Teachers Retirement System of The State of Kentucky grew its stake in Hess Corp. (NYSE:HES) by 15.1% during the fourth quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 317,846 shares of the oil and gas producer’s stock after purchasing an additional 41,800 shares during the quarter. Teachers Retirement System of The State of Kentucky owned approximately 0.10% of Hess worth $15,088,000 as of its most recent filing with the SEC.
Several other institutional investors also recently modified their holdings of HES. CoreCommodity Management LLC bought a new stake in shares of Hess during the 4th quarter valued at about $108,000. Tower Research Capital LLC TRC grew its position in shares of Hess by 453.4% during the 4th quarter. Tower Research Capital LLC TRC now owns 2,651 shares of the oil and gas producer’s stock valued at $126,000 after buying an additional 2,172 shares during the last quarter. NuWave Investment Management LLC bought a new stake in shares of Hess during the 4th quarter valued at about $141,000. Icon Wealth Partners LLC bought a new stake in shares of Hess during the 4th quarter valued at about $145,000. Finally, Exane Derivatives grew its position in shares of Hess by 65.2% during the 4th quarter. Exane Derivatives now owns 3,536 shares of the oil and gas producer’s stock valued at $168,000 after buying an additional 1,395 shares during the last quarter. Institutional investors and hedge funds own 92.40% of the company’s stock.
Hess Corp. (NYSE HES) opened at $48.40 on Wednesday. The company has a current ratio of 2.53, a quick ratio of 2.43 and a debt-to-equity ratio of 0.52. Hess Corp. has a 1-year low of $37.25 and a 1-year high of $55.48.
The business also recently disclosed a quarterly dividend, which will be paid on Thursday, March 29th. Stockholders of record on Monday, March 19th will be issued a $0.25 dividend. This represents a $1.00 annualized dividend and a dividend yield of 2.07%. The ex-dividend date of this dividend is Friday, March 16th. Hess’s dividend payout ratio (DPR) is presently -7.62%.
Hess declared that its board has initiated a stock repurchase plan on Thursday, March 8th that authorizes the company to repurchase $1.00 billion in shares. This repurchase authorization authorizes the oil and gas producer to repurchase shares of its stock through open market purchases. Stock repurchase plans are usually a sign that the company’s board of directors believes its stock is undervalued.
A number of equities research analysts recently weighed in on HES shares. BMO Capital Markets set a $45.00 price objective on shares of Hess and gave the company a “hold” rating in a research report on Friday, November 17th. Scotiabank set a $50.00 target price on shares of Hess and gave the stock a “buy” rating in a research report on Friday, November 17th. Credit Suisse Group assumed coverage on shares of Hess in a research report on Monday, December 11th. They issued an “underperform” rating and a $38.00 target price for the company. JPMorgan Chase & Co. cut shares of Hess from a “neutral” rating to an “underweight” rating and set a $44.00 target price for the company. in a research report on Friday, December 15th. Finally, Barclays restated a “hold” rating and issued a $49.00 target price on shares of Hess in a research report on Monday, January 8th. Four investment analysts have rated the stock with a sell rating, ten have assigned a hold rating and seven have assigned a buy rating to the stock. The stock presently has an average rating of “Hold” and an average target price of $52.16.
In other news, COO Gregory P. Hill sold 7,422 shares of the stock in a transaction that occurred on Wednesday, March 7th. The shares were sold at an average price of $48.04, for a total value of $356,552.88. Following the completion of the transaction, the chief operating officer now directly owns 90,600 shares in the company, valued at $4,352,424. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, SVP Timothy B. Goodell sold 3,627 shares of the stock in a transaction that occurred on Thursday, February 8th. The shares were sold at an average price of $44.43, for a total transaction of $161,147.61. Following the completion of the transaction, the senior vice president now owns 99,555 shares of the company’s stock, valued at $4,423,228.65. The disclosure for this sale can be found here. Insiders sold 174,017 shares of company stock valued at $7,981,459 over the last quarter. Insiders own 11.80% of the company’s stock.
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Hess Company Profile
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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