Panagora Asset Management Inc. Sells 23,840 Shares of Hess Co. (NYSE:HES)

Panagora Asset Management Inc. decreased its stake in shares of Hess Co. (NYSE:HESGet Rating) by 41.7% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 33,388 shares of the oil and gas producer’s stock after selling 23,840 shares during the quarter. Panagora Asset Management Inc.’s holdings in Hess were worth $2,472,000 at the end of the most recent reporting period.

Other hedge funds have also recently made changes to their positions in the company. Moors & Cabot Inc. acquired a new stake in Hess during the third quarter worth about $27,000. Level Financial Advisors Inc. acquired a new stake in shares of Hess in the fourth quarter valued at approximately $56,000. JCIC Asset Management Inc. increased its holdings in shares of Hess by 32.0% in the fourth quarter. JCIC Asset Management Inc. now owns 886 shares of the oil and gas producer’s stock valued at $66,000 after purchasing an additional 215 shares during the last quarter. Cassady Schiller Wealth Management LLC acquired a new stake in shares of Hess in the fourth quarter valued at approximately $71,000. Finally, Spire Wealth Management increased its holdings in shares of Hess by 87.8% in the fourth quarter. Spire Wealth Management now owns 1,046 shares of the oil and gas producer’s stock valued at $77,000 after purchasing an additional 489 shares during the last quarter. 82.51% of the stock is currently owned by institutional investors and hedge funds.

In other news, SVP Barbara J. Lowery-Yilmaz sold 62,765 shares of the business’s stock in a transaction that occurred on Tuesday, February 15th. The stock was sold at an average price of $90.65, for a total transaction of $5,689,647.25. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, SVP Barbara J. Lowery-Yilmaz sold 2,341 shares of the business’s stock in a transaction that occurred on Monday, March 7th. The stock was sold at an average price of $98.39, for a total value of $230,330.99. The disclosure for this sale can be found here. Insiders sold 672,417 shares of company stock worth $66,162,892 over the last three months. 9.93% of the stock is currently owned by corporate insiders.

Several equities research analysts have issued reports on the company. Wells Fargo & Company raised their target price on Hess from $106.00 to $133.00 and gave the stock an “overweight” rating in a research note on Friday, March 11th. Susquehanna Bancshares lifted their price objective on Hess from $118.00 to $138.00 and gave the company a “positive” rating in a research note on Monday, April 25th. StockNews.com initiated coverage on Hess in a research note on Thursday, March 31st. They issued a “hold” rating for the company. TheStreet upgraded Hess from a “c+” rating to a “b” rating in a report on Monday, January 31st. Finally, Mizuho lifted their target price on Hess from $132.00 to $139.00 and gave the company a “buy” rating in a report on Thursday, March 31st. Three research analysts have rated the stock with a hold rating, twelve have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Buy” and a consensus target price of $119.87.

HES stock opened at $114.27 on Friday. Hess Co. has a 1 year low of $61.93 and a 1 year high of $117.33. The company has a debt-to-equity ratio of 1.15, a quick ratio of 1.35 and a current ratio of 1.42. The stock’s 50 day moving average price is $106.20 and its 200 day moving average price is $92.53. The firm has a market cap of $35.57 billion, a P/E ratio of 49.25 and a beta of 1.67.

Hess (NYSE:HESGet Rating) last issued its quarterly earnings results on Wednesday, April 27th. The oil and gas producer reported $1.30 earnings per share for the quarter, topping analysts’ consensus estimates of $1.12 by $0.18. Hess had a return on equity of 12.35% and a net margin of 9.01%. The company had revenue of $2.37 billion for the quarter, compared to analyst estimates of $2.05 billion. During the same quarter in the prior year, the company posted $0.82 EPS. The business’s revenue for the quarter was up 23.6% compared to the same quarter last year. On average, research analysts predict that Hess Co. will post 9.61 earnings per share for the current year.

The company also recently announced a quarterly dividend, which was paid on Wednesday, March 30th. Investors of record on Monday, March 14th were issued a $0.375 dividend. The ex-dividend date was Friday, March 11th. This represents a $1.50 dividend on an annualized basis and a yield of 1.31%. This is a boost from Hess’s previous quarterly dividend of $0.25. Hess’s dividend payout ratio (DPR) is presently 64.66%.

About Hess (Get Rating)

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.

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Institutional Ownership by Quarter for Hess (NYSE:HES)

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