Toronto Dominion Bank lowered its stake in Hess Co. (NYSE:HES) by 19.8% in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 123,180 shares of the oil and gas producer’s stock after selling 30,383 shares during the quarter. Toronto Dominion Bank’s holdings in Hess were worth $8,717,000 at the end of the most recent quarter.
A number of other institutional investors and hedge funds also recently made changes to their positions in HES. FMR LLC increased its stake in Hess by 4.3% during the 4th quarter. FMR LLC now owns 30,744,647 shares of the oil and gas producer’s stock valued at $1,623,010,000 after buying an additional 1,278,288 shares during the period. BlackRock Inc. raised its holdings in Hess by 3.2% during the first quarter. BlackRock Inc. now owns 21,579,360 shares of the oil and gas producer’s stock worth $1,526,956,000 after purchasing an additional 662,329 shares in the last quarter. Primecap Management Co. CA raised its holdings in Hess by 1.0% during the fourth quarter. Primecap Management Co. CA now owns 8,532,185 shares of the oil and gas producer’s stock worth $450,414,000 after purchasing an additional 82,500 shares in the last quarter. Barrow Hanley Mewhinney & Strauss LLC lifted its position in Hess by 0.9% in the fourth quarter. Barrow Hanley Mewhinney & Strauss LLC now owns 7,978,815 shares of the oil and gas producer’s stock worth $421,201,000 after purchasing an additional 73,736 shares during the period. Finally, Price T Rowe Associates Inc. MD boosted its stake in Hess by 6.5% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 7,031,881 shares of the oil and gas producer’s stock valued at $371,213,000 after purchasing an additional 427,304 shares in the last quarter. Hedge funds and other institutional investors own 82.03% of the company’s stock.
Several analysts have recently weighed in on the company. Citigroup upped their price objective on Hess from $72.00 to $84.00 in a report on Tuesday, March 23rd. Zacks Investment Research cut shares of Hess from a “buy” rating to a “hold” rating and set a $74.00 price objective on the stock. in a research note on Monday, April 19th. Tudor Pickering assumed coverage on shares of Hess in a report on Thursday, May 27th. They issued a “hold” rating and a $93.00 target price for the company. Barclays boosted their price target on shares of Hess from $81.00 to $91.00 and gave the company an “overweight” rating in a report on Thursday, June 3rd. Finally, Mizuho raised their price objective on shares of Hess from $94.00 to $112.00 and gave the stock a “buy” rating in a research note on Monday, May 17th. Six research analysts have rated the stock with a hold rating and ten have issued a buy rating to the stock. Hess presently has an average rating of “Buy” and an average target price of $75.69.
Hess (NYSE:HES) last posted its quarterly earnings results on Wednesday, April 28th. The oil and gas producer reported $0.82 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.44 by $0.38. The company had revenue of $1.92 billion during the quarter, compared to the consensus estimate of $1.61 billion. Hess had a negative return on equity of 6.76% and a negative net margin of 7.62%. The business’s quarterly revenue was up 40.2% on a year-over-year basis. During the same period last year, the business earned ($0.60) EPS. As a group, research analysts forecast that Hess Co. will post 1.52 earnings per share for the current year.
The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, June 30th. Investors of record on Tuesday, June 15th will be given a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a yield of 1.12%. The ex-dividend date is Monday, June 14th. Hess’s payout ratio is presently -34.13%.
In other Hess news, SVP Andrew P. Slentz sold 6,080 shares of the business’s stock in a transaction dated Friday, May 7th. The stock was sold at an average price of $79.93, for a total value of $485,974.40. Following the completion of the sale, the senior vice president now owns 46,953 shares of the company’s stock, valued at $3,752,953.29. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, EVP Timothy B. Goodell sold 86,794 shares of the stock in a transaction dated Wednesday, May 5th. The shares were sold at an average price of $81.27, for a total value of $7,053,748.38. Following the transaction, the executive vice president now directly owns 169,374 shares in the company, valued at approximately $13,765,024.98. The disclosure for this sale can be found here. Insiders sold 823,462 shares of company stock valued at $65,666,608 over the last quarter. Corporate insiders own 10.79% of the company’s stock.
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 through two segments, Exploration and Production, and Marketing and Refining. It 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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