Korea Investment CORP Has $4.08 Million Holdings in Hess Corp. (HES)
Korea Investment CORP trimmed its stake in Hess Corp. (NYSE:HES) by 12.7% during the 2nd quarter, HoldingsChannel reports. The fund owned 60,956 shares of the oil and gas producer’s stock after selling 8,900 shares during the quarter. Korea Investment CORP’s holdings in Hess were worth $4,077,000 as of its most recent SEC filing.
Other institutional investors also recently added to or reduced their stakes in the company. Harvest Fund Management Co. Ltd bought a new stake in Hess in the second quarter worth $104,000. Cornerstone Wealth Management LLC bought a new stake in Hess in the second quarter worth $154,000. Piedmont Investment Advisors LLC bought a new stake in Hess in the second quarter worth $205,000. Resource Management LLC bought a new stake in Hess in the second quarter worth $214,000. Finally, Dupont Capital Management Corp bought a new stake in Hess in the second quarter worth $220,000. 88.76% of the stock is currently owned by institutional investors and hedge funds.
HES has been the topic of several analyst reports. Mizuho initiated coverage on Hess in a report on Monday, July 23rd. They issued a “neutral” rating and a $80.00 target price on the stock. Zacks Investment Research raised Hess from a “hold” rating to a “buy” rating and set a $72.00 target price on the stock in a report on Monday, July 23rd. Bank of America set a $80.00 target price on Hess and gave the stock a “buy” rating in a report on Wednesday, July 25th. BMO Capital Markets reissued a “hold” rating and issued a $60.00 target price on shares of Hess in a report on Thursday, July 12th. Finally, Barclays downgraded Hess from an “equal weight” rating to an “underweight” rating and boosted their target price for the stock from $55.00 to $66.00 in a report on Wednesday, July 11th. Three equities research analysts have rated the stock with a sell rating, seven have given a hold rating and five have assigned a buy rating to the stock. Hess presently has a consensus rating of “Hold” and a consensus price target of $63.46.
Hess (NYSE:HES) last posted its quarterly earnings results on Wednesday, July 25th. The oil and gas producer reported ($0.23) earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.32) by $0.09. Hess had a negative return on equity of 6.04% and a negative net margin of 59.77%. The firm had revenue of $1.57 billion during the quarter, compared to analysts’ expectations of $1.35 billion. During the same quarter in the previous year, the business earned ($1.46) earnings per share. The company’s revenue was up 30.3% on a year-over-year basis. analysts predict that Hess Corp. will post -0.78 EPS for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Friday, September 28th. Stockholders of record on Monday, September 17th will be paid a $0.25 dividend. This represents a $1.00 annualized dividend and a dividend yield of 1.53%. The ex-dividend date is Friday, September 14th. Hess’s dividend payout ratio is currently -21.69%.
In related news, insider Michael R. Turner sold 10,243 shares of the company’s stock in a transaction on Friday, June 29th. The stock was sold at an average price of $67.96, for a total transaction of $696,114.28. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, COO Gregory P. Hill sold 11,480 shares of the company’s stock in a transaction on Thursday, August 2nd. The shares were sold at an average price of $65.69, for a total value of $754,121.20. Following the sale, the chief operating officer now owns 76,511 shares of the company’s stock, valued at approximately $5,026,007.59. The disclosure for this sale can be found here. 12.09% of the stock is owned by insiders.
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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