Artisan Partners Limited Partnership Raises Stake in Hess Corporation (HES)
Artisan Partners Limited Partnership grew its holdings in Hess Corporation (NYSE:HES) by 9.6% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 5,074,723 shares of the oil and gas producer’s stock after purchasing an additional 445,857 shares during the period. Artisan Partners Limited Partnership owned about 1.60% of Hess Corporation worth $222,628,000 as of its most recent SEC filing.
Several other institutional investors and hedge funds have also modified their holdings of HES. Advisors Asset Management Inc. increased its holdings in shares of Hess Corporation by 8.5% in the 1st quarter. Advisors Asset Management Inc. now owns 14,422 shares of the oil and gas producer’s stock valued at $695,000 after purchasing an additional 1,131 shares during the period. US Bancorp DE increased its holdings in shares of Hess Corporation by 2.2% in the 1st quarter. US Bancorp DE now owns 31,936 shares of the oil and gas producer’s stock valued at $1,540,000 after purchasing an additional 685 shares during the period. UBS Asset Management Americas Inc. increased its holdings in shares of Hess Corporation by 8.7% in the 1st quarter. UBS Asset Management Americas Inc. now owns 2,387,346 shares of the oil and gas producer’s stock valued at $115,094,000 after purchasing an additional 190,166 shares during the period. Karp Capital Management Corp acquired a new position in shares of Hess Corporation in the 1st quarter valued at about $3,648,000. Finally, Sei Investments Co. increased its holdings in shares of Hess Corporation by 7.5% in the 1st quarter. Sei Investments Co. now owns 130,055 shares of the oil and gas producer’s stock valued at $6,270,000 after purchasing an additional 9,101 shares during the period. Institutional investors own 87.19% of the company’s stock.
A number of equities analysts have recently weighed in on the company. BMO Capital Markets set a $55.00 target price on Hess Corporation and gave the company a “hold” rating in a report on Saturday, June 17th. Scotiabank set a $50.00 target price on Hess Corporation and gave the company a “buy” rating in a report on Saturday, July 1st. Zacks Investment Research upgraded Hess Corporation from a “sell” rating to a “hold” rating in a report on Tuesday, September 12th. Morgan Stanley reiterated an “equal weight” rating on shares of Hess Corporation in a report on Saturday. Finally, J P Morgan Chase & Co downgraded Hess Corporation from an “overweight” rating to a “neutral” rating and dropped their target price for the company from $52.00 to $45.00 in a report on Thursday. Three investment analysts have rated the stock with a sell rating, eleven have given a hold rating and six have given a buy rating to the company’s stock. The stock has an average rating of “Hold” and an average price target of $52.13.
Shares of Hess Corporation (HES) traded up 0.76% during trading on Monday, reaching $42.49. The company’s stock had a trading volume of 400,686 shares. The stock’s 50 day moving average price is $40.84 and its 200 day moving average price is $45.19. The company’s market cap is $13.36 billion. Hess Corporation has a 52 week low of $37.25 and a 52 week high of $65.56.
Hess Corporation (NYSE:HES) last posted its quarterly earnings results on Wednesday, July 26th. The oil and gas producer reported ($1.46) earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of ($1.32) by ($0.14). The company had revenue of $1.23 billion for the quarter, compared to analyst estimates of $1.19 billion. Hess Corporation had a negative return on equity of 8.49% and a negative net margin of 118.07%. The firm’s revenue for the quarter was down 3.2% compared to the same quarter last year. During the same period last year, the firm earned ($1.10) EPS. Equities research analysts predict that Hess Corporation will post ($4.80) EPS for the current year.
The business also recently declared a quarterly dividend, which will be paid on Friday, September 29th. Shareholders of record on Monday, September 18th will be given a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a dividend yield of 2.37%. The ex-dividend date of this dividend is Friday, September 15th. Hess Corporation’s dividend payout ratio (DPR) is -5.18%.
In other Hess Corporation news, insider Barbara J. Lowery-Yilmaz sold 3,873 shares of the business’s stock in a transaction that occurred on Tuesday, August 8th. The stock was sold at an average price of $43.47, for a total transaction of $168,359.31. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, COO Gregory P. Hill sold 11,726 shares of the business’s stock in a transaction that occurred on Thursday, August 24th. The stock was sold at an average price of $38.37, for a total value of $449,926.62. The disclosure for this sale can be found here. 11.80% of the stock is owned by insiders.
Hess Corporation 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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