $143.78.

Hess (NYSE:HES) last released its quarterly earnings data on Wednesday, October 30th. The oil and gas producer reported $2.14 earnings per share for the quarter, topping analysts’ consensus estimates 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 prior year, the firm earned $1.64 earnings per share. The firm’s revenue for the quarter was up 12.7% compared to the same quarter last year. On average, sell-side analysts anticipate that Hess Co. will post 9.74 earnings per share for the current year.

Hess Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, September 30th. Investors of record on Monday, September 16th were issued a dividend of $0.50 per share. This represents a $2.00 annualized dividend and a yield of 1.40%. 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 (DPR) is presently 23.31%.

Analyst Ratings Changes

A number of research analysts have weighed in on HES shares. Mizuho cut their price objective on shares of Hess from $210.00 to $194.00 and set a “neutral” rating on the stock in a research report on Monday, September 16th. StockNews.com started coverage on shares of Hess in a research report on Saturday, November 2nd. They issued a “hold” rating on the stock. Wells Fargo & Company dropped their target price on Hess from $171.00 to $151.00 and set an “equal weight” rating for the company in a research report on Friday, September 27th. BMO Capital Markets increased their price target on Hess from $155.00 to $160.00 and gave the stock an “outperform” rating in a report on Friday, October 4th. Finally, Piper Sandler decreased their price target on Hess from $173.00 to $167.00 in a research note on Friday, September 13th. Six research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $164.00.

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.