Hess Corp. (HES) CEO Sells $2,480,810.82 in Stock

Hess Corp. (NYSE:HES) CEO John B. Hess sold 51,014 shares of the stock in a transaction on Tuesday, March 6th. The shares were sold at an average price of $48.63, for a total transaction of $2,480,810.82. Following the transaction, the chief executive officer now directly owns 1,813,548 shares in the company, valued at approximately $88,192,839.24. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink.

Shares of Hess Corp. (HES) opened at $48.46 on Friday. The firm has a market cap of $15,270.00, a price-to-earnings ratio of -5.76 and a beta of 1.60. The company has a current ratio of 2.53, a quick ratio of 2.43 and a debt-to-equity ratio of 0.52. Hess Corp. has a 12-month low of $37.25 and a 12-month high of $55.48.

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Hess (NYSE:HES) last announced its quarterly earnings results on Monday, February 5th. The oil and gas producer reported ($1.01) earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.91) by ($0.10). Hess had a negative net margin of 74.55% and a negative return on equity of 9.82%. The firm had revenue of $1.30 billion for the quarter, compared to analysts’ expectations of $1.32 billion. During the same period in the previous year, the company earned ($1.01) EPS. The company’s quarterly revenue was down 6.5% on a year-over-year basis. equities research analysts expect that Hess Corp. will post -2.02 earnings per share for the current fiscal year.

Hess announced that its board has approved a stock buyback program on Thursday, March 8th that authorizes the company to repurchase $1.00 billion in shares. This repurchase authorization authorizes the oil and gas producer to purchase shares of its stock through open market purchases. Shares repurchase programs are generally an indication that the company’s management believes its stock is undervalued.

The business also recently announced a quarterly dividend, which will be paid on Thursday, March 29th. Stockholders of record on Monday, March 19th will be given a $0.25 dividend. The ex-dividend date of this dividend is Friday, March 16th. This represents a $1.00 annualized dividend and a dividend yield of 2.06%. Hess’s dividend payout ratio is -11.88%.

Several large investors have recently bought and sold shares of the company. Xact Kapitalforvaltning AB lifted its position in shares of Hess by 11.7% in the 4th quarter. Xact Kapitalforvaltning AB now owns 28,125 shares of the oil and gas producer’s stock worth $1,335,000 after purchasing an additional 2,936 shares during the period. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp lifted its position in shares of Hess by 13.8% in the 4th quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 155,141 shares of the oil and gas producer’s stock worth $7,365,000 after purchasing an additional 18,790 shares during the period. OLD Mutual Customised Solutions Proprietary Ltd. lifted its position in shares of Hess by 32.5% in the 4th quarter. OLD Mutual Customised Solutions Proprietary Ltd. now owns 22,827 shares of the oil and gas producer’s stock worth $1,084,000 after purchasing an additional 5,600 shares during the period. MetLife Investment Advisors LLC purchased a new stake in shares of Hess in the 4th quarter worth about $3,967,000. Finally, Municipal Employees Retirement System of Michigan lifted its position in shares of Hess by 70.6% in the 4th quarter. Municipal Employees Retirement System of Michigan now owns 11,910 shares of the oil and gas producer’s stock worth $565,000 after purchasing an additional 4,930 shares during the period. 91.79% of the stock is owned by hedge funds and other institutional investors.

Several research firms recently commented on HES. JPMorgan Chase & Co. lowered shares of Hess from a “neutral” rating to an “underweight” rating and set a $44.00 target price on the stock. in a report on Friday, December 15th. Macquarie reaffirmed an “outperform” rating and set a $58.00 target price (down previously from $63.00) on shares of Hess in a report on Wednesday, February 21st. BMO Capital Markets reduced their target price on shares of Hess from $50.00 to $48.00 and set a “market perform” rating on the stock in a report on Tuesday, February 6th. Barclays reaffirmed a “hold” rating and set a $49.00 target price on shares of Hess in a report on Monday, January 8th. Finally, UBS Group began coverage on shares of Hess in a report on Wednesday. They set a “neutral” rating and a $50.00 target price on the stock. Four equities research analysts have rated the stock with a sell rating, ten have assigned a hold rating and seven have assigned a buy rating to the company’s stock. Hess presently has an average rating of “Hold” and an average target price of $52.16.

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Hess Company Profile

Hess Corporation is an exploration and production company. The Company is engaged in exploration, development, production, transportation, purchase and sale of crude oil, natural gas liquids (NGL) and natural gas. The Company’s segments include Exploration and Production, and Bakken Midstream. Its Exploration and Production segment explores for, develops, produces, purchases and sells crude oil, NGLs and natural gas with production operations primarily in the United States, Denmark, the Malaysia/Thailand Joint Development Area (JDA), Malaysia and Norway.

Insider Buying and Selling by Quarter for Hess (NYSE:HES)

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