Vanguard Group Inc. Buys 370,373 Shares of Hess Corp. (HES)
Vanguard Group Inc. increased its stake in shares of Hess Corp. (NYSE:HES) by 2.2% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 17,291,164 shares of the company’s stock after buying an additional 370,373 shares during the period. Vanguard Group Inc. owned approximately 5.52% of Hess Corp. worth $1,039,199,000 as of its most recent filing with the SEC.
Other hedge funds also recently added to or reduced their stakes in the company. Elliott Management Corp increased its position in shares of Hess Corp. by 5.6% in the first quarter. Elliott Management Corp now owns 18,800,000 shares of the company’s stock valued at $989,820,000 after buying an additional 1,000,000 shares during the period. Adage Capital Partners GP L.L.C. increased its position in shares of Hess Corp. by 86.5% in the first quarter. Adage Capital Partners GP L.L.C. now owns 2,243,700 shares of the company’s stock valued at $118,131,000 after buying an additional 1,040,700 shares during the period. Geode Capital Management LLC increased its position in shares of Hess Corp. by 12.2% in the first quarter. Geode Capital Management LLC now owns 2,169,803 shares of the company’s stock valued at $114,008,000 after buying an additional 236,612 shares during the period. Zurich Insurance Group Ltd FI acquired a new position in shares of Hess Corp. during the first quarter valued at approximately $2,482,000. Finally, Legal & General Group Plc increased its position in shares of Hess Corp. by 11.0% in the first quarter. Legal & General Group Plc now owns 1,395,055 shares of the company’s stock valued at $73,445,000 after buying an additional 138,708 shares during the period. Institutional investors own 82.92% of the company’s stock.
Shares of Hess Corp. (NYSE:HES) traded up 0.7322% on Wednesday, hitting $46.0044. The stock had a trading volume of 609,561 shares. The firm’s market cap is $14.41 billion. The firm’s 50-day moving average price is $53.34 and its 200 day moving average price is $55.52. Hess Corp. has a 52-week low of $32.41 and a 52-week high of $64.08.
Hess Corp. (NYSE:HES) last released its earnings results on Wednesday, July 27th. The company reported ($1.10) EPS for the quarter, topping the Thomson Reuters’ consensus estimate of ($1.24) by $0.14. Hess Corp. had a negative return on equity of 7.16% and a negative net margin of 56.22%. The firm earned $1.27 billion during the quarter, compared to analysts’ expectations of $1.25 billion. During the same period in the previous year, the firm posted ($0.52) EPS. Hess Corp.’s revenue for the quarter was down 34.4% on a year-over-year basis. On average, equities research analysts predict that Hess Corp. will post ($5.02) EPS for the current year.
The business also recently announced a quarterly dividend, which will be paid on Friday, September 30th. Investors of record on Monday, September 19th will be paid a dividend of $0.25 per share. The ex-dividend date of this dividend is Thursday, September 15th. This represents a $1.00 annualized dividend and a yield of 2.19%. Hess Corp.’s payout ratio is -9.60%.
HES has been the topic of several research analyst reports. KLR Group initiated coverage on Hess Corp. in a research report on Monday, September 12th. They issued an “accumulate” rating and a $65.00 price objective on the stock. Bank of America Corp. reaffirmed a “buy” rating and issued a $85.00 price objective on shares of Hess Corp. in a research report on Monday, August 22nd. Zacks Investment Research raised Hess Corp. from a “hold” rating to a “buy” rating and set a $58.00 price objective on the stock in a research report on Friday, July 29th. Goldman Sachs Group Inc. reaffirmed a “conviction-buy” rating on shares of Hess Corp. in a research report on Wednesday, June 8th. Finally, Barclays PLC cut their price objective on Hess Corp. from $68.00 to $64.00 and set an “equal weight” rating on the stock in a research report on Thursday, July 28th. One analyst has rated the stock with a sell rating, fourteen have given a hold rating, eight have assigned a buy rating and one has issued a strong buy rating to the stock. The stock presently has an average rating of “Hold” and an average target price of $60.61.
In related news, COO Gregory P. Hill sold 15,000 shares of the business’s stock in a transaction on Monday, August 8th. The stock was sold at an average price of $55.99, for a total transaction of $839,850.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Corporate insiders own 11.83% of the company’s stock.
Hess Corp. Company Profile
Hess Corporation is an exploration and production (E&P) company. The Company is engaged in exploration, development, production, transportation, purchase and sale of crude oil, natural gas liquids, and natural gas. Its segments include E&P, which is engaged in the sale of crude oil, natural gas liquids and natural gas, and Bakken Midstream, which provides services, including crude oil and natural gas gathering, processing of natural gas and the fractionation of natural gas liquids, transportation of crude oil by rail car, terminaling and loading crude oil and natural gas liquids, and the storage and terminaling of propane, located in the Bakken shale play of North Dakota.
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