Wetherby Asset Management Inc. Has $308,000 Stake in Hess Corp. (NYSE:HES)
Wetherby Asset Management Inc. raised its stake in shares of Hess Corp. (NYSE:HES) by 34.6% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 6,497 shares of the oil and gas producer’s stock after purchasing an additional 1,671 shares during the period. Wetherby Asset Management Inc.’s holdings in Hess were worth $308,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
A number of other hedge funds also recently modified their holdings of the business. Systematic Financial Management LP raised its position in Hess by 417.6% during the fourth quarter. Systematic Financial Management LP now owns 715,294 shares of the oil and gas producer’s stock valued at $33,955,000 after purchasing an additional 577,091 shares during the period. Virtu Financial LLC purchased a new stake in Hess during the fourth quarter valued at approximately $918,000. Tower Research Capital LLC TRC raised its position in Hess by 453.4% during the fourth quarter. Tower Research Capital LLC TRC now owns 2,651 shares of the oil and gas producer’s stock valued at $126,000 after purchasing an additional 2,172 shares during the period. UBS Asset Management Americas Inc. raised its position in Hess by 17.4% during the fourth quarter. UBS Asset Management Americas Inc. now owns 3,679,502 shares of the oil and gas producer’s stock valued at $174,666,000 after purchasing an additional 545,558 shares during the period. Finally, Bank of New York Mellon Corp raised its position in Hess by 3.9% during the fourth 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 purchasing an additional 203,463 shares during the period. Institutional investors and hedge funds own 92.40% of the company’s stock.
In other Hess news, SVP Timothy B. Goodell sold 3,627 shares of the stock in a transaction on Thursday, February 8th. The stock was sold at an average price of $44.43, for a total transaction of $161,147.61. Following the sale, the senior vice president now owns 99,555 shares of the company’s stock, valued at approximately $4,423,228.65. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO John B. Hess sold 93,712 shares of the stock in a transaction on Thursday, February 8th. The shares were sold at an average price of $44.29, for a total value of $4,150,504.48. Following the sale, the chief executive officer now directly owns 1,885,911 shares in the company, valued at approximately $83,526,998.19. The disclosure for this sale can be found here. Insiders have sold a total of 174,017 shares of company stock worth $7,981,459 in the last ninety days. Insiders own 11.80% of the company’s stock.
Hess (NYSE:HES) last announced its earnings results on Monday, February 5th. The oil and gas producer reported ($1.01) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.91) by ($0.10). The company had revenue of $1.30 billion for the quarter, compared to the consensus estimate of $1.32 billion. Hess had a negative net margin of 74.55% and a negative return on equity of 9.82%. The firm’s revenue was down 6.5% compared to the same quarter last year. During the same period last year, the business posted ($1.01) EPS. analysts expect that Hess Corp. will post -2 EPS for the current year.
Hess announced that its Board of Directors has approved a stock repurchase plan on Thursday, March 8th that allows the company to buyback $1.00 billion in shares. This buyback authorization allows the oil and gas producer to buy shares of its stock through open market purchases. Stock buyback plans are generally an indication that the company’s management believes its stock is undervalued.
The business also recently announced a quarterly dividend, which will be paid on Thursday, March 29th. Shareholders of record on Monday, March 19th will be given a dividend of $0.25 per share. The ex-dividend date is Friday, March 16th. This represents a $1.00 annualized dividend and a yield of 2.05%. Hess’s dividend payout ratio (DPR) is presently -11.88%.
A number of research analysts have recently commented on HES shares. BMO Capital Markets reaffirmed a “hold” rating and set a $50.00 target price on shares of Hess in a research note on Thursday, January 11th. Macquarie started coverage on Hess in a research note on Wednesday, January 17th. They set an “outperform” rating and a $65.00 target price on the stock. Morgan Stanley upped their target price on Hess from $49.00 to $57.00 and gave the company an “equal weight” rating in a research note on Wednesday, January 24th. Barclays reaffirmed a “hold” rating and set a $49.00 target price on shares of Hess in a research note on Monday, January 8th. Finally, UBS Group started coverage on Hess in a research note on Wednesday, March 7th. They set a “neutral” rating and a $50.00 target price on the stock. Four investment analysts have rated the stock with a sell rating, ten have assigned a hold rating and seven have given a buy rating to the company. The company presently has an average rating of “Hold” and a consensus target price of $52.16.
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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, the Malaysia/Thailand Joint Development Area (JDA), Malaysia and Norway.
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