Alpine Associates Management Inc. Sells 60,500 Shares of Hess Co. (NYSE:HES)

Alpine Associates Management Inc. lessened its stake in Hess Co. (NYSE:HES) by 3.5% in the 4th quarter, HoldingsChannel.com reports. The institutional investor owned 1,659,696 shares of the oil and gas producer’s stock after selling 60,500 shares during the quarter. Hess comprises 13.4% of Alpine Associates Management Inc.’s portfolio, making the stock its largest holding. Alpine Associates Management Inc.’s holdings in Hess were worth $220,756,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds have also made changes to their positions in the stock. Checchi Capital Advisers LLC lifted its holdings in Hess by 3.5% during the 4th quarter. Checchi Capital Advisers LLC now owns 2,154 shares of the oil and gas producer’s stock worth $287,000 after buying an additional 72 shares during the last quarter. Cassaday & Co Wealth Management LLC lifted its stake in Hess by 2.4% during the third quarter. Cassaday & Co Wealth Management LLC now owns 3,266 shares of the oil and gas producer’s stock worth $444,000 after purchasing an additional 78 shares during the last quarter. Moss Adams Wealth Advisors LLC boosted its holdings in Hess by 5.3% in the fourth quarter. Moss Adams Wealth Advisors LLC now owns 1,682 shares of the oil and gas producer’s stock valued at $224,000 after purchasing an additional 85 shares in the last quarter. Howard Capital Management Inc. increased its stake in Hess by 5.2% in the fourth quarter. Howard Capital Management Inc. now owns 1,809 shares of the oil and gas producer’s stock valued at $241,000 after purchasing an additional 90 shares during the last quarter. Finally, Parkside Financial Bank & Trust raised its holdings in Hess by 18.0% during the fourth quarter. Parkside Financial Bank & Trust now owns 629 shares of the oil and gas producer’s stock worth $84,000 after purchasing an additional 96 shares in the last quarter. 88.51% of the stock is owned by institutional investors and hedge funds.

Hess Stock Up 3.1 %

Hess stock opened at $147.73 on Friday. The stock has a market capitalization of $45.55 billion, a price-to-earnings ratio of 16.41 and a beta of 1.21. 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 stock has a 50 day moving average of $143.99 and a two-hundred day moving average of $139.92. Hess Co. has a twelve month low of $123.79 and a twelve month high of $163.98.

Hess (NYSE:HES) last posted its quarterly earnings data on Wednesday, January 29th. The oil and gas producer reported $1.76 earnings per share for the quarter, beating analysts’ consensus estimates of $1.44 by $0.32. Hess had a net margin of 21.27% and a return on equity of 26.32%. As a group, research analysts expect that Hess Co. will post 8.08 earnings per share for the current year.

Hess Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, March 31st. Investors of record on Monday, March 17th will be issued a dividend of $0.50 per share. The ex-dividend date is Monday, March 17th. This represents a $2.00 annualized dividend and a yield of 1.35%. Hess’s dividend payout ratio is currently 22.22%.

Wall Street Analyst Weigh In

Several research analysts have recently issued reports on HES shares. Pickering Energy Partners upgraded shares of Hess to a “hold” rating in a report on Friday, January 3rd. Citigroup boosted their price target on shares of Hess from $145.00 to $163.00 and gave the company a “neutral” rating in a research report on Friday, December 6th. UBS Group raised their price objective on Hess from $185.00 to $186.00 and gave the stock a “buy” rating in a report on Thursday, February 13th. Wells Fargo & Company raised Hess from an “equal weight” rating to an “overweight” rating and boosted their target price for the company from $151.00 to $193.00 in a report on Monday, December 9th. Finally, StockNews.com initiated coverage on Hess in a research note on Sunday, March 2nd. They set a “hold” rating on the stock. Six analysts have rated the stock with a hold rating and six have given a buy rating to the company. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $170.60.

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.