New York State Common Retirement Fund Sells 18,950 Shares of Hess Corporation (HES)
New York State Common Retirement Fund trimmed its holdings in Hess Corporation (NYSE:HES) by 3.0% in the third quarter, according to the company in its most recent filing with the SEC. The fund owned 604,400 shares of the oil and gas producer’s stock after selling 18,950 shares during the quarter. New York State Common Retirement Fund owned 0.19% of Hess worth $28,340,000 at the end of the most recent quarter.
Several other institutional investors and hedge funds have also made changes to their positions in the company. Condor Capital Management increased its position in Hess by 0.3% during the 2nd quarter. Condor Capital Management now owns 13,579 shares of the oil and gas producer’s stock valued at $596,000 after purchasing an additional 39 shares during the period. Linscomb & Williams Inc. increased its position in shares of Hess by 0.3% during the 2nd quarter. Linscomb & Williams Inc. now owns 21,171 shares of the oil and gas producer’s stock valued at $929,000 after purchasing an additional 71 shares during the last quarter. Conning Inc. increased its position in shares of Hess by 1.3% during the 2nd quarter. Conning Inc. now owns 7,687 shares of the oil and gas producer’s stock valued at $337,000 after purchasing an additional 99 shares during the last quarter. Calamos Wealth Management LLC increased its position in shares of Hess by 0.7% during the 2nd quarter. Calamos Wealth Management LLC now owns 15,330 shares of the oil and gas producer’s stock valued at $673,000 after purchasing an additional 107 shares during the last quarter. Finally, Nordea Investment Management AB increased its position in shares of Hess by 0.8% during the 2nd quarter. Nordea Investment Management AB now owns 17,889 shares of the oil and gas producer’s stock valued at $785,000 after purchasing an additional 141 shares during the last quarter. Hedge funds and other institutional investors own 89.73% of the company’s stock.
In other Hess news, COO Gregory P. Hill sold 7,400 shares of Hess stock in a transaction dated Thursday, December 7th. The stock was sold at an average price of $44.62, for a total value of $330,188.00. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, insider Brian D. Truelove sold 6,000 shares of Hess stock in a transaction dated Monday, September 18th. The shares were sold at an average price of $42.53, for a total value of $255,180.00. The disclosure for this sale can be found here. Company insiders own 11.80% of the company’s stock.
Hess (NYSE:HES) last announced its quarterly earnings results on Wednesday, October 25th. The oil and gas producer reported ($1.07) EPS for the quarter, beating the consensus estimate of ($1.29) by $0.22. The firm had revenue of $1.67 billion for the quarter, compared to analyst estimates of $1.27 billion. Hess had a negative return on equity of 9.30% and a negative net margin of 113.21%. The business’s revenue for the quarter was up 39.3% on a year-over-year basis. During the same quarter last year, the firm posted ($1.12) earnings per share. sell-side analysts predict that Hess Corporation will post -4.59 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Friday, December 29th. Stockholders 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 annualized dividend and a dividend yield of 2.20%. Hess’s dividend payout ratio is currently -4.95%.
Several equities research analysts have recently commented on HES shares. Cowen reaffirmed a “hold” rating and set a $50.00 price target on shares of Hess in a research report on Tuesday, August 22nd. Piper Jaffray Companies set a $47.00 price target on shares of Hess and gave the company a “buy” rating in a research report on Friday, August 25th. BMO Capital Markets reaffirmed a “hold” rating and set a $42.00 price target on shares of Hess in a research report on Friday, September 1st. Zacks Investment Research raised shares of Hess from a “sell” rating to a “hold” rating in a report on Tuesday, September 12th. Finally, J P Morgan Chase & Co lowered shares of Hess from an “overweight” rating to a “neutral” rating and cut their price objective for the company from $52.00 to $45.00 in a report on Thursday, September 14th. Three investment analysts have rated the stock with a sell rating, nine have issued a hold rating and seven have given a buy rating to the company’s stock. The company presently has an average rating of “Hold” and an average target price of $51.79.
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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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