Intact Investment Management Inc. Reduces Holdings in Hess Corporation (NYSE:HES)

Intact Investment Management Inc. decreased its holdings in shares of Hess Corporation (NYSE:HES) by 18.1% during the first quarter, according to its most recent disclosure with the SEC. The fund owned 37,200 shares of the oil and gas producer’s stock after selling 8,200 shares during the period. Intact Investment Management Inc.’s holdings in Hess were worth $5,942,000 at the end of the most recent quarter.

Other large investors have also modified their holdings of the company. Charles Schwab Investment Management Inc. boosted its position in Hess by 4.7% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,838,079 shares of the oil and gas producer’s stock valued at $244,483,000 after buying an additional 82,703 shares during the last quarter. American Century Companies Inc. boosted its position in Hess by 14.7% in the fourth quarter. American Century Companies Inc. now owns 333,056 shares of the oil and gas producer’s stock valued at $44,300,000 after buying an additional 42,797 shares during the last quarter. Steward Partners Investment Advisory LLC boosted its position in Hess by 76.2% in the fourth quarter. Steward Partners Investment Advisory LLC now owns 8,188 shares of the oil and gas producer’s stock valued at $1,089,000 after buying an additional 3,541 shares during the last quarter. Freestone Capital Holdings LLC boosted its position in Hess by 95.5% in the fourth quarter. Freestone Capital Holdings LLC now owns 14,844 shares of the oil and gas producer’s stock valued at $1,974,000 after buying an additional 7,252 shares during the last quarter. Finally, Raymond James Financial Inc. purchased a new stake in Hess in the fourth quarter valued at approximately $31,225,000. Hedge funds and other institutional investors own 88.51% of the company’s stock.

Insider Activity at Hess

In related news, CEO John B. Hess sold 225,000 shares of Hess stock in a transaction on Thursday, June 5th. The shares were sold at an average price of $133.18, for a total value of $29,965,500.00. Following the sale, the chief executive officer now owns 1,984,679 shares of the company’s stock, valued at approximately $264,319,549.22. This trade represents a 10.18% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In the last quarter, insiders have sold 650,000 shares of company stock valued at $91,845,500. 9.10% of the stock is owned by company insiders.

Hess Price Performance

Hess stock opened at $144.51 on Friday. The company’s fifty day moving average price is $133.68 and its 200 day moving average price is $140.02. Hess Corporation has a 1 year low of $123.79 and a 1 year high of $161.69. The stock has a market capitalization of $44.70 billion, a P/E ratio of 19.99 and a beta of 0.62. The company has a debt-to-equity ratio of 0.71, a quick ratio of 0.91 and a current ratio of 1.08.

Hess (NYSE:HES) last released its quarterly earnings results on Wednesday, April 30th. The oil and gas producer reported $1.81 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.95 by ($0.14). Hess had a net margin of 17.65% and a return on equity of 21.78%. The company had revenue of $2.92 billion during the quarter, compared to analyst estimates of $2.95 billion. During the same period in the prior year, the business posted $3.16 EPS. Hess’s revenue was down 12.1% compared to the same quarter last year. As a group, equities research analysts anticipate that Hess Corporation will post 8.08 earnings per share for the current fiscal year.

Hess Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, June 30th. Investors of record on Monday, June 16th will be paid a $0.50 dividend. The ex-dividend date is Monday, June 16th. This represents a $2.00 dividend on an annualized basis and a yield of 1.38%. Hess’s dividend payout ratio is currently 27.66%.

Wall Street Analysts Forecast Growth

A number of brokerages recently commented on HES. UBS Group upped their target price on Hess from $163.00 to $173.00 and gave the company a “buy” rating in a research report on Wednesday, June 11th. Scotiabank dropped their target price on Hess from $164.00 to $146.58 and set a “sector perform” rating on the stock in a research report on Friday, April 11th. Mizuho dropped their target price on Hess from $193.00 to $191.00 and set a “neutral” rating on the stock in a research report on Tuesday, May 13th. Piper Sandler lowered their price objective on Hess from $151.00 to $147.00 and set an “overweight” rating on the stock in a research report on Tuesday, May 13th. Finally, Wall Street Zen upgraded Hess from a “sell” rating to a “hold” rating in a research report on Saturday, June 14th. Six analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. Based on data from MarketBeat.com, Hess presently has an average rating of “Moderate Buy” and a consensus target price of $163.16.

Hess Company Profile

Hess Corporation, an exploration and production company, explores, develops, produces, purchases, transports, and sells crude oil, natural gas liquids (NGLs), and natural gas. The company operates in two segments, Exploration and Production, and Midstream. It conducts production operations primarily in the United States, Guyana, the Malaysia/Thailand Joint Development Area, and Malaysia; and exploration activities principally offshore Guyana, the U.S.