First Hawaiian Bank Sells 550 Shares of Hess Co. (NYSE:HES)

First Hawaiian Bank trimmed its stake in shares of Hess Co. (NYSE:HES) by 9.1% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 5,518 shares of the oil and gas producer’s stock after selling 550 shares during the quarter. First Hawaiian Bank’s holdings in Hess were worth $814,000 at the end of the most recent reporting period.

A number of other institutional investors have also added to or reduced their stakes in the stock. Alpine Associates Management Inc. acquired a new stake in shares of Hess during the fourth quarter worth $237,100,000. KRYGER CAPITAL Ltd purchased a new position in shares of Hess in the fourth quarter worth about $110,423,000. Water Island Capital LLC purchased a new position in shares of Hess in the fourth quarter worth about $76,714,000. Bank of Nova Scotia grew its stake in Hess by 774.8% in the 4th quarter. Bank of Nova Scotia now owns 522,707 shares of the oil and gas producer’s stock worth $75,351,000 after buying an additional 462,953 shares in the last quarter. Finally, ING Groep NV boosted its stake in shares of Hess by 1,284.5% in the 4th quarter. ING Groep NV now owns 434,646 shares of the oil and gas producer’s stock valued at $62,659,000 after purchasing an additional 403,253 shares in the last quarter. 88.51% of the stock is currently owned by institutional investors and hedge funds.

Hess Trading Down 3.6 %

Hess stock traded down $4.92 during trading on Monday, hitting $132.39. The company’s stock had a trading volume of 2,026,151 shares, compared to its average volume of 2,384,987. The stock has a market capitalization of $40.79 billion, a price-to-earnings ratio of 20.48 and a beta of 1.16. The company has a debt-to-equity ratio of 0.78, a quick ratio of 1.10 and a current ratio of 1.27. The stock’s fifty day moving average is $148.21 and its 200 day moving average is $149.76. Hess Co. has a 1-year low of $131.61 and a 1-year high of $167.75.

Hess (NYSE:HES) last posted its earnings results on Wednesday, July 31st. The oil and gas producer reported $2.62 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.48 by $0.14. Hess had a return on equity of 27.43% and a net margin of 21.22%. The business had revenue of $3.26 billion during the quarter, compared to analyst estimates of $3.24 billion. During the same quarter last year, the firm earned $0.65 earnings per share. The company’s revenue for the quarter was up 40.3% compared to the same quarter last year. As a group, equities research analysts predict that Hess Co. will post 11.08 EPS for the current year.

Hess Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, June 28th. Investors of record on Friday, June 14th were issued a $0.4375 dividend. This represents a $1.75 annualized dividend and a dividend yield of 1.32%. The ex-dividend date was Friday, June 14th. Hess’s dividend payout ratio (DPR) is 26.80%.

Wall Street Analyst Weigh In

Several research analysts recently issued reports on the stock. Piper Sandler increased their price target on shares of Hess from $172.00 to $173.00 and gave the stock an “overweight” rating in a research note on Thursday, April 18th. Wolfe Research initiated coverage on shares of Hess in a research report on Thursday, July 18th. They set a “peer perform” rating on the stock. Susquehanna dropped their price objective on shares of Hess from $167.00 to $166.00 and set a “neutral” rating for the company in a research note on Monday, July 22nd. Citigroup lifted their price objective on Hess from $145.00 to $160.00 and gave the company a “neutral” rating in a report on Wednesday, June 5th. Finally, StockNews.com began coverage on Hess in a report on Friday, June 28th. They issued a “hold” rating for the company. Eight investment analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $178.58.

About Hess

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.