California State Teachers Retirement System trimmed its stake in Hess Corp. (NYSE:HES) by 3.1% during the first quarter, HoldingsChannel reports. The fund owned 489,575 shares of the oil and gas producer’s stock after selling 15,447 shares during the quarter. California State Teachers Retirement System’s holdings in Hess were worth $24,782,000 as of its most recent filing with the SEC.

Several other hedge funds also recently modified their holdings of HES. Toronto Dominion Bank raised its stake in shares of Hess by 13.5% in the 4th quarter. Toronto Dominion Bank now owns 118,519 shares of the oil and gas producer’s stock valued at $5,626,000 after acquiring an additional 14,107 shares in the last quarter. Arizona State Retirement System raised its stake in shares of Hess by 2.0% in the 4th quarter. Arizona State Retirement System now owns 108,832 shares of the oil and gas producer’s stock valued at $5,166,000 after acquiring an additional 2,140 shares in the last quarter. Bank of New York Mellon Corp raised its stake in shares of Hess by 3.9% in the 4th quarter. Bank of New York Mellon Corp now owns 5,417,438 shares of the oil and gas producer’s stock valued at $257,165,000 after acquiring an additional 203,463 shares in the last quarter. Tower Research Capital LLC TRC raised its stake in shares of Hess by 453.4% in the 4th quarter. Tower Research Capital LLC TRC now owns 2,651 shares of the oil and gas producer’s stock valued at $126,000 after acquiring an additional 2,172 shares in the last quarter. Finally, Virtu Financial LLC bought a new position in shares of Hess in the 4th quarter valued at approximately $918,000. 94.33% of the stock is currently owned by institutional investors and hedge funds.

A number of research analysts recently weighed in on HES shares. Bank of America cut their price objective on Hess from $70.00 to $52.54 and set a “buy” rating on the stock in a research note on Friday, April 6th. Piper Jaffray Companies reissued a “buy” rating and issued a $52.00 price objective on shares of Hess in a research note on Friday, February 23rd. Barclays set a $47.00 price objective on Hess and gave the company a “hold” rating in a research note on Sunday, March 4th. UBS Group started coverage on Hess in a research note on Wednesday, March 7th. They issued a “neutral” rating and a $50.00 price objective on the stock. Finally, Macquarie reissued an “outperform” rating and issued a $58.00 price objective (down from $63.00) on shares of Hess in a research note on Wednesday, February 21st. Three research analysts have rated the stock with a sell rating, twelve have given a hold rating and four have assigned a buy rating to the company’s stock. The stock has an average rating of “Hold” and an average price target of $51.60.

HES opened at $61.40 on Wednesday. The company has a market capitalization of $18.02 billion, a price-to-earnings ratio of -13.32 and a beta of 1.46. The company has a current ratio of 2.63, a quick ratio of 2.51 and a debt-to-equity ratio of 0.53. Hess Corp. has a 12-month low of $37.25 and a 12-month high of $65.89.

Hess (NYSE:HES) last released its earnings results on Wednesday, April 25th. The oil and gas producer reported ($0.27) earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of ($0.50) by $0.23. The firm had revenue of $1.39 billion for the quarter, compared to analyst estimates of $1.23 billion. Hess had a negative return on equity of 8.54% and a negative net margin of 69.10%. The company’s revenue was up 10.8% on a year-over-year basis. During the same quarter last year, the firm posted ($1.07) EPS. research analysts expect that Hess Corp. will post -0.97 EPS for the current fiscal year.

Hess announced that its board has initiated a share buyback plan on Thursday, March 8th that allows the company to repurchase $1.00 billion in outstanding shares. This repurchase authorization allows the oil and gas producer to reacquire shares of its stock through open market purchases. Shares repurchase plans are often a sign that the company’s leadership believes its stock is undervalued.

The firm also recently announced a quarterly dividend, which will be paid on Friday, June 29th. Shareholders of record on Monday, June 18th will be issued a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a yield of 1.63%. The ex-dividend date is Friday, June 15th. Hess’s dividend payout ratio (DPR) is currently -21.69%.

Hess 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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Institutional Ownership by Quarter for Hess (NYSE:HES)

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