Pullen Investment Management LLC Raises Stock Holdings in Hess Co. (NYSE:HES)

Pullen Investment Management LLC boosted its stake in Hess Co. (NYSE:HES) by 1.5% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 13,010 shares of the oil and gas producer’s stock after purchasing an additional 195 shares during the quarter. Hess comprises approximately 1.3% of Pullen Investment Management LLC’s portfolio, making the stock its 20th biggest holding. Pullen Investment Management LLC’s holdings in Hess were worth $2,078,000 as of its most recent SEC filing.

Other hedge funds have also bought and sold shares of the company. Strategic Financial Concepts LLC purchased a new stake in Hess during the fourth quarter valued at about $3,117,000. Charles Schwab Investment Management Inc. raised its holdings in shares of Hess by 4.7% during the 4th 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 in the last quarter. CIBC Asset Management Inc lifted its position in Hess by 4.5% in the 4th quarter. CIBC Asset Management Inc now owns 43,085 shares of the oil and gas producer’s stock worth $5,731,000 after buying an additional 1,861 shares during the last quarter. American Century Companies Inc. boosted its stake 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 worth $44,300,000 after buying an additional 42,797 shares in the last quarter. Finally, Steward Partners Investment Advisory LLC grew its position in Hess by 76.2% during 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 acquiring an additional 3,541 shares during the last quarter. 88.51% of the stock is currently owned by institutional investors.

Insider Activity

In related news, CEO John B. Hess sold 250,000 shares of the firm’s stock in a transaction on Friday, June 6th. The stock was sold at an average price of $136.01, for a total value of $34,002,500.00. Following the transaction, the chief executive officer now directly owns 1,734,679 shares of the company’s stock, valued at approximately $235,933,690.79. This trade represents a 12.60% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Insiders have sold 650,000 shares of company stock valued at $91,845,500 in the last ninety days. 9.10% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

A number of equities research analysts have recently weighed in on the stock. Wall Street Zen upgraded shares of Hess from a “sell” rating to a “hold” rating in a report on Saturday. UBS Group boosted their price target on shares of Hess from $163.00 to $173.00 and gave the stock a “buy” rating in a research note on Wednesday. Piper Sandler decreased their price target on Hess from $151.00 to $147.00 and set an “overweight” rating on the stock in a research note on Tuesday, May 13th. Scotiabank lowered their price objective on Hess from $164.00 to $146.58 and set a “sector perform” rating for the company in a research report on Friday, April 11th. Finally, Susquehanna decreased their target price on shares of Hess from $160.00 to $136.00 and set a “neutral” rating on the stock in a research note on Tuesday, April 22nd. Six research analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $163.16.

Hess Price Performance

Shares of NYSE HES opened at $142.15 on Friday. Hess Co. has a twelve month low of $123.79 and a twelve month high of $161.69. The company has a 50 day moving average of $132.51 and a 200 day moving average of $140.17. The company has a quick ratio of 1.13, a current ratio of 1.12 and a debt-to-equity ratio of 0.72. The firm has a market cap of $43.97 billion, a P/E ratio of 15.79 and a beta of 0.62.

Hess (NYSE:HES) last issued its earnings results on Wednesday, April 30th. The oil and gas producer reported $1.81 earnings per share for the quarter, missing analysts’ consensus estimates of $1.95 by ($0.14). The business had revenue of $2.92 billion during the quarter, compared to analysts’ expectations of $2.95 billion. Hess had a return on equity of 26.32% and a net margin of 21.27%. Hess’s quarterly revenue was down 12.1% compared to the same quarter last year. During the same period last year, the firm posted $3.16 EPS. As a group, research analysts expect that Hess Co. will post 8.08 EPS for the current fiscal year.

Hess Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, June 30th. Investors of record on Monday, June 16th will be issued a $0.50 dividend. This represents a $2.00 annualized dividend and a yield of 1.41%. The ex-dividend date of this dividend is Monday, June 16th. Hess’s dividend payout ratio is currently 27.66%.

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.