Hess Co. (NYSE:HES) Shares Bought by Royal Bank of Canada

Royal Bank of Canada lifted its position in shares of Hess Co. (NYSE:HES) by 32.6% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 996,112 shares of the oil and gas producer’s stock after purchasing an additional 245,028 shares during the quarter. Royal Bank of Canada’s holdings in Hess were worth $132,493,000 as of its most recent SEC filing.

Several other institutional investors have also recently made changes to their positions in HES. Strategic Financial Concepts LLC purchased a new stake in shares of Hess in the fourth quarter valued at approximately $3,117,000. Manning & Napier Advisors LLC purchased a new stake in Hess in the 4th quarter worth $2,274,000. Charles Schwab Investment Management Inc. raised its position in Hess by 4.7% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,838,079 shares of the oil and gas producer’s stock worth $244,483,000 after acquiring an additional 82,703 shares during the period. CIBC Asset Management Inc raised its position in Hess by 4.5% during the fourth quarter. CIBC Asset Management Inc now owns 43,085 shares of the oil and gas producer’s stock worth $5,731,000 after acquiring an additional 1,861 shares during the period. Finally, American Century Companies Inc. lifted its holdings in Hess by 14.7% during the fourth quarter. American Century Companies Inc. now owns 333,056 shares of the oil and gas producer’s stock valued at $44,300,000 after purchasing an additional 42,797 shares in the last quarter. 88.51% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In related news, CEO John B. Hess sold 175,000 shares of the business’s stock in a transaction dated Thursday, March 27th. The shares were sold at an average price of $159.30, for a total value of $27,877,500.00. Following the sale, the chief executive officer now directly owns 2,384,679 shares in the company, valued at approximately $379,879,364.70. The trade was a 6.84% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Corporate insiders own 9.10% of the company’s stock.

Analyst Upgrades and Downgrades

A number of analysts have recently commented on the stock. Susquehanna cut their target price on shares of Hess from $160.00 to $136.00 and set a “neutral” rating for the company in a research note on Tuesday, April 22nd. Piper Sandler cut their price objective on Hess from $151.00 to $147.00 and set an “overweight” rating for the company in a research note on Tuesday, May 13th. StockNews.com began coverage on Hess in a report on Tuesday, May 13th. They set a “hold” rating for the company. UBS Group lowered their price target on Hess from $170.00 to $163.00 and set a “buy” rating on the stock in a research note on Wednesday, April 16th. Finally, Mizuho reduced their price objective on Hess from $193.00 to $191.00 and set a “neutral” rating for the company in a research note on Tuesday, May 13th. Six equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the company. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $162.16.

Hess Stock Down 0.2%

Shares of NYSE:HES opened at $134.86 on Monday. Hess Co. has a 52-week low of $123.79 and a 52-week high of $161.69. The stock has a market cap of $41.71 billion, a P/E ratio of 14.98 and a beta of 0.61. The business has a fifty day moving average of $139.25 and a two-hundred day moving average of $141.43. The company has a quick ratio of 1.13, a current ratio of 1.12 and a debt-to-equity ratio of 0.72.

Hess (NYSE:HES) last announced its quarterly earnings data on Wednesday, April 30th. The oil and gas producer reported $1.81 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.95 by ($0.14). Hess had a net margin of 21.27% and a return on equity of 26.32%. The firm had revenue of $2.92 billion during the quarter, compared to analysts’ expectations of $2.95 billion. During the same period in the prior year, the company posted $3.16 EPS. The company’s revenue for the quarter was down 12.1% compared to the same quarter last year. On average, research analysts expect that Hess Co. will post 8.08 earnings per share for the current year.

Hess Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, June 30th. Stockholders of record on Monday, June 16th will be issued a dividend of $0.50 per share. The ex-dividend date is Monday, June 16th. This represents a $2.00 dividend on an annualized basis and a dividend yield of 1.48%. Hess’s dividend payout ratio is currently 27.66%.

About Hess

Hess Corporation, an exploration and production company, explores, develops, produces, purchases, transports, and sells crude oil, natural gas liquids (NGLs), and natural gas. The company operates in two segments, Exploration and Production, and Midstream. It conducts production operations primarily in the United States, Guyana, the Malaysia/Thailand Joint Development Area, and Malaysia; and exploration activities principally offshore Guyana, the U.S.