California State Teachers Retirement System Cuts Stake in Hess Corporation (HES)
California State Teachers Retirement System trimmed its position in Hess Corporation (NYSE:HES) by 4.1% during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 501,094 shares of the oil and gas producer’s stock after selling 21,245 shares during the quarter. California State Teachers Retirement System owned 0.16% of Hess worth $23,496,000 at the end of the most recent quarter.
Several other institutional investors have also recently added to or reduced their stakes in the company. Oppenheimer Asset Management Inc. grew its stake in shares of Hess by 7.3% in the second quarter. Oppenheimer Asset Management Inc. now owns 2,464 shares of the oil and gas producer’s stock valued at $108,000 after buying an additional 167 shares in the last quarter. Legacy Advisors LLC acquired a new stake in shares of Hess in the third quarter valued at about $134,000. Advisor Group Inc. grew its stake in shares of Hess by 9.7% in the second quarter. Advisor Group Inc. now owns 4,107 shares of the oil and gas producer’s stock valued at $167,000 after buying an additional 362 shares in the last quarter. Point View Wealth Management Inc. acquired a new stake in shares of Hess in the third quarter valued at about $208,000. Finally, Banque Pictet & Cie SA acquired a new stake in shares of Hess in the second quarter valued at about $211,000. Institutional investors own 89.12% of the company’s stock.
A number of equities research analysts have recently issued reports on the company. Zacks Investment Research lowered Hess from a “buy” rating to a “hold” rating in a research note on Wednesday, November 8th. Morgan Stanley increased their target price on Hess from $43.00 to $49.00 and gave the company an “equal weight” rating in a research note on Wednesday, October 18th. Credit Suisse Group assumed coverage on Hess in a research note on Monday, December 11th. They issued an “underperform” rating and a $38.00 target price for the company. BMO Capital Markets set a $45.00 target price on Hess and gave the company a “hold” rating in a research note on Friday, November 17th. Finally, Scotiabank set a $50.00 target price on Hess and gave the company a “buy” rating in a research note on Friday, November 17th. Five investment analysts have rated the stock with a sell rating, eight have given a hold rating and seven have issued a buy rating to the company. The company presently has a consensus rating of “Hold” and a consensus price target of $50.87.
Hess (NYSE:HES) last issued its quarterly earnings data on Wednesday, October 25th. The oil and gas producer reported ($1.07) earnings per share for the quarter, beating analysts’ consensus estimates of ($1.29) by $0.22. Hess had a negative return on equity of 9.30% and a negative net margin of 113.21%. The firm had revenue of $1.67 billion during the quarter, compared to analyst estimates of $1.27 billion. During the same quarter last year, the firm earned ($1.12) EPS. Hess’s quarterly revenue was up 39.3% on a year-over-year basis. analysts anticipate that Hess Corporation will post -4.59 earnings per share for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, December 29th. Shareholders of record on Monday, December 18th will be paid a dividend of $0.25 per share. The ex-dividend date of this dividend is Friday, December 15th. This represents a $1.00 dividend on an annualized basis and a yield of 2.29%. Hess’s dividend payout ratio (DPR) is presently -4.95%.
In other Hess news, COO Gregory P. Hill sold 7,400 shares of the firm’s stock in a transaction that occurred on Thursday, December 7th. The stock was sold at an average price of $44.62, for a total transaction of $330,188.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. 11.80% of the stock is owned by company insiders.
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, Equatorial Guinea, the Malaysia/Thailand Joint Development Area (JDA), Malaysia and Norway.
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