Hess Co. (NYSE:HES) Shares Sold by State of Michigan Retirement System

State of Michigan Retirement System lessened its stake in shares of Hess Co. (NYSE:HES) by 0.3% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 75,441 shares of the oil and gas producer’s stock after selling 200 shares during the period. State of Michigan Retirement System’s holdings in Hess were worth $11,515,000 at the end of the most recent reporting period.

A number of other hedge funds have also bought and sold shares of the stock. Pacific Capital Wealth Advisors Inc. acquired a new position in shares of Hess in the 4th quarter valued at about $27,000. Rise Advisors LLC purchased a new position in Hess during the first quarter valued at approximately $27,000. Sound Income Strategies LLC acquired a new position in Hess in the fourth quarter valued at approximately $29,000. Cape Investment Advisory Inc. purchased a new stake in Hess in the 4th quarter worth approximately $32,000. Finally, Orion Capital Management LLC acquired a new stake in shares of Hess during the 3rd quarter worth approximately $33,000. Institutional investors and hedge funds own 88.51% of the company’s stock.

Hess Price Performance

NYSE HES traded up $0.80 during mid-day trading on Tuesday, hitting $148.92. The stock had a trading volume of 2,894,967 shares, compared to its average volume of 2,492,333. The firm’s 50 day moving average is $152.46 and its 200 day moving average is $148.97. The company has a debt-to-equity ratio of 0.81, a current ratio of 1.23 and a quick ratio of 1.10. The stock has a market capitalization of $45.88 billion, a price-to-earnings ratio of 22.81 and a beta of 1.16. Hess Co. has a twelve month low of $129.12 and a twelve month high of $167.75.

Hess (NYSE:HES) last issued its earnings results on Thursday, April 25th. The oil and gas producer reported $3.16 EPS for the quarter, beating analysts’ consensus estimates of $1.73 by $1.43. The business had revenue of $3.34 billion during the quarter, compared to analysts’ expectations of $2.98 billion. Hess had a net margin of 17.41% and a return on equity of 22.73%. The company’s quarterly revenue was up 36.2% compared to the same quarter last year. During the same period in the prior year, the business earned $1.13 earnings per share. Equities research analysts forecast that Hess Co. will post 10.28 earnings per share for the current fiscal year.

Hess Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, June 28th. Stockholders of record on Friday, June 14th were issued a dividend of $0.4375 per share. This represents a $1.75 annualized dividend and a dividend yield of 1.18%. The ex-dividend date was Friday, June 14th. Hess’s dividend payout ratio is currently 26.80%.

Wall Street Analysts Forecast Growth

HES has been the topic of a number of recent analyst reports. Piper Sandler increased their price target on shares of Hess from $172.00 to $173.00 and gave the stock an “overweight” rating in a report on Thursday, April 18th. Mizuho raised their target price on Hess from $205.00 to $210.00 and gave the company a “neutral” rating in a research report on Monday, May 13th. Citigroup increased their price target on Hess from $145.00 to $160.00 and gave the stock a “neutral” rating in a research report on Wednesday, June 5th. StockNews.com assumed coverage on Hess in a report on Friday. They issued a “hold” rating on the stock. Finally, Susquehanna increased their target price on Hess from $164.00 to $167.00 and gave the company a “neutral” rating in a research report on Thursday, May 16th. Seven investment analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. According to data from MarketBeat.com, Hess has a consensus rating of “Hold” and a consensus price target of $177.83.

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.