Scotiabank Boosts Hess (NYSE:HES) Price Target to $167.00

Hess (NYSE:HES) had its price target raised by Scotiabank from $157.00 to $167.00 in a report issued on Thursday morning, Benzinga reports. They currently have a sector perform rating on the oil and gas producer’s stock.

A number of other research analysts have also commented on the company. Wells Fargo & Company cut their target price on Hess from $171.00 to $151.00 and set an equal weight rating for the company in a research note on Friday, September 27th. Sanford C. Bernstein upgraded Hess from a market perform rating to an outperform rating and increased their target price for the stock from $166.00 to $172.00 in a report on Wednesday, July 17th. Citigroup decreased their target price on Hess from $160.00 to $145.00 and set a neutral rating on the stock in a report on Thursday, September 5th. Susquehanna decreased their target price on Hess from $151.00 to $149.00 and set a neutral rating on the stock in a report on Wednesday, September 4th. Finally, Piper Sandler decreased their target price on Hess from $173.00 to $167.00 in a report on Friday, September 13th. Seven research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of Moderate Buy and an average target price of $165.92.

Hess Stock Performance

Shares of NYSE HES opened at $139.79 on Thursday. The business has a fifty day simple moving average of $134.54 and a 200 day simple moving average of $145.82. The company has a current ratio of 1.27, a quick ratio of 1.14 and a debt-to-equity ratio of 0.78. The firm has a market capitalization of $43.07 billion, a price-to-earnings ratio of 16.25 and a beta of 1.15. Hess has a one year low of $123.79 and a one year high of $167.75.

Hess (NYSE:HES) last issued its earnings results on Wednesday, July 31st. The oil and gas producer reported $2.62 EPS for the quarter, beating analysts’ consensus estimates of $2.48 by $0.14. The business had revenue of $3.26 billion during the quarter, compared to analyst estimates of $3.24 billion. Hess had a return on equity of 27.43% and a net margin of 21.22%. Hess’s revenue was up 40.3% on a year-over-year basis. During the same period in the prior year, the company posted $0.65 earnings per share. Sell-side analysts expect that Hess will post 10.22 EPS for the current year.

Hess Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, September 30th. Shareholders of record on Monday, September 16th were paid a $0.50 dividend. This is a positive change from Hess’s previous quarterly dividend of $0.44. The ex-dividend date was Monday, September 16th. This represents a $2.00 annualized dividend and a yield of 1.43%. Hess’s dividend payout ratio is presently 23.26%.

Hedge Funds Weigh In On Hess

Several hedge funds have recently added to or reduced their stakes in the stock. New Covenant Trust Company N.A. acquired a new stake in shares of Hess during the first quarter worth about $25,000. Rise Advisors LLC bought a new position in shares of Hess during the 1st quarter worth approximately $27,000. Riverview Trust Co bought a new position in shares of Hess during the 1st quarter worth approximately $36,000. EverSource Wealth Advisors LLC boosted its stake in shares of Hess by 47.6% during the 1st quarter. EverSource Wealth Advisors LLC now owns 273 shares of the oil and gas producer’s stock worth $43,000 after acquiring an additional 88 shares during the period. Finally, Mather Group LLC. bought a new stake in Hess in the 1st quarter valued at $52,000. Institutional investors and hedge funds own 88.51% of the company’s stock.

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.