PNC Financial Services Group Inc. Buys 2,473 Shares of Hess Co. (NYSE:HES)

PNC Financial Services Group Inc. raised its position in shares of Hess Co. (NYSE:HES) by 3.5% in the fourth quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 73,973 shares of the oil and gas producer’s stock after purchasing an additional 2,473 shares during the quarter. PNC Financial Services Group Inc.’s holdings in Hess were worth $10,664,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Zurcher Kantonalbank Zurich Cantonalbank lifted its position in Hess by 6.9% during the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 129,977 shares of the oil and gas producer’s stock valued at $18,737,000 after purchasing an additional 8,439 shares during the period. Alpine Associates Management Inc. purchased a new stake in Hess during the fourth quarter valued at approximately $237,100,000. Arvest Investments Inc. bought a new position in Hess in the fourth quarter worth approximately $1,407,000. Exchange Traded Concepts LLC boosted its stake in shares of Hess by 1,456.8% during the 4th quarter. Exchange Traded Concepts LLC now owns 7,504 shares of the oil and gas producer’s stock worth $1,082,000 after acquiring an additional 7,022 shares during the last quarter. Finally, BOK Financial Private Wealth Inc. bought a new stake in shares of Hess during the 4th quarter valued at $967,000. Institutional investors own 88.51% of the company’s stock.

Wall Street Analysts Forecast Growth

HES has been the subject of a number of recent analyst reports. StockNews.com assumed coverage on shares of Hess in a research report on Sunday. They issued a “sell” rating for the company. Mizuho increased their price target on Hess from $205.00 to $210.00 and gave the stock a “neutral” rating in a research note on Monday, May 13th. Susquehanna boosted their price objective on Hess from $164.00 to $167.00 and gave the company a “neutral” rating in a research report on Thursday, May 16th. Finally, Piper Sandler increased their price objective on shares of Hess from $172.00 to $173.00 and gave the company an “overweight” rating in a report on Thursday, April 18th. One investment analyst has rated the stock with a sell rating, six have issued a hold rating and four have given a buy rating to the company. According to data from MarketBeat, Hess presently has an average rating of “Hold” and a consensus target price of $178.08.

Insider Activity at Hess

In other Hess news, SVP Andrew P. Slentz sold 1,062 shares of the business’s stock in a transaction dated Thursday, March 7th. The shares were sold at an average price of $144.52, for a total value of $153,480.24. Following the completion of the transaction, the senior vice president now directly owns 50,215 shares in the company, valued at $7,257,071.80. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other Hess news, SVP Geurt G. Schoonman sold 13,921 shares of the firm’s stock in a transaction dated Wednesday, March 20th. The stock was sold at an average price of $151.08, for a total value of $2,103,184.68. Following the completion of the sale, the senior vice president now owns 33,581 shares of the company’s stock, valued at $5,073,417.48. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, SVP Andrew P. Slentz sold 1,062 shares of the company’s stock in a transaction dated Thursday, March 7th. The shares were sold at an average price of $144.52, for a total transaction of $153,480.24. Following the transaction, the senior vice president now owns 50,215 shares in the company, valued at approximately $7,257,071.80. The disclosure for this sale can be found here. Insiders have sold a total of 155,798 shares of company stock valued at $22,811,166 over the last quarter. 9.76% of the stock is owned by corporate insiders.

Hess Stock Down 2.1 %

Shares of NYSE:HES opened at $151.32 on Thursday. 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 business’s 50 day moving average is $155.33 and its 200 day moving average is $147.61. The stock has a market cap of $46.62 billion, a P/E ratio of 23.17 and a beta of 1.24. Hess Co. has a 52-week low of $124.27 and a 52-week high of $167.75.

Hess (NYSE:HES) last posted its quarterly earnings results on Thursday, April 25th. The oil and gas producer reported $3.16 EPS for the quarter, beating 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 business had revenue of $3.34 billion during the quarter, compared to analyst estimates of $2.98 billion. During the same quarter in the previous year, the business posted $1.13 EPS. The company’s quarterly revenue was up 36.2% compared to the same quarter last year. Sell-side analysts predict that Hess Co. will post 9.54 EPS for the current year.

Hess Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, June 28th. Investors of record on Friday, June 14th will be paid a dividend of $0.4375 per share. This represents a $1.75 dividend on an annualized basis and a dividend yield of 1.16%. The ex-dividend date of this dividend is Friday, June 14th. Hess’s dividend payout ratio (DPR) is currently 26.80%.

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.