Mizuho Asset Management Co. Ltd. Cuts Stake in Hess Corp. (HES)
Mizuho Asset Management Co. Ltd. cut its position in Hess Corp. (NYSE:HES) by 54.5% during the second quarter, Holdings Channel reports. The firm owned 3,815 shares of the company’s stock after selling 4,569 shares during the period. Mizuho Asset Management Co. Ltd.’s holdings in Hess Corp. were worth $229,000 at the end of the most recent quarter.
A number of other hedge funds have also added to or reduced their stakes in the company. Elliott Management Corp raised its stake in Hess Corp. by 5.6% in the first quarter. Elliott Management Corp now owns 18,800,000 shares of the company’s stock worth $989,820,000 after buying an additional 1,000,000 shares during the period. Wellington Management Group LLP raised its stake in Hess Corp. by 40.2% in the first quarter. Wellington Management Group LLP now owns 17,658,755 shares of the company’s stock worth $929,733,000 after buying an additional 5,067,194 shares during the period. Vanguard Group Inc. raised its stake in Hess Corp. by 2.2% in the second quarter. Vanguard Group Inc. now owns 17,291,164 shares of the company’s stock worth $1,039,199,000 after buying an additional 370,373 shares during the period. State Street Corp raised its stake in Hess Corp. by 9.8% in the first quarter. State Street Corp now owns 13,670,601 shares of the company’s stock worth $719,757,000 after buying an additional 1,216,695 shares during the period. Finally, BlackRock Institutional Trust Company N.A. raised its stake in Hess Corp. by 4.9% in the first quarter. BlackRock Institutional Trust Company N.A. now owns 7,067,452 shares of the company’s stock worth $372,101,000 after buying an additional 328,825 shares during the period. 82.93% of the stock is owned by institutional investors.
Shares of Hess Corp. (NYSE:HES) traded down 0.48% on Tuesday, hitting $45.74. The stock had a trading volume of 364,134 shares. The stock’s market cap is $14.33 billion. The firm has a 50 day moving average of $53.50 and a 200 day moving average of $55.54. Hess Corp. has a 12 month low of $32.41 and a 12 month high of $64.08.
Hess Corp. (NYSE:HES) last posted its earnings results on Wednesday, July 27th. The company reported ($1.10) earnings per share for the quarter, topping the consensus estimate of ($1.24) by $0.14. The firm earned $1.27 billion during the quarter, compared to analysts’ expectations of $1.25 billion. Hess Corp. had a negative return on equity of 7.16% and a negative net margin of 56.22%. The firm’s revenue was down 34.4% compared to the same quarter last year. During the same quarter in the previous year, the business earned ($0.52) earnings per share. On average, equities analysts forecast that Hess Corp. will post ($5.02) earnings per share for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Friday, September 30th. Investors of record on Monday, September 19th will be paid a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a yield of 2.18%. The ex-dividend date of this dividend is Thursday, September 15th. Hess Corp.’s payout ratio is -9.60%.
A number of analysts recently weighed in on HES shares. Credit Suisse Group AG reaffirmed a “hold” rating and issued a $66.00 price objective on shares of Hess Corp. in a research note on Thursday, July 28th. Simmons increased their price target on shares of Hess Corp. from $59.00 to $64.00 and gave the company an “overweight” rating in a research report on Tuesday, July 12th. Goldman Sachs Group Inc. reissued a “conviction-buy” rating on shares of Hess Corp. in a research report on Wednesday, June 8th. Zacks Investment Research raised shares of Hess Corp. from a “hold” rating to a “buy” rating and set a $58.00 price target for the company in a research report on Friday, July 29th. Finally, KLR Group initiated coverage on shares of Hess Corp. in a research report on Monday, September 12th. They set an “accumulate” rating and a $65.00 price target for the company. One analyst has rated the stock with a sell rating, fourteen have given a hold rating, eight have given a buy rating and one has given a strong buy rating to the company. The company has a consensus rating of “Hold” and a consensus target price of $60.61.
In related news, COO Gregory P. Hill sold 15,000 shares of the business’s stock in a transaction that occurred on Monday, August 8th. The stock was sold at an average price of $55.99, for a total transaction of $839,850.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 11.83% of the company’s stock.
Hess Corp. Company Profile
Hess Corporation is an exploration and production (E&P) company. The Company is engaged in exploration, development, production, transportation, purchase and sale of crude oil, natural gas liquids, and natural gas. Its segments include E&P, which is engaged in the sale of crude oil, natural gas liquids and natural gas, and Bakken Midstream, which provides services, including crude oil and natural gas gathering, processing of natural gas and the fractionation of natural gas liquids, transportation of crude oil by rail car, terminaling and loading crude oil and natural gas liquids, and the storage and terminaling of propane, located in the Bakken shale play of North Dakota.
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