Hess Co. (NYSE:HES) Shares Sold by Letko Brosseau & Associates Inc.

Letko Brosseau & Associates Inc. cut its stake in Hess Co. (NYSE:HES) by 0.8% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 135,742 shares of the oil and gas producer’s stock after selling 1,115 shares during the period. Letko Brosseau & Associates Inc.’s holdings in Hess were worth $18,055,000 at the end of the most recent reporting period.

Other institutional investors have also recently added to or reduced their stakes in the company. LMR Partners LLP grew its position in shares of Hess by 50.9% during the fourth quarter. LMR Partners LLP now owns 382,589 shares of the oil and gas producer’s stock worth $50,888,000 after acquiring an additional 129,000 shares during the last quarter. LRI Investments LLC lifted its stake in Hess by 34.6% during the fourth quarter. LRI Investments LLC now owns 478 shares of the oil and gas producer’s stock valued at $64,000 after buying an additional 123 shares in the last quarter. Lighthouse Investment Partners LLC lifted its stake in Hess by 192.9% during the fourth quarter. Lighthouse Investment Partners LLC now owns 75,921 shares of the oil and gas producer’s stock valued at $10,098,000 after buying an additional 49,999 shares in the last quarter. Interval Partners LP purchased a new stake in Hess during the fourth quarter valued at about $2,523,000. Finally, Investment Management Corp of Ontario lifted its stake in Hess by 5.7% during the fourth quarter. Investment Management Corp of Ontario now owns 9,748 shares of the oil and gas producer’s stock valued at $1,297,000 after buying an additional 524 shares in the last quarter. 88.51% of the stock is owned by institutional investors and hedge funds.

Hess Stock Performance

Shares of NYSE:HES opened at $132.06 on Monday. The stock has a market capitalization of $40.85 billion, a P/E ratio of 14.67 and a beta of 0.61. Hess Co. has a 1-year low of $123.79 and a 1-year high of $161.69. The company has a current ratio of 1.12, a quick ratio of 1.13 and a debt-to-equity ratio of 0.72. The business has a 50-day moving average price of $140.25 and a two-hundred day moving average price of $141.46.

Hess (NYSE:HES) last announced its quarterly earnings results on Wednesday, April 30th. The oil and gas producer reported $1.81 EPS for the quarter, missing analysts’ consensus estimates of $1.95 by ($0.14). Hess had a net margin of 21.27% and a return on equity of 26.32%. The company had revenue of $2.92 billion during the quarter, compared to the consensus estimate of $2.95 billion. During the same period last year, the company earned $3.16 earnings per share. The business’s revenue was down 12.1% compared to the same quarter last year. Equities analysts predict that Hess Co. will post 8.08 earnings per share for the current year.

Hess Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, March 31st. Shareholders of record on Monday, March 17th were issued a dividend of $0.50 per share. This represents a $2.00 annualized dividend and a yield of 1.51%. The ex-dividend date of this dividend was Monday, March 17th. Hess’s dividend payout ratio is 27.66%.

Analysts Set New Price Targets

HES has been the subject of a number of research analyst reports. UBS Group reduced their price target on shares of Hess from $170.00 to $163.00 and set a “buy” rating for the company in a research report on Wednesday, April 16th. StockNews.com assumed coverage on shares of Hess in a research report on Monday, May 5th. They set a “hold” rating on the stock. Susquehanna cut their price objective on shares of Hess from $160.00 to $136.00 and set a “neutral” rating on the stock in a research report on Tuesday, April 22nd. Finally, Scotiabank lowered their price target on Hess from $164.00 to $146.58 and set a “sector perform” rating on the stock in a report on Friday, April 11th. Six research analysts have rated the stock with a hold rating and five have given a buy rating to the company. According to MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $164.46.

Insider Buying and Selling at Hess

In other news, CEO John B. Hess sold 175,000 shares of Hess stock in a transaction dated Thursday, March 27th. The stock was sold at an average price of $159.30, for a total transaction of $27,877,500.00. Following the sale, the chief executive officer now directly owns 2,384,679 shares of the company’s stock, valued at approximately $379,879,364.70. This trade represents a 6.84% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Insiders own 9.10% 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.