MetLife Investment Advisors LLC lifted its stake in shares of Hess Corp. (NYSE:HES) by 1.7% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 72,367 shares of the oil and gas producer’s stock after acquiring an additional 1,183 shares during the quarter. MetLife Investment Advisors LLC’s holdings in Hess were worth $4,359,000 at the end of the most recent reporting period.
A number of other institutional investors have also bought and sold shares of the business. Nordea Investment Management AB increased its position in shares of Hess by 3.2% during the first quarter. Nordea Investment Management AB now owns 24,275 shares of the oil and gas producer’s stock worth $1,462,000 after acquiring an additional 745 shares in the last quarter. Allstate Corp increased its position in shares of Hess by 4.7% during the first quarter. Allstate Corp now owns 38,704 shares of the oil and gas producer’s stock worth $2,331,000 after acquiring an additional 1,740 shares in the last quarter. Lowe Brockenbrough & Co. Inc. increased its position in shares of Hess by 1.3% during the first quarter. Lowe Brockenbrough & Co. Inc. now owns 76,643 shares of the oil and gas producer’s stock worth $4,616,000 after acquiring an additional 1,020 shares in the last quarter. Mission Wealth Management LP bought a new stake in shares of Hess during the first quarter worth $277,000. Finally, Primecap Management Co. CA increased its position in shares of Hess by 0.5% during the first quarter. Primecap Management Co. CA now owns 8,332,535 shares of the oil and gas producer’s stock worth $501,869,000 after acquiring an additional 39,500 shares in the last quarter. Hedge funds and other institutional investors own 92.78% of the company’s stock.
Several equities research analysts have recently issued reports on HES shares. Capital One Financial raised shares of Hess from an “underweight” rating to an “equal weight” rating in a research report on Wednesday, May 15th. MKM Partners upgraded shares of Matador Resources from a “neutral” rating to a “buy” rating and set a $22.00 target price for the company in a report on Tuesday, May 28th. Zacks Investment Research cut shares of German American Bancorp. from a “buy” rating to a “hold” rating in a report on Tuesday, April 30th. ValuEngine cut shares of Zosano Pharma from a “buy” rating to a “hold” rating in a research note on Wednesday, May 1st. Finally, Morgan Stanley set a $23.00 price target on shares of Cabot Oil & Gas and gave the company a “hold” rating in a research note on Monday, June 24th. One research analyst has rated the stock with a sell rating, eight have given a hold rating and six have issued a buy rating to the company. The stock presently has a consensus rating of “Hold” and a consensus price target of $69.46.
Hess (NYSE:HES) last released its earnings results on Thursday, April 25th. The oil and gas producer reported $0.09 EPS for the quarter, beating the consensus estimate of ($0.26) by $0.35. Hess had a negative net margin of 0.75% and a positive return on equity of 0.20%. The firm had revenue of $1.60 billion for the quarter, compared to analyst estimates of $1.43 billion. During the same period last year, the firm earned ($0.27) EPS. The business’s quarterly revenue was up 15.0% compared to the same quarter last year. As a group, analysts expect that Hess Corp. will post -0.01 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which was paid on Friday, June 28th. Shareholders of record on Monday, June 17th were issued a $0.25 dividend. This represents a $1.00 annualized dividend and a yield of 1.58%. The ex-dividend date was Friday, June 14th. Hess’s dividend payout ratio is currently -135.14%.
In other Hess news, COO Gregory P. Hill sold 63,806 shares of the firm’s stock in a transaction dated Thursday, May 16th. The shares were sold at an average price of $66.62, for a total value of $4,250,755.72. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, insider Andrew P. Slentz sold 2,081 shares of Hess stock in a transaction that occurred on Monday, May 6th. The shares were sold at an average price of $62.52, for a total transaction of $130,104.12. Following the sale, the insider now directly owns 19,119 shares in the company, valued at $1,195,319.88. The disclosure for this sale can be found here. Over the last three months, insiders sold 140,158 shares of company stock worth $9,196,837. Insiders own 12.22% of the company’s stock.
Hess Company Profile
Hess Corporation, an exploration and production company, explores for, develops, produces, purchases, transports, and sells crude oil, natural gas liquids (NGLs), and natural gas. It operates through two segments, Exploration and Production, and Midstream. The company conducts production operations primarily in the United States, Denmark, the Malaysia/Thailand Joint Development Area, and Malaysia; and exploration activities primarily offshore Guyana, Suriname, Canada, and in the Gulf of Mexico.
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