Ossiam acquired a new position in Hess Corp. (NYSE:HES) during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 1,589 shares of the oil and gas producer’s stock, valued at approximately $101,000.
Other hedge funds have also made changes to their positions in the company. FMR LLC increased its holdings in Hess by 66.0% during the first quarter. FMR LLC now owns 31,017,189 shares of the oil and gas producer’s stock worth $1,868,166,000 after buying an additional 12,335,629 shares during the last quarter. Primecap Management Co. CA increased its holdings in 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 buying an additional 39,500 shares during the last quarter. Bank of New York Mellon Corp increased its holdings in Hess by 10.9% during the second quarter. Bank of New York Mellon Corp now owns 6,114,101 shares of the oil and gas producer’s stock worth $388,672,000 after buying an additional 599,520 shares during the last quarter. Northern Trust Corp increased its holdings in Hess by 1.3% during the second quarter. Northern Trust Corp now owns 3,366,311 shares of the oil and gas producer’s stock worth $213,996,000 after buying an additional 44,833 shares during the last quarter. Finally, Geode Capital Management LLC increased its holdings in Hess by 4.1% during the fourth quarter. Geode Capital Management LLC now owns 3,244,017 shares of the oil and gas producer’s stock worth $131,146,000 after buying an additional 127,569 shares during the last quarter. 90.30% of the stock is currently owned by institutional investors and hedge funds.
In related news, insider Michael R. Turner sold 30,345 shares of the company’s stock in a transaction dated Wednesday, June 26th. The shares were sold at an average price of $65.17, for a total transaction of $1,977,583.65. Following the completion of the sale, the insider now owns 94,537 shares of the company’s stock, valued at $6,160,976.29. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO John B. Hess sold 14,344 shares of the company’s stock in a transaction dated Wednesday, September 11th. The stock was sold at an average price of $65.01, for a total transaction of $932,503.44. Following the sale, the chief executive officer now directly owns 1,385,167 shares of the company’s stock, valued at approximately $90,049,706.67. The disclosure for this sale can be found here. Insiders sold 207,961 shares of company stock worth $13,444,235 over the last 90 days. 12.22% of the stock is currently owned by corporate insiders.
Hess (NYSE:HES) last released its quarterly earnings data on Wednesday, July 31st. The oil and gas producer reported ($0.09) EPS for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.10) by $0.01. Hess had a net margin of 1.09% and a return on equity of 0.46%. The firm had revenue of $1.70 billion for the quarter, compared to the consensus estimate of $1.52 billion. During the same period in the previous year, the company earned ($0.23) earnings per share. The company’s quarterly revenue was up 8.4% on a year-over-year basis. Sell-side analysts anticipate that Hess Corp. will post -0.4 earnings per share for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Monday, September 30th. Investors of record on Monday, September 16th will be paid a $0.25 dividend. The ex-dividend date is Friday, September 13th. This represents a $1.00 annualized dividend and a dividend yield of 1.59%. Hess’s dividend payout ratio (DPR) is presently -135.14%.
HES has been the topic of a number of recent analyst reports. Barclays initiated coverage on shares of Hess in a report on Monday, August 19th. They set an “overweight” rating and a $93.00 target price on the stock. Morgan Stanley set a $69.00 target price on shares of Hess and gave the stock a “buy” rating in a report on Monday, June 24th. Wells Fargo & Co restated a “buy” rating on shares of Hess in a report on Wednesday, July 31st. Piper Jaffray Companies set a $61.00 target price on shares of Hess and gave the stock a “hold” rating in a report on Friday, August 16th. Finally, MKM Partners upgraded shares of Hess from a “neutral” rating to a “buy” rating and set a $75.00 target price on the stock in a report on Tuesday, May 28th. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating and seven have issued a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and a consensus target price of $70.08.
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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