Algert Global LLC Increases Stake in Hess Co. (NYSE:HES)

Algert Global LLC raised its holdings in shares of Hess Co. (NYSE:HES) by 759.5% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 25,096 shares of the oil and gas producer’s stock after purchasing an additional 22,176 shares during the quarter. Algert Global LLC’s holdings in Hess were worth $3,408,000 as of its most recent filing with the Securities & Exchange Commission.

Several other large investors have also recently modified their holdings of the business. Sanctuary Advisors LLC purchased a new position in shares of Hess in the second quarter valued at $6,054,000. Tidal Investments LLC increased its position in shares of Hess by 59.9% during the first quarter. Tidal Investments LLC now owns 26,823 shares of the oil and gas producer’s stock valued at $4,087,000 after buying an additional 10,053 shares during the period. Cetera Investment Advisers lifted its holdings in shares of Hess by 424.8% in the first quarter. Cetera Investment Advisers now owns 19,466 shares of the oil and gas producer’s stock worth $2,971,000 after buying an additional 15,757 shares in the last quarter. Calamos Advisors LLC boosted its position in shares of Hess by 2.7% in the second quarter. Calamos Advisors LLC now owns 590,326 shares of the oil and gas producer’s stock valued at $87,085,000 after acquiring an additional 15,684 shares during the period. Finally, Envestnet Portfolio Solutions Inc. grew its stake in Hess by 255.1% during the second quarter. Envestnet Portfolio Solutions Inc. now owns 6,836 shares of the oil and gas producer’s stock valued at $1,008,000 after acquiring an additional 4,911 shares in the last quarter. Hedge funds and other institutional investors own 88.51% of the company’s stock.

Analyst Upgrades and Downgrades

Several research analysts have commented on the stock. Piper Sandler cut their price target on shares of Hess from $173.00 to $167.00 in a report on Friday, September 13th. StockNews.com began coverage on Hess in a research note on Tuesday. They set a “hold” rating for the company. Wolfe Research upgraded Hess from a “peer perform” rating to an “outperform” rating and set a $150.00 target price on the stock in a research note on Monday, September 30th. Mizuho cut their price objective on Hess from $210.00 to $194.00 and set a “neutral” rating for the company in a report on Monday, September 16th. Finally, Scotiabank raised their target price on shares of Hess from $157.00 to $167.00 and gave the company a “sector perform” rating in a research note on Thursday, October 10th. Six research analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus target price of $163.30.

Hess Price Performance

Shares of Hess stock opened at $145.35 on Tuesday. The stock has a market capitalization of $44.79 billion, a price-to-earnings ratio of 16.94 and a beta of 1.15. The company has a fifty day moving average of $139.12 and a 200-day moving average of $142.38. Hess Co. has a 52-week low of $123.79 and a 52-week high of $163.98. The company has a debt-to-equity ratio of 0.75, a quick ratio of 1.13 and a current ratio of 1.26.

Hess (NYSE:HES) last released its quarterly earnings data on Wednesday, October 30th. The oil and gas producer reported $2.14 EPS for the quarter, topping the consensus estimate of $1.88 by $0.26. The firm had revenue of $3.20 billion for the quarter, compared to the consensus estimate of $2.96 billion. Hess had a return on equity of 27.41% and a net margin of 20.58%. The company’s quarterly revenue was up 12.7% on a year-over-year basis. During the same quarter in the previous year, the business earned $1.64 earnings per share. Equities research analysts expect that Hess Co. will post 9.72 EPS for the current year.

Hess Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, September 30th. Stockholders of record on Monday, September 16th were paid a dividend of $0.50 per share. This represents a $2.00 dividend on an annualized basis and a dividend yield of 1.38%. The ex-dividend date was Monday, September 16th. This is a positive change from Hess’s previous quarterly dividend of $0.44. Hess’s dividend payout ratio is 23.31%.

Insider Buying and Selling

In related news, CEO John B. Hess sold 90,476 shares of the firm’s stock in a transaction on Thursday, November 7th. The stock was sold at an average price of $142.47, for a total value of $12,890,115.72. Following the completion of the sale, the chief executive officer now owns 223,147 shares of the company’s stock, valued at $31,791,753.09. This trade represents a 28.85 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, SVP Geurt G. Schoonman sold 6,000 shares of the business’s stock in a transaction on Thursday, November 7th. The shares were sold at an average price of $141.91, for a total transaction of $851,460.00. Following the transaction, the senior vice president now directly owns 27,581 shares in the company, valued at approximately $3,914,019.71. The trade was a 17.87 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 314,370 shares of company stock valued at $45,856,309 over the last three months. 9.76% of the stock is owned by company insiders.

Hess 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.