ProShare Advisors LLC Cuts Stock Position in Hess Co. (NYSE:HES)

ProShare Advisors LLC lessened its holdings in Hess Co. (NYSE:HES) by 9.2% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 51,816 shares of the oil and gas producer’s stock after selling 5,223 shares during the period. ProShare Advisors LLC’s holdings in Hess were worth $7,909,000 as of its most recent SEC filing.

A number of other hedge funds have also made changes to their positions in HES. Alpine Associates Management Inc. purchased a new stake in Hess during the 4th quarter worth $237,100,000. Charles Schwab Investment Management Inc. increased its stake in Hess by 3.1% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,595,234 shares of the oil and gas producer’s stock worth $229,969,000 after buying an additional 48,457 shares during the period. Westchester Capital Management LLC purchased a new stake in Hess during the 4th quarter worth $213,336,000. KRYGER CAPITAL Ltd purchased a new stake in Hess during the 4th quarter worth $110,423,000. Finally, Clearbridge Investments LLC increased its stake in Hess by 136.1% during the 4th quarter. Clearbridge Investments LLC now owns 690,526 shares of the oil and gas producer’s stock worth $99,546,000 after buying an additional 398,089 shares during the period. Hedge funds and other institutional investors own 88.51% of the company’s stock.

Hess Stock Performance

NYSE HES traded up $3.88 on Wednesday, hitting $154.41. The stock had a trading volume of 1,623,011 shares, compared to its average volume of 2,413,168. Hess Co. has a one year low of $131.61 and a one year high of $167.75. The company has a quick ratio of 1.10, a current ratio of 1.23 and a debt-to-equity ratio of 0.81. The stock has a market cap of $47.58 billion, a price-to-earnings ratio of 23.52 and a beta of 1.16. The company’s 50-day moving average is $150.04 and its two-hundred day moving average is $149.13.

Hess (NYSE:HES) last posted its earnings results on Thursday, April 25th. The oil and gas producer reported $3.16 EPS for the quarter, topping the consensus estimate of $1.73 by $1.43. Hess had a net margin of 17.41% and a return on equity of 22.73%. The firm had revenue of $3.34 billion during the quarter, compared to analysts’ expectations of $2.98 billion. During the same quarter in the prior year, the firm earned $1.13 EPS. Hess’s quarterly revenue was up 36.2% on a year-over-year basis. On average, analysts expect that Hess Co. will post 10.52 earnings per share for the current year.

Hess Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, June 28th. Shareholders of record on Friday, June 14th were given a $0.4375 dividend. This represents a $1.75 annualized dividend and a yield of 1.13%. The ex-dividend date was Friday, June 14th. Hess’s dividend payout ratio (DPR) is 26.80%.

Wall Street Analysts Forecast Growth

HES has been the subject of several recent analyst reports. Susquehanna raised their price objective on shares of Hess from $164.00 to $167.00 and gave the stock a “neutral” rating in a report on Thursday, May 16th. Sanford C. Bernstein raised shares of Hess from a “market perform” rating to an “outperform” rating and raised their price objective for the stock from $166.00 to $172.00 in a report on Wednesday. Mizuho raised their price objective on shares of Hess from $205.00 to $210.00 and gave the stock a “neutral” rating in a report on Monday, May 13th. StockNews.com initiated coverage on shares of Hess in a report on Friday, June 28th. They set a “hold” rating for the company. Finally, Citigroup raised their price objective on shares of Hess from $145.00 to $160.00 and gave the stock a “neutral” rating in a report on Wednesday, June 5th. Seven analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of $178.67.

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.