Hess (NYSE:HES) Price Target Lowered to $157.00 at Scotiabank

Hess (NYSE:HES) had its target price lowered by Scotiabank from $165.00 to $157.00 in a report issued on Friday, Benzinga reports. The brokerage currently has a sector perform rating on the oil and gas producer’s stock.

Several other research analysts also recently weighed in on the stock. Mizuho upped their price target on shares of Hess from $205.00 to $210.00 and gave the stock a neutral rating in a research report on Monday, May 13th. Piper Sandler raised their target price on Hess from $172.00 to $173.00 and gave the company an overweight rating in a research report on Thursday, April 18th. StockNews.com began coverage on Hess in a research note on Friday, June 28th. They issued a hold rating on the stock. Citigroup increased their price objective on Hess from $145.00 to $160.00 and gave the company a neutral rating in a research note on Wednesday, June 5th. Finally, Susquehanna lifted their target price on shares of Hess from $164.00 to $167.00 and gave the stock a neutral rating in a research note on Thursday, May 16th. Eight investment analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of Hold and an average target price of $178.17.

Hess Stock Performance

Shares of NYSE HES opened at $148.38 on Friday. The company’s fifty day moving average price is $150.38 and its 200 day moving average price is $149.05. Hess has a 1 year low of $131.61 and a 1 year high of $167.75. The company has a market capitalization of $45.72 billion, a PE ratio of 22.72 and a beta of 1.16. The company has a debt-to-equity ratio of 0.81, a quick ratio of 1.10 and a current ratio of 1.23.

Hess (NYSE:HES) last announced its quarterly earnings results on Thursday, April 25th. The oil and gas producer reported $3.16 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.73 by $1.43. The firm had revenue of $3.34 billion for the quarter, compared to the consensus estimate of $2.98 billion. Hess had a net margin of 17.41% and a return on equity of 22.73%. The firm’s quarterly revenue was up 36.2% compared to the same quarter last year. During the same period in the prior year, the firm posted $1.13 earnings per share. On average, research analysts predict that Hess will post 10.52 earnings per share for the current year.

Hess Dividend Announcement

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

Hedge Funds Weigh In On Hess

Institutional investors and hedge funds have recently bought and sold shares of the company. Zurcher Kantonalbank Zurich Cantonalbank lifted its holdings in Hess by 6.9% in the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 129,977 shares of the oil and gas producer’s stock valued at $18,737,000 after acquiring an additional 8,439 shares during the last quarter. Treasurer of the State of North Carolina lifted its stake in shares of Hess by 1.0% in the 4th quarter. Treasurer of the State of North Carolina now owns 123,339 shares of the oil and gas producer’s stock valued at $17,781,000 after purchasing an additional 1,210 shares during the last quarter. TD Asset Management Inc grew its holdings in shares of Hess by 14.4% during the 4th quarter. TD Asset Management Inc now owns 100,330 shares of the oil and gas producer’s stock worth $14,464,000 after purchasing an additional 12,649 shares during the period. Alpine Associates Management Inc. acquired a new stake in shares of Hess during the 4th quarter worth about $237,100,000. Finally, Arvest Investments Inc. acquired a new position in Hess in the fourth quarter valued at about $1,407,000. 88.51% of the stock is currently owned by institutional investors and hedge funds.

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.