NWQ Investment Management Company LLC decreased its position in Hess Corp. (NYSE:HES) by 0.7% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 1,742,294 shares of the oil and gas producer’s stock after selling 12,495 shares during the quarter. Hess accounts for approximately 1.1% of NWQ Investment Management Company LLC’s portfolio, making the stock its 23rd largest position. NWQ Investment Management Company LLC owned about 0.55% of Hess worth $82,707,000 at the end of the most recent reporting period.
Other hedge funds and other institutional investors have also recently made changes to their positions in the company. CoreCommodity Management LLC purchased a new stake in Hess in the fourth quarter valued at approximately $108,000. Tower Research Capital LLC TRC raised its position in Hess by 453.4% in the fourth quarter. Tower Research Capital LLC TRC now owns 2,651 shares of the oil and gas producer’s stock valued at $126,000 after purchasing an additional 2,172 shares during the period. NuWave Investment Management LLC purchased a new stake in Hess in the fourth quarter valued at approximately $141,000. Icon Wealth Partners LLC purchased a new stake in Hess in the fourth quarter valued at approximately $145,000. Finally, Exane Derivatives raised its position in Hess by 65.2% in the fourth quarter. Exane Derivatives now owns 3,536 shares of the oil and gas producer’s stock valued at $168,000 after purchasing an additional 1,395 shares during the period. 92.40% of the stock is currently owned by institutional investors.
Shares of Hess Corp. (HES) opened at $48.46 on Monday. Hess Corp. has a 12-month low of $37.25 and a 12-month high of $55.48. The company has a debt-to-equity ratio of 0.52, a quick ratio of 2.43 and a current ratio of 2.53. The firm has a market capitalization of $15,267.50, a price-to-earnings ratio of -3.69 and a beta of 1.60.
The company also recently announced a quarterly dividend, which will be paid on Thursday, March 29th. Investors of record on Monday, March 19th will be paid a dividend of $0.25 per share. The ex-dividend date of this dividend is Friday, March 16th. This represents a $1.00 dividend on an annualized basis and a dividend yield of 2.06%. Hess’s payout ratio is currently -7.62%.
Hess declared that its Board of Directors has approved a share repurchase program on Thursday, March 8th that permits the company to buyback $1.00 billion in shares. This buyback authorization permits the oil and gas producer to buy shares of its stock through open market purchases. Stock buyback programs are usually an indication that the company’s management believes its stock is undervalued.
A number of brokerages have issued reports on HES. JPMorgan Chase & Co. lowered Hess from a “neutral” rating to an “underweight” rating and set a $44.00 target price on the stock. in a research report on Friday, December 15th. Macquarie reissued an “outperform” rating and issued a $58.00 target price (down previously from $63.00) on shares of Hess in a research report on Wednesday, February 21st. BMO Capital Markets cut their target price on Hess from $50.00 to $48.00 and set a “market perform” rating on the stock in a research report on Tuesday, February 6th. Barclays reissued a “hold” rating and issued a $49.00 target price on shares of Hess in a research report on Monday, January 8th. Finally, UBS Group started coverage on Hess in a research report on Wednesday, March 7th. They issued a “neutral” rating and a $50.00 target price on the stock. Four investment analysts have rated the stock with a sell rating, ten have given a hold rating and seven have assigned a buy rating to the company. The stock currently has a consensus rating of “Hold” and an average price target of $52.16.
In related news, CEO John B. Hess sold 51,014 shares of the business’s stock in a transaction on Tuesday, March 6th. The shares were sold at an average price of $48.63, for a total transaction of $2,480,810.82. Following the completion of the transaction, the chief executive officer now owns 1,813,548 shares in the company, valued at $88,192,839.24. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, CEO John B. Hess sold 93,712 shares of the business’s stock in a transaction on Thursday, February 8th. The stock was sold at an average price of $44.29, for a total transaction of $4,150,504.48. Following the transaction, the chief executive officer now owns 1,885,911 shares of the company’s stock, valued at approximately $83,526,998.19. The disclosure for this sale can be found here. In the last quarter, insiders have sold 174,017 shares of company stock valued at $7,981,459. Insiders own 11.80% of the company’s stock.
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Hess Corporation is an exploration and production company. The Company is engaged in exploration, development, production, transportation, purchase and sale of crude oil, natural gas liquids (NGL) and natural gas. The Company’s segments include Exploration and Production, and Bakken Midstream. Its Exploration and Production segment explores for, develops, produces, purchases and sells crude oil, NGLs and natural gas with production operations primarily in the United States, Denmark, the Malaysia/Thailand Joint Development Area (JDA), Malaysia and Norway.
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