Hess Co. (NYSE:HES) Stock Holdings Increased by Westchester Capital Management LLC

Westchester Capital Management LLC grew its stake in shares of Hess Co. (NYSE:HES) by 13.1% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 1,731,692 shares of the oil and gas producer’s stock after acquiring an additional 200,197 shares during the period. Hess comprises about 10.1% of Westchester Capital Management LLC’s holdings, making the stock its biggest position. Westchester Capital Management LLC owned about 0.56% of Hess worth $235,164,000 at the end of the most recent reporting period.

Several other institutional investors have also modified their holdings of the company. Covestor Ltd increased its holdings in Hess by 59.8% during the 3rd quarter. Covestor Ltd now owns 262 shares of the oil and gas producer’s stock valued at $36,000 after acquiring an additional 98 shares in the last quarter. EverSource Wealth Advisors LLC grew its position in shares of Hess by 47.6% in the first quarter. EverSource Wealth Advisors LLC now owns 273 shares of the oil and gas producer’s stock valued at $43,000 after purchasing an additional 88 shares during the last quarter. Eastern Bank purchased a new position in shares of Hess during the 3rd quarter worth approximately $48,000. Coastline Trust Co acquired a new position in shares of Hess during the 3rd quarter worth approximately $55,000. Finally, Rothschild Investment LLC purchased a new stake in Hess in the 2nd quarter valued at approximately $60,000. Hedge funds and other institutional investors own 88.51% of the company’s stock.

Hess Stock Performance

Shares of NYSE:HES opened at $147.06 on Friday. The company has a debt-to-equity ratio of 0.75, a current ratio of 1.26 and a quick ratio of 1.13. Hess Co. has a 12 month low of $123.79 and a 12 month high of $163.98. The firm has a market capitalization of $45.31 billion, a PE ratio of 17.14 and a beta of 1.15. The business has a 50-day moving average of $140.25 and a two-hundred day moving average of $142.25.

Hess (NYSE:HES) last posted its quarterly earnings data on Wednesday, October 30th. The oil and gas producer reported $2.14 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.88 by $0.26. Hess had a net margin of 20.58% and a return on equity of 27.41%. The company had revenue of $3.20 billion for the quarter, compared to analyst estimates of $2.96 billion. During the same quarter last year, the firm posted $1.64 earnings per share. The business’s quarterly revenue was up 12.7% on a year-over-year basis. As a group, research analysts forecast that Hess Co. will post 9.74 earnings per share for the current year.

Hess Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, September 30th. Shareholders of record on Monday, September 16th were issued a dividend of $0.50 per share. This is a positive change from Hess’s previous quarterly dividend of $0.44. This represents a $2.00 annualized dividend and a yield of 1.36%. The ex-dividend date was Monday, September 16th. Hess’s dividend payout ratio (DPR) is currently 23.31%.

Analyst Upgrades and Downgrades

HES has been the subject of several recent research reports. Wolfe Research raised Hess from a “peer perform” rating to an “outperform” rating and set a $150.00 price target for the company in a research report on Monday, September 30th. Piper Sandler dropped their price objective on Hess from $173.00 to $167.00 in a research report on Friday, September 13th. Citigroup reduced their target price on shares of Hess from $160.00 to $145.00 and set a “neutral” rating on the stock in a report on Thursday, September 5th. Wells Fargo & Company lowered their price target on shares of Hess from $171.00 to $151.00 and set an “equal weight” rating for the company in a report on Friday, September 27th. Finally, StockNews.com began coverage on shares of Hess in a research report on Tuesday. They set a “hold” rating on the stock. Six equities research analysts have rated the stock with a hold rating and five have given a buy rating to the company. Based on data from MarketBeat, the company has an average rating of “Hold” and a consensus target price of $163.30.

Insider Buying and Selling

In other Hess news, CEO John B. Hess sold 92,894 shares of the firm’s stock in a transaction dated Friday, November 22nd. The shares were sold at an average price of $147.80, for a total value of $13,729,733.20. Following the transaction, the chief executive officer now owns 229,465 shares of the company’s stock, valued at $33,914,927. This trade represents a 28.82 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, SVP Geurt G. Schoonman sold 6,000 shares of the business’s stock in a transaction that occurred on Thursday, November 7th. The shares were sold at an average price of $141.91, for a total value of $851,460.00. Following the transaction, the senior vice president now owns 27,581 shares of the company’s stock, valued at $3,914,019.71. This represents a 17.87 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders sold 314,370 shares of company stock worth $45,856,309. Corporate insiders own 9.76% of the company’s stock.

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.