DekaBank Deutsche Girozentrale Reduces Stake in Hess Co. (HES)
DekaBank Deutsche Girozentrale cut its stake in Hess Co. (NYSE:HES) by 87.5% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 25,987 shares of the oil and gas producer’s stock after selling 182,145 shares during the quarter. DekaBank Deutsche Girozentrale’s holdings in Hess were worth $1,354,000 as of its most recent filing with the Securities and Exchange Commission.
Other hedge funds and other institutional investors also recently bought and sold shares of the company. CoreCommodity Management LLC acquired a new position in shares of Hess in the fourth quarter worth $108,000. Tower Research Capital LLC TRC increased its stake in shares of Hess by 453.4% in the fourth quarter. Tower Research Capital LLC TRC now owns 2,651 shares of the oil and gas producer’s stock worth $126,000 after acquiring an additional 2,172 shares during the last quarter. NuWave Investment Management LLC bought a new stake in Hess in the fourth quarter worth $141,000. Icon Wealth Partners LLC bought a new stake in Hess in the fourth quarter worth $145,000. Finally, Exane Derivatives boosted its holdings in Hess by 65.2% in the fourth quarter. Exane Derivatives now owns 3,536 shares of the oil and gas producer’s stock worth $168,000 after purchasing an additional 1,395 shares in the last quarter. 95.66% of the stock is currently owned by institutional investors and hedge funds.
HES stock opened at $65.17 on Friday. The company has a debt-to-equity ratio of 0.53, a current ratio of 2.63 and a quick ratio of 2.51. Hess Co. has a 52-week low of $62.57 and a 52-week high of $63.40. The stock has a market cap of $19.05 billion, a price-to-earnings ratio of -14.14 and a beta of 1.43.
Hess announced that its board has initiated a share buyback plan on Thursday, March 8th that permits the company to buyback $1.00 billion in shares. This buyback authorization permits the oil and gas producer to purchase shares of its stock through open market purchases. Stock buyback plans are usually a sign that the company’s board of directors believes its shares are undervalued.
In other Hess news, COO Gregory P. Hill sold 7,422 shares of the company’s stock in a transaction dated Wednesday, March 7th. The shares were sold at an average price of $48.04, for a total transaction of $356,552.88. Following the completion of the sale, the chief operating officer now directly owns 90,600 shares in the company, valued at $4,352,424. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, SVP Timothy B. Goodell sold 3,808 shares of the company’s stock in a transaction dated Wednesday, March 7th. The shares were sold at an average price of $47.56, for a total transaction of $181,108.48. Following the sale, the senior vice president now owns 106,866 shares of the company’s stock, valued at $5,082,546.96. The disclosure for this sale can be found here. Insiders have sold 65,070 shares of company stock valued at $3,154,064 over the last 90 days. Corporate insiders own 11.80% of the company’s stock.
HES has been the subject of a number of recent research reports. ValuEngine upgraded shares of Hess from a “hold” rating to a “buy” rating in a report on Wednesday, May 2nd. KLR Group cut shares of Hess from a “buy” rating to a “hold” rating and upped their price objective for the stock from $63.00 to $64.00 in a report on Thursday, April 26th. They noted that the move was a valuation call. Macquarie cut shares of Hess from an “outperform” rating to a “neutral” rating in a report on Thursday, April 26th. They noted that the move was a valuation call. Piper Jaffray reiterated a “buy” rating and issued a $52.00 price objective on shares of Hess in a report on Friday, February 23rd. Finally, Morgan Stanley upped their price objective on shares of Hess from $49.00 to $57.00 and gave the stock an “equal weight” rating in a report on Wednesday, January 24th. Three research analysts have rated the stock with a sell rating, thirteen have assigned a hold rating and four have assigned a buy rating to the stock. The stock has an average rating of “Hold” and a consensus target price of $51.97.
Hess Company Profile
Hess Corporation, an exploration and production company, 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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