Amundi Pioneer Asset Management Inc. bought a new stake in Hess Corp. (NYSE:HES) in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm bought 504,663 shares of the oil and gas producer’s stock, valued at approximately $23,955,000. Amundi Pioneer Asset Management Inc. owned approximately 0.16% of Hess at the end of the most recent quarter.
Other institutional investors have also added to or reduced their stakes in the company. Tower Research Capital LLC TRC grew 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 in the last quarter. NuWave Investment Management LLC bought a new position in Hess in the fourth quarter valued at $141,000. Icon Wealth Partners LLC bought a new position in Hess in the fourth quarter valued at $145,000. Exane Derivatives grew 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 in the last quarter. Finally, Bollard Group LLC bought a new position in Hess in the fourth quarter valued at $191,000. 92.40% of the stock is owned by institutional investors and hedge funds.
Shares of Hess Corp. (NYSE:HES) opened at $48.65 on Tuesday. 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 stock has a market cap of $15,330.00, a PE ratio of -5.78 and a beta of 1.60. Hess Corp. has a 12 month low of $37.25 and a 12 month high of $55.48.
The business also recently announced a quarterly dividend, which will be paid on Thursday, March 29th. Stockholders of record on Monday, March 19th will be paid a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a dividend yield of 2.06%. The ex-dividend date is Friday, March 16th. Hess’s dividend payout ratio is presently -11.88%.
Hess announced that its board has initiated a share repurchase program on Thursday, March 8th that authorizes the company to buyback $1.00 billion in shares. This buyback authorization authorizes the oil and gas producer to reacquire shares of its stock through open market purchases. Stock buyback programs are often an indication that the company’s board believes its stock is undervalued.
A number of research firms recently weighed in on HES. UBS Group began coverage on shares of Hess in a research report on Wednesday, March 7th. They issued a “neutral” rating and a $50.00 target price for the company. Barclays set a $47.00 price objective on shares of Hess and gave the company a “hold” rating in a research report on Sunday, March 4th. BMO Capital Markets reissued a “hold” rating and issued a $50.00 price objective on shares of Hess in a research report on Thursday, January 11th. Macquarie reissued an “outperform” rating and issued a $58.00 price objective (down previously from $63.00) on shares of Hess in a research report on Wednesday, February 21st. Finally, Piper Jaffray Companies reissued a “buy” rating and issued a $52.00 price objective on shares of Hess in a research report on Friday, February 23rd. Four investment analysts have rated the stock with a sell rating, ten have given a hold rating and seven have issued a buy rating to the stock. The company currently has a consensus rating of “Hold” and a consensus target price of $52.16.
In other news, CEO John B. Hess sold 51,014 shares of the firm’s stock in a transaction dated 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 sale, the chief executive officer now owns 1,813,548 shares in the company, valued at approximately $88,192,839.24. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, SVP Timothy B. Goodell sold 3,627 shares of the firm’s stock in a transaction dated Thursday, February 8th. The stock was sold at an average price of $44.43, for a total transaction of $161,147.61. Following the sale, the senior vice president now owns 99,555 shares of the company’s stock, valued at approximately $4,423,228.65. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 174,017 shares of company stock valued at $7,981,459. 11.80% of the stock is currently owned by corporate insiders.
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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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