1834 Investment Advisors Co. Trims Stake in Hess Co. (NYSE:HES)

1834 Investment Advisors Co. cut its holdings in shares of Hess Co. (NYSE:HES) by 24.3% during the third quarter, HoldingsChannel.com reports. The fund owned 5,475 shares of the oil and gas producer’s stock after selling 1,755 shares during the quarter. 1834 Investment Advisors Co.’s holdings in Hess were worth $744,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also recently bought and sold shares of the business. New Covenant Trust Company N.A. purchased a new position in shares of Hess during the first quarter worth about $25,000. EverSource Wealth Advisors LLC increased its stake in shares of Hess by 47.6% during the first quarter. EverSource Wealth Advisors LLC now owns 273 shares of the oil and gas producer’s stock worth $43,000 after acquiring an additional 88 shares during the period. Eastern Bank purchased a new stake in Hess in the 3rd quarter valued at approximately $48,000. Rothschild Investment LLC acquired a new stake in shares of Hess in the 2nd quarter valued at approximately $60,000. Finally, CVA Family Office LLC grew its holdings in Hess by 31.1% during the third quarter. CVA Family Office LLC now owns 451 shares of the oil and gas producer’s stock worth $61,000 after acquiring an additional 107 shares during the period. Hedge funds and other institutional investors own 88.51% of the company’s stock.

Analyst Ratings Changes

Several brokerages recently commented on HES. Piper Sandler reduced their price objective on shares of Hess from $173.00 to $167.00 in a research note on Friday, September 13th. Wells Fargo & Company decreased their price objective on shares of Hess from $171.00 to $151.00 and set an “equal weight” rating on the stock in a research report on Friday, September 27th. Sanford C. Bernstein raised shares of Hess from a “market perform” rating to an “outperform” rating and upped their price target for the company from $166.00 to $172.00 in a report on Wednesday, July 17th. StockNews.com started coverage on Hess in a research note on Saturday, November 2nd. They issued a “hold” rating on the stock. Finally, Mizuho cut their price target on Hess from $210.00 to $194.00 and set a “neutral” rating for the company in a report on Monday, September 16th. Six 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.com, Hess has an average rating of “Moderate Buy” and a consensus target price of $164.00.

Hess Stock Performance

Shares of HES stock opened at $142.57 on Thursday. The company has a quick ratio of 1.14, a current ratio of 1.26 and a debt-to-equity ratio of 0.75. The business has a 50 day moving average of $135.48 and a two-hundred day moving average of $143.78. The company has a market cap of $43.93 billion, a P/E ratio of 16.62 and a beta of 1.15. Hess Co. has a 52 week low of $123.79 and a 52 week high of $163.98.

Hess (NYSE:HES) last posted its earnings results on Wednesday, October 30th. The oil and gas producer reported $2.14 EPS for the quarter, beating the consensus estimate of $1.88 by $0.26. Hess had a return on equity of 27.41% and a net margin of 20.58%. The firm had revenue of $3.20 billion for the quarter, compared to analysts’ expectations of $2.96 billion. During the same period last year, the firm earned $1.64 EPS. The firm’s revenue was up 12.7% compared to the same quarter last year. As a group, analysts anticipate that Hess Co. will post 9.74 EPS for the current year.

Hess Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, September 30th. Stockholders of record on Monday, September 16th were given a dividend of $0.50 per share. This is a positive change from Hess’s previous quarterly dividend of $0.44. The ex-dividend date of this dividend was Monday, September 16th. This represents a $2.00 annualized dividend and a dividend yield of 1.40%. Hess’s dividend payout ratio (DPR) is 23.31%.

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.