Metropolitan Life Insurance Co NY Reduces Stock Position in Hess Corp. (NYSE:HES)

Metropolitan Life Insurance Co NY reduced its holdings in Hess Corp. (NYSE:HES) by 1.7% during the 1st quarter, according to the company in its most recent disclosure with the SEC. The fund owned 35,481 shares of the oil and gas producer’s stock after selling 606 shares during the quarter. Metropolitan Life Insurance Co NY’s holdings in Hess were worth $2,137,000 as of its most recent filing with the SEC.

Several other large investors have also modified their holdings of the company. Cleararc Capital Inc. bought a new stake in Hess in the 1st quarter valued at $258,000. MetLife Investment Advisors LLC grew its stake in Hess by 1.7% in the 1st quarter. MetLife Investment Advisors LLC now owns 72,367 shares of the oil and gas producer’s stock valued at $4,359,000 after buying an additional 1,183 shares during the last quarter. Nordea Investment Management AB grew its stake in Hess by 3.2% in the 1st quarter. Nordea Investment Management AB now owns 24,275 shares of the oil and gas producer’s stock valued at $1,462,000 after buying an additional 745 shares during the last quarter. Allstate Corp grew its stake in Hess by 4.7% in the 1st quarter. Allstate Corp now owns 38,704 shares of the oil and gas producer’s stock valued at $2,331,000 after buying an additional 1,740 shares during the last quarter. Finally, Lowe Brockenbrough & Co. Inc. grew its stake in Hess by 1.3% in the 1st quarter. Lowe Brockenbrough & Co. Inc. now owns 76,643 shares of the oil and gas producer’s stock valued at $4,616,000 after buying an additional 1,020 shares during the last quarter. 92.78% of the stock is currently owned by institutional investors.

A number of brokerages recently commented on HES. Capital One Financial upgraded shares of Hess from an “underweight” rating to an “equal weight” rating in a research note on Wednesday, May 15th. Zacks Investment Research lowered shares of German American Bancorp. from a “buy” rating to a “hold” rating in a research report on Tuesday, April 30th. ValuEngine lowered shares of Zosano Pharma from a “buy” rating to a “hold” rating in a research report on Wednesday, May 1st. Morgan Stanley set a $23.00 price target on shares of Cabot Oil & Gas and gave the stock a “hold” rating in a report on Monday, June 24th. Finally, MKM Partners raised shares of Matador Resources from a “neutral” rating to a “buy” rating and set a $22.00 price target for the company in a report on Tuesday, May 28th. One equities 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 has a consensus rating of “Hold” and a consensus price target of $69.46.

In other Hess news, COO Gregory P. Hill sold 63,806 shares of the firm’s stock in a transaction on 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 legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Andrew P. Slentz sold 2,081 shares of the firm’s stock in a transaction on Monday, May 6th. The stock was sold at an average price of $62.52, for a total transaction of $130,104.12. Following the completion of the sale, the insider now owns 19,119 shares of the company’s stock, valued at $1,195,319.88. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 140,158 shares of company stock valued at $9,196,837. 12.22% of the stock is currently owned by corporate insiders.

Shares of HES stock traded up $0.64 during trading hours on Friday, hitting $63.13. 1,763,570 shares of the company’s stock traded hands, compared to its average volume of 2,505,991. The firm has a 50 day moving average price of $59.86. The stock has a market cap of $19.16 billion, a PE ratio of -85.31 and a beta of 1.95. Hess Corp. has a 12 month low of $35.59 and a 12 month high of $74.81. The company has a current ratio of 1.69, a quick ratio of 1.57 and a debt-to-equity ratio of 0.69.

Hess (NYSE:HES) last posted its quarterly earnings data on Thursday, April 25th. The oil and gas producer reported $0.09 earnings per share for the quarter, topping the Thomson Reuters’ 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 company had revenue of $1.60 billion during the quarter, compared to analysts’ expectations of $1.43 billion. During the same period in the prior year, the company posted ($0.27) earnings per share. Hess’s revenue for the quarter was up 15.0% compared to the same quarter last year. Equities analysts forecast that Hess Corp. will post 0.04 earnings per share for the current fiscal year.

The company also recently disclosed a quarterly dividend, which was paid on Friday, June 28th. Stockholders of record on Monday, June 17th were given a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a dividend yield of 1.58%. The ex-dividend date of this dividend was Friday, June 14th. Hess’s dividend payout ratio (DPR) is presently -135.14%.

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.

Further Reading: Why do company’s buyback their stock?

Institutional Ownership by Quarter for Hess (NYSE:HES)

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