Hess (NYSE:HES) Trading Down 4.3% – Here’s What Happened

Hess Co. (NYSE:HES)’s share price was down 4.3% on Friday . The stock traded as low as $138.82 and last traded at $139.59. Approximately 567,234 shares changed hands during mid-day trading, a decline of 71% from the average daily volume of 1,953,118 shares. The stock had previously closed at $145.85.

Analysts Set New Price Targets

A number of research firms have commented on HES. UBS Group raised their price target on Hess from $173.00 to $185.00 and gave the company a “buy” rating in a report on Tuesday, December 3rd. Citigroup boosted their price target on Hess from $145.00 to $163.00 and gave the stock a “neutral” rating in a report on Friday, December 6th. Wells Fargo & Company upgraded Hess from an “equal weight” rating to an “overweight” rating and upped their price target for the stock from $151.00 to $193.00 in a research note on Monday, December 9th. BMO Capital Markets lifted their price objective on shares of Hess from $155.00 to $160.00 and gave the company an “outperform” rating in a research report on Friday, October 4th. Finally, Susquehanna raised their target price on shares of Hess from $149.00 to $154.00 and gave the company a “neutral” rating in a research note on Friday, October 18th. Six research analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. According to data from MarketBeat, Hess has an average rating of “Moderate Buy” and an average price target of $170.50.

Hess Price Performance

The stock’s 50 day simple moving average is $140.89 and its 200 day simple moving average is $139.47. The company has a debt-to-equity ratio of 0.75, a quick ratio of 1.13 and a current ratio of 1.26. The firm has a market capitalization of $42.93 billion, a P/E ratio of 15.48 and a beta of 1.18.

Hess (NYSE:HES) last released its quarterly earnings data on Wednesday, January 29th. The oil and gas producer reported $1.76 EPS for the quarter, topping the consensus estimate of $1.44 by $0.32. Hess had a return on equity of 26.85% and a net margin of 21.27%. As a group, analysts expect that Hess Co. will post 7.69 earnings per share for the current fiscal year.

Hess Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Tuesday, December 31st. Shareholders of record on Monday, December 16th were issued a dividend of $0.50 per share. This represents a $2.00 annualized dividend and a yield of 1.44%. The ex-dividend date of this dividend was Monday, December 16th. Hess’s payout ratio is 22.22%.

Insider Buying and Selling at Hess

In related news, CEO John B. Hess sold 92,894 shares of Hess stock in a transaction that occurred on 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 completion of the sale, the chief executive officer now directly owns 229,465 shares in the company, valued at $33,914,927. This trade represents a 28.82 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, SVP Geurt G. Schoonman sold 6,000 shares of Hess stock in a transaction dated Thursday, November 7th. The stock was sold at an average price of $141.91, for a total value of $851,460.00. Following the sale, the senior vice president now directly owns 27,581 shares of the company’s stock, valued at $3,914,019.71. This trade represents a 17.87 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 314,370 shares of company stock valued at $45,856,309. Company insiders own 9.76% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. Wellington Management Group LLP grew its position in Hess by 58.9% during the third quarter. Wellington Management Group LLP now owns 3,753,126 shares of the oil and gas producer’s stock valued at $509,675,000 after buying an additional 1,391,311 shares during the period. HBK Investments L P raised its holdings in Hess by 16.7% in the 3rd quarter. HBK Investments L P now owns 7,117,820 shares of the oil and gas producer’s stock worth $966,600,000 after purchasing an additional 1,017,720 shares during the period. Massachusetts Financial Services Co. MA grew its holdings in Hess by 31.0% in the third 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 purchasing an additional 785,270 shares during the period. Holocene Advisors LP purchased a new stake in shares of Hess in the third quarter valued at approximately $75,126,000. Finally, ING Groep NV grew its stake in Hess by 267.8% in the 3rd quarter. ING Groep NV now owns 533,264 shares of the oil and gas producer’s stock valued at $72,417,000 after acquiring an additional 388,273 shares during the period. 88.51% of the stock is currently owned by institutional investors and hedge funds.

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.