Golden State Wealth Management LLC Increases Holdings in Hess Corporation (NYSE:HES)

Golden State Wealth Management LLC raised its stake in shares of Hess Corporation (NYSE:HESFree Report) by 175.4% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 1,531 shares of the oil and gas producer’s stock after buying an additional 975 shares during the period. Golden State Wealth Management LLC’s holdings in Hess were worth $245,000 as of its most recent SEC filing.

A number of other hedge funds have also added to or reduced their stakes in the stock. Vanguard Group Inc. increased its stake in shares of Hess by 0.9% in the 4th quarter. Vanguard Group Inc. now owns 33,141,244 shares of the oil and gas producer’s stock worth $4,408,117,000 after purchasing an additional 296,406 shares in the last quarter. Adage Capital Partners GP L.L.C. increased its stake in shares of Hess by 6.5% in the 4th quarter. Adage Capital Partners GP L.L.C. now owns 11,438,985 shares of the oil and gas producer’s stock worth $1,521,499,000 after purchasing an additional 698,866 shares in the last quarter. HBK Investments L P increased its stake in shares of Hess by 1.7% in the 4th quarter. HBK Investments L P now owns 7,237,911 shares of the oil and gas producer’s stock worth $962,715,000 after purchasing an additional 120,091 shares in the last quarter. Geode Capital Management LLC increased its stake in shares of Hess by 2.4% in the 4th quarter. Geode Capital Management LLC now owns 6,695,533 shares of the oil and gas producer’s stock worth $888,240,000 after purchasing an additional 158,371 shares in the last quarter. Finally, Wellington Management Group LLP increased its stake in shares of Hess by 2.4% in the 4th quarter. Wellington Management Group LLP now owns 3,844,257 shares of the oil and gas producer’s stock worth $511,325,000 after purchasing an additional 91,131 shares in the last quarter. 88.51% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling at Hess

In other Hess news, CEO John B. Hess sold 250,000 shares of the stock in a transaction dated Friday, June 6th. The shares were sold at an average price of $136.01, for a total transaction of $34,002,500.00. Following the completion of the transaction, the chief executive officer now owns 1,734,679 shares of the company’s stock, valued at $235,933,690.79. This represents a 12.60% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 9.10% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms have recently commented on HES. Piper Sandler reduced their price objective on Hess from $151.00 to $147.00 and set an “overweight” rating for the company in a research note on Tuesday, May 13th. Wells Fargo & Company reduced their price objective on Hess from $193.00 to $184.00 and set an “overweight” rating for the company in a research note on Thursday. Mizuho reduced their price objective on Hess from $193.00 to $191.00 and set a “neutral” rating for the company in a research note on Tuesday, May 13th. Scotiabank reduced their price objective on Hess from $164.00 to $146.58 and set a “sector perform” rating for the company in a research note on Friday, April 11th. Finally, Wall Street Zen upgraded Hess from a “sell” rating to a “hold” rating in a research note on Saturday, June 14th. Six equities research analysts have rated the stock with a hold rating and six have given a buy rating to the stock. According to data from MarketBeat.com, Hess currently has a consensus rating of “Moderate Buy” and a consensus price target of $162.26.

View Our Latest Stock Report on Hess

Hess Trading Down 0.8%

Shares of HES stock opened at $139.06 on Friday. Hess Corporation has a 52-week low of $123.79 and a 52-week high of $161.69. The company has a debt-to-equity ratio of 0.71, a quick ratio of 0.91 and a current ratio of 1.08. The firm has a market capitalization of $43.01 billion, a PE ratio of 19.23 and a beta of 0.62. The stock has a fifty day simple moving average of $134.75 and a two-hundred day simple moving average of $139.92.

Hess (NYSE:HESGet Free Report) last released its quarterly earnings data on Wednesday, April 30th. The oil and gas producer reported $1.81 EPS for the quarter, missing the consensus estimate of $1.95 by ($0.14). Hess had a net margin of 17.65% and a return on equity of 21.78%. The company had revenue of $2.92 billion for the quarter, compared to the consensus estimate of $2.95 billion. During the same period last year, the company earned $3.16 EPS. The firm’s revenue for the quarter was down 12.1% on a year-over-year basis. On average, analysts predict that Hess Corporation will post 8.08 EPS for the current fiscal year.

Hess Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, June 30th. Shareholders of record on Monday, June 16th will be issued a dividend of $0.50 per share. This represents a $2.00 annualized dividend and a dividend yield of 1.44%. The ex-dividend date of this dividend is Monday, June 16th. Hess’s dividend payout ratio (DPR) is presently 27.66%.

Hess Profile

(Free Report)

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.

See Also

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Institutional Ownership by Quarter for Hess (NYSE:HES)

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