ClearAlpha Technologies LP Has $8.52 Million Position in Hess Co. (NYSE:HES)

ClearAlpha Technologies LP lessened its holdings in Hess Co. (NYSE:HES) by 30.8% during the 3rd quarter, HoldingsChannel.com reports. The fund owned 62,715 shares of the oil and gas producer’s stock after selling 27,873 shares during the period. Hess makes up approximately 2.4% of ClearAlpha Technologies LP’s holdings, making the stock its 7th biggest holding. ClearAlpha Technologies LP’s holdings in Hess were worth $8,517,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also bought and sold shares of HES. Primecap Management Co. CA grew its holdings in shares of Hess by 4.4% in the second quarter. Primecap Management Co. CA now owns 8,098,012 shares of the oil and gas producer’s stock worth $1,194,619,000 after purchasing an additional 340,490 shares during the last quarter. HBK Investments L P lifted its holdings in Hess by 16.7% during the 3rd quarter. HBK Investments L P now owns 7,117,820 shares of the oil and gas producer’s stock valued at $966,600,000 after buying an additional 1,017,720 shares in the last quarter. Massachusetts Financial Services Co. MA boosted its position in Hess by 31.0% in the 3rd quarter. Massachusetts Financial Services Co. MA now owns 3,318,822 shares of the oil and gas producer’s stock valued at $450,696,000 after buying an additional 785,270 shares during the period. Bank of New York Mellon Corp grew its stake in Hess by 34.5% in the 2nd quarter. Bank of New York Mellon Corp now owns 2,835,486 shares of the oil and gas producer’s stock worth $418,291,000 after acquiring an additional 726,631 shares in the last quarter. Finally, Legal & General Group Plc increased its position in shares of Hess by 6.6% during the second quarter. Legal & General Group Plc now owns 2,451,807 shares of the oil and gas producer’s stock worth $361,691,000 after acquiring an additional 150,945 shares during the period. Hedge funds and other institutional investors own 88.51% of the company’s stock.

Hess Stock Performance

HES opened at $147.18 on Monday. The firm has a 50 day moving average of $140.25 and a two-hundred day moving average of $142.04. The firm has a market capitalization of $45.35 billion, a PE ratio of 17.15 and a beta of 1.15. The company has a current ratio of 1.26, a quick ratio of 1.13 and a debt-to-equity ratio of 0.75. Hess Co. has a 12-month low of $123.79 and a 12-month high of $163.98.

Hess (NYSE:HES) last announced its quarterly earnings results on Wednesday, October 30th. The oil and gas producer reported $2.14 earnings per share for the quarter, topping the consensus estimate of $1.88 by $0.26. The company 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 firm’s revenue for the quarter was up 12.7% compared to the same quarter last year. During the same period last year, the firm earned $1.64 EPS. On average, analysts anticipate that Hess Co. will post 9.74 EPS for the current year.

Hess Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, September 30th. Investors of record on Monday, September 16th were given a dividend of $0.50 per share. This is a boost 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%.

Wall Street Analysts Forecast Growth

HES has been the topic of a number of research reports. StockNews.com initiated coverage on shares of Hess in a research report on Tuesday, November 26th. They set a “hold” rating on the stock. Mizuho dropped their target price on Hess from $210.00 to $194.00 and set a “neutral” rating on the stock in a research note on Monday, September 16th. Piper Sandler decreased their price target on Hess from $173.00 to $167.00 in a research note on Friday, September 13th. BMO Capital Markets boosted their price target on Hess from $155.00 to $160.00 and gave the stock an “outperform” rating in a research note on Friday, October 4th. Finally, Wolfe Research raised shares of Hess from a “peer perform” rating to an “outperform” rating and set a $150.00 price objective for the company in a research report on Monday, September 30th. Six analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $163.30.

Insider Buying and Selling at Hess

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

About Hess

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.