Van ECK Associates Corp Reduces Stock Position in Hess Co. (NYSE:HES)

Van ECK Associates Corp trimmed its holdings in shares of Hess Co. (NYSE:HES) by 5.6% in the first quarter, Holdings Channel reports. The institutional investor owned 66,099 shares of the oil and gas producer’s stock after selling 3,913 shares during the period. Van ECK Associates Corp’s holdings in Hess were worth $10,089,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also made changes to their positions in HES. Rise Advisors LLC acquired a new stake in shares of Hess during the 1st quarter worth about $27,000. Pacific Capital Wealth Advisors Inc. purchased a new stake in shares of Hess during the 4th quarter worth approximately $27,000. Sound Income Strategies LLC acquired a new position in shares of Hess in the 4th quarter valued at $29,000. Orion Capital Management LLC purchased a new position in shares of Hess in the 3rd quarter valued at $33,000. Finally, Cape Investment Advisory Inc. acquired a new stake in Hess during the 4th quarter worth $32,000. 88.51% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several research firms have issued reports on HES. Mizuho upped their price objective on shares of Hess from $205.00 to $210.00 and gave the company a “neutral” rating in a research note on Monday, May 13th. Citigroup raised their price target on Hess from $145.00 to $160.00 and gave the stock a “neutral” rating in a research note on Wednesday, June 5th. StockNews.com began coverage on Hess in a research report on Friday, June 28th. They set a “hold” rating on the stock. Piper Sandler increased their price objective on Hess from $172.00 to $173.00 and gave the company an “overweight” rating in a report on Thursday, April 18th. Finally, Susquehanna lifted their target price on shares of Hess from $164.00 to $167.00 and gave the company a “neutral” rating in a report on Thursday, May 16th. Seven investment analysts have rated the stock with a hold rating and four have given a buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $177.83.

Hess Stock Performance

Shares of NYSE HES traded down $2.49 during mid-day trading on Friday, hitting $146.71. 527,126 shares of the company were exchanged, compared to its average volume of 2,462,375. 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 firm has a market cap of $45.20 billion, a price-to-earnings ratio of 22.85 and a beta of 1.16. The stock has a 50 day simple moving average of $151.86 and a 200-day simple moving average of $149.00. Hess Co. has a 1-year low of $129.12 and a 1-year high of $167.75.

Hess (NYSE:HES) last released 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 company had revenue of $3.34 billion during the quarter, compared to analysts’ expectations of $2.98 billion. During the same quarter last year, the business earned $1.13 EPS. The business’s revenue was up 36.2% on a year-over-year basis. On average, sell-side analysts forecast that Hess Co. will post 10.28 EPS for the current fiscal year.

Hess Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, June 28th. Stockholders of record on Friday, June 14th were paid a dividend of $0.4375 per share. This represents a $1.75 dividend on an annualized basis and a dividend yield of 1.19%. The ex-dividend date of this dividend was Friday, June 14th. Hess’s dividend payout ratio (DPR) is 26.80%.

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.