State of Alaska Department of Revenue Cuts Stock Position in Hess Co. (NYSE:HES)

State of Alaska Department of Revenue lessened its stake in Hess Co. (NYSE:HES) by 13.7% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 56,514 shares of the oil and gas producer’s stock after selling 9,000 shares during the period. State of Alaska Department of Revenue’s holdings in Hess were worth $8,625,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Rise Advisors LLC purchased a new stake in shares of Hess during the first quarter worth about $27,000. Pacific Capital Wealth Advisors Inc. purchased a new stake in shares of Hess during the fourth quarter worth about $27,000. Sound Income Strategies LLC purchased a new stake in shares of Hess during the fourth quarter worth about $29,000. Orion Capital Management LLC purchased a new stake in shares of Hess during the third quarter worth about $33,000. Finally, Cape Investment Advisory Inc. purchased a new stake in shares of Hess during the fourth quarter worth about $32,000. Hedge funds and other institutional investors own 88.51% of the company’s stock.

Hess Price Performance

Shares of HES traded up $0.36 during trading hours on Wednesday, hitting $149.28. 623,039 shares of the stock were exchanged, compared to its average volume of 2,477,614. The company has a debt-to-equity ratio of 0.81, a quick ratio of 1.10 and a current ratio of 1.23. The stock’s 50-day moving average price is $152.30 and its two-hundred day moving average price is $149.00. The company has a market cap of $45.99 billion, a price-to-earnings ratio of 22.83 and a beta of 1.16. Hess Co. has a 12-month low of $129.12 and a 12-month high of $167.75.

Hess (NYSE:HES) last issued its earnings results on Thursday, April 25th. The oil and gas producer reported $3.16 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.73 by $1.43. The company had revenue of $3.34 billion during the quarter, compared to analysts’ expectations of $2.98 billion. Hess had a return on equity of 22.73% and a net margin of 17.41%. The firm’s quarterly revenue was up 36.2% on a year-over-year basis. During the same period in the prior year, the business earned $1.13 EPS. Research analysts expect that Hess Co. will post 10.28 earnings per share for the current year.

Hess Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, June 28th. Shareholders of record on Friday, June 14th were issued a $0.4375 dividend. This represents a $1.75 annualized dividend and a yield of 1.17%. The ex-dividend date of this dividend was Friday, June 14th. Hess’s payout ratio is currently 26.80%.

Wall Street Analyst Weigh In

HES has been the subject of a number of research reports. Citigroup lifted their target price on Hess from $145.00 to $160.00 and gave the stock a “neutral” rating in a report on Wednesday, June 5th. StockNews.com initiated coverage on Hess in a report on Friday, June 28th. They set a “hold” rating for the company. Piper Sandler lifted their target price on Hess from $172.00 to $173.00 and gave the stock an “overweight” rating in a report on Thursday, April 18th. Susquehanna lifted their target price on Hess from $164.00 to $167.00 and gave the stock a “neutral” rating in a report on Thursday, May 16th. Finally, Mizuho lifted their target price on Hess from $205.00 to $210.00 and gave the stock a “neutral” rating in a report on Monday, May 13th. Seven equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $177.83.

Hess Company Profile

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.