Prime Capital Investment Advisors LLC Trims Position in Hess Co. (NYSE:HES)

Prime Capital Investment Advisors LLC decreased its position in shares of Hess Co. (NYSE:HES) by 3.8% during the third quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 2,181 shares of the oil and gas producer’s stock after selling 87 shares during the quarter. Prime Capital Investment Advisors LLC’s holdings in Hess were worth $296,000 at the end of the most recent quarter.

Other large investors also recently modified their holdings of the company. New Covenant Trust Company N.A. purchased a new position in shares of Hess in the first quarter valued at about $25,000. Covestor Ltd lifted its holdings in Hess by 59.8% in the 3rd quarter. Covestor Ltd now owns 262 shares of the oil and gas producer’s stock worth $36,000 after purchasing an additional 98 shares in the last quarter. EverSource Wealth Advisors LLC boosted its stake in Hess by 47.6% in the 1st quarter. EverSource Wealth Advisors LLC now owns 273 shares of the oil and gas producer’s stock worth $43,000 after purchasing an additional 88 shares during the period. Eastern Bank purchased a new stake in Hess during the 3rd quarter valued at approximately $48,000. Finally, Rothschild Investment LLC bought a new stake in shares of Hess during the second quarter valued at approximately $60,000. Hedge funds and other institutional investors own 88.51% of the company’s stock.

Hess Stock Performance

NYSE HES opened at $145.64 on Friday. The business’s 50 day moving average price is $136.80 and its 200-day moving average price is $143.07. Hess Co. has a fifty-two week low of $123.79 and a fifty-two week high of $163.98. The company has a market cap of $44.87 billion, a P/E ratio of 16.97 and a beta of 1.15. 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 announced its earnings results on Wednesday, October 30th. The oil and gas producer reported $2.14 earnings per share for the quarter, beating the consensus estimate of $1.88 by $0.26. Hess had a net margin of 20.58% and a return on equity of 27.41%. The business had revenue of $3.20 billion for the quarter, compared to the consensus estimate of $2.96 billion. During the same quarter in the prior year, the firm posted $1.64 earnings per share. The business’s revenue for the quarter was up 12.7% on a year-over-year basis. Sell-side analysts predict that Hess Co. will post 9.76 earnings per share for the current year.

Hess Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, September 30th. Shareholders of record on Monday, September 16th were given a dividend of $0.50 per share. This represents a $2.00 annualized dividend and a dividend yield of 1.37%. The ex-dividend date was Monday, September 16th. This is a positive change from Hess’s previous quarterly dividend of $0.44. Hess’s payout ratio is 23.31%.

Analyst Upgrades and Downgrades

Several equities analysts recently weighed in on HES shares. Citigroup cut their target price on shares of Hess from $160.00 to $145.00 and set a “neutral” rating for the company in a research note on Thursday, September 5th. Scotiabank raised their price objective on Hess from $157.00 to $167.00 and gave the company a “sector perform” rating in a research report on Thursday, October 10th. 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 report on Monday, September 30th. StockNews.com began coverage on Hess in a report on Sunday, November 10th. They set a “hold” rating for the company. Finally, Piper Sandler decreased their price objective on Hess from $173.00 to $167.00 in a report on Friday, September 13th. Six investment analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Hold” and a consensus price target of $163.30.

Insider Transactions at Hess

In related news, CEO John B. Hess sold 90,476 shares of Hess stock in a transaction dated Thursday, November 7th. The shares were sold at an average price of $142.47, for a total transaction of $12,890,115.72. Following the completion of the sale, the chief executive officer now owns 223,147 shares in the company, valued at $31,791,753.09. This trade represents a 28.85 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, SVP Geurt G. Schoonman sold 6,000 shares of the company’s stock in a transaction dated Thursday, November 7th. The stock was sold at an average price of $141.91, for a total transaction of $851,460.00. Following the completion of the transaction, the senior vice president now owns 27,581 shares in the company, valued at $3,914,019.71. This represents a 17.87 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 9.76% of the company’s stock.

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.