Metropolitan Life Insurance Co. NY lowered its position in shares of Hess Corporation (NYSE:HES) by 0.7% during the first quarter, according to its most recent filing with the SEC. The fund owned 134,295 shares of the oil and gas producer’s stock after selling 948 shares during the period. Metropolitan Life Insurance Co. NY’s holdings in Hess Corporation were worth $6,474,000 as of its most recent SEC filing.
Other hedge funds have also recently added to or reduced their stakes in the company. Oppenheimer Asset Management Inc. purchased a new stake in Hess Corporation during the first quarter worth about $111,000. State of Alaska Department of Revenue purchased a new stake in Hess Corporation during the first quarter worth about $114,000. Federated Investors Inc. PA boosted its stake in Hess Corporation by 47.7% in the fourth quarter. Federated Investors Inc. PA now owns 2,577 shares of the oil and gas producer’s stock worth $161,000 after buying an additional 832 shares in the last quarter. Financial Architects Inc boosted its stake in Hess Corporation by 147.6% in the first quarter. Financial Architects Inc now owns 2,600 shares of the oil and gas producer’s stock worth $125,000 after buying an additional 1,550 shares in the last quarter. Finally, IFM Investors Pty Ltd purchased a new stake in Hess Corporation during the fourth quarter worth about $222,000. Institutional investors and hedge funds own 85.66% of the company’s stock.
Shares of Hess Corporation (NYSE HES) traded down 0.05% during mid-day trading on Tuesday, hitting $41.57. The stock had a trading volume of 643,133 shares. The stock has a 50 day moving average price of $46.85 and a 200 day moving average price of $52.10. The firm’s market cap is $13.05 billion. Hess Corporation has a 52 week low of $40.02 and a 52 week high of $65.56.
Hess Corporation (NYSE:HES) last issued its quarterly earnings data on Wednesday, April 26th. The oil and gas producer reported ($1.07) earnings per share for the quarter, topping analysts’ consensus estimates of ($1.10) by $0.03. The business had revenue of $1.28 billion for the quarter, compared to analyst estimates of $1.34 billion. Hess Corporation had a negative return on equity of 7.15% and a negative net margin of 116.02%. Hess Corporation’s quarterly revenue was up 28.4% compared to the same quarter last year. During the same quarter in the previous year, the company posted ($1.72) EPS. Equities research analysts expect that Hess Corporation will post ($3.67) EPS for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, June 30th. Investors of record on Friday, June 16th will be given a dividend of $0.25 per share. The ex-dividend date of this dividend is Wednesday, June 14th. This represents a $1.00 dividend on an annualized basis and a yield of 2.40%. Hess Corporation’s dividend payout ratio is currently -5.23%.
A number of analysts have weighed in on HES shares. BMO Capital Markets set a $55.00 price target on Hess Corporation and gave the company a “hold” rating in a research report on Saturday, June 17th. Atlantic Securities cut Hess Corporation from an “overweight” rating to a “neutral” rating and upped their price target for the company from $41.59 to $45.00 in a research report on Tuesday. Scotiabank set a $53.00 price target on Hess Corporation and gave the company a “buy” rating in a research report on Tuesday, June 20th. Capital One Financial Corporation cut Hess Corporation from an “equal weight” rating to an “underweight” rating and lowered their price target for the company from $65.00 to $50.00 in a research report on Wednesday, June 21st. Finally, Zacks Investment Research cut Hess Corporation from a “hold” rating to a “sell” rating in a research report on Wednesday, June 21st. Three equities research analysts have rated the stock with a sell rating, five have given a hold rating and nine have assigned a buy rating to the stock. The stock currently has an average rating of “Hold” and a consensus target price of $55.63.
Hess Corporation 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, Equatorial Guinea, the Malaysia/Thailand Joint Development Area (JDA), Malaysia and Norway.
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