State Board of Administration of Florida Retirement System grew its stake in shares of Hess Corp. (NYSE:HES) by 0.3% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 394,546 shares of the oil and gas producer’s stock after purchasing an additional 1,332 shares during the quarter. State Board of Administration of Florida Retirement System’s holdings in Hess were worth $15,979,000 as of its most recent filing with the Securities and Exchange Commission.
Other institutional investors have also made changes to their positions in the company. Canada Pension Plan Investment Board increased its holdings in shares of Hess by 1,660.0% in the 3rd quarter. Canada Pension Plan Investment Board now owns 267,695 shares of the oil and gas producer’s stock valued at $19,162,000 after acquiring an additional 252,485 shares during the period. Palo Capital Inc. acquired a new position in shares of Hess in the 3rd quarter valued at $116,000. Royal London Asset Management Ltd. increased its holdings in shares of Hess by 1.9% in the 3rd quarter. Royal London Asset Management Ltd. now owns 197,857 shares of the oil and gas producer’s stock valued at $14,164,000 after acquiring an additional 3,664 shares during the period. Three Peaks Capital Management LLC acquired a new position in shares of Hess in the 3rd quarter valued at $2,506,000. Finally, Candriam Luxembourg S.C.A. increased its holdings in shares of Hess by 18.4% in the 3rd quarter. Candriam Luxembourg S.C.A. now owns 275,352 shares of the oil and gas producer’s stock valued at $19,710,000 after acquiring an additional 42,791 shares during the period. 87.49% of the stock is currently owned by institutional investors and hedge funds.
In related news, SVP Timothy B. Goodell sold 5,546 shares of Hess stock in a transaction on Thursday, February 7th. The shares were sold at an average price of $53.40, for a total value of $296,156.40. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider Michael R. Turner sold 4,142 shares of Hess stock in a transaction on Wednesday, November 21st. The shares were sold at an average price of $56.82, for a total transaction of $235,348.44. The disclosure for this sale can be found here. Over the last quarter, insiders sold 430,416 shares of company stock worth $23,360,981. 12.09% of the stock is currently owned by insiders.
NYSE:HES opened at $52.47 on Friday. Hess Corp. has a 1-year low of $35.59 and a 1-year high of $74.81. The company has a debt-to-equity ratio of 0.61, a quick ratio of 2.16 and a current ratio of 2.02. The firm has a market capitalization of $15.52 billion, a P/E ratio of -70.91 and a beta of 1.93.
Hess (NYSE:HES) last posted its quarterly earnings data on Wednesday, January 30th. The oil and gas producer reported ($0.31) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.41) by $0.10. Hess had a negative net margin of 2.91% and a negative return on equity of 0.73%. The firm had revenue of $1.68 billion for the quarter, compared to analyst estimates of $1.49 billion. During the same period last year, the firm posted ($1.01) EPS. Hess’s quarterly revenue was up 30.3% on a year-over-year basis. Analysts forecast that Hess Corp. will post -0.7 earnings per share for the current fiscal year.
HES has been the topic of a number of recent research reports. Morgan Stanley reaffirmed a “buy” rating and issued a $92.00 target price (up from $87.00) on shares of Hess in a report on Friday, October 12th. Barclays raised shares of Hess from an “underweight” rating to an “equal weight” rating and set a $66.00 target price on the stock in a report on Tuesday, October 30th. Credit Suisse Group set a $61.00 target price on shares of Hess and gave the company a “hold” rating in a report on Wednesday, October 31st. ValuEngine cut shares of Hess from a “buy” rating to a “hold” rating in a report on Thursday, November 1st. Finally, BMO Capital Markets reaffirmed a “hold” rating and issued a $63.00 target price on shares of Hess in a report on Tuesday, November 13th. Two equities research analysts have rated the stock with a sell rating, ten have issued a hold rating and five have assigned a buy rating to the stock. Hess presently has a consensus rating of “Hold” and a consensus price target of $67.27.
Hess Corporation, an exploration and production company, develops, produces, purchases, transports, and sells crude oil, natural gas liquids (NGLs), and natural gas. It operates through two segments, Exploration and Production, and Midstream. The company conducts production operations primarily in the United States, Denmark, the Malaysia/Thailand Joint Development Area, and Malaysia; and exploration activities primarily offshore Guyana, Suriname, Canada, and in the Gulf of Mexico.
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