Hartford Investment Management Co. Cuts Stake in Hess Co. (NYSE:HES)

Hartford Investment Management Co. cut its position in Hess Co. (NYSE:HES) by 1.4% in the 4th quarter, according to its most recent disclosure with the SEC. The fund owned 17,081 shares of the oil and gas producer’s stock after selling 247 shares during the period. Hartford Investment Management Co.’s holdings in Hess were worth $2,272,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently made changes to their positions in the company. Covestor Ltd raised its holdings in Hess by 59.8% in the 3rd quarter. Covestor Ltd now owns 262 shares of the oil and gas producer’s stock worth $36,000 after acquiring an additional 98 shares during the last quarter. FSA Wealth Management LLC bought a new stake in shares of Hess in the 3rd quarter worth $37,000. Eastern Bank purchased a new position in shares of Hess in the third quarter worth $48,000. LRI Investments LLC lifted its holdings in shares of Hess by 157.2% during the third quarter. LRI Investments LLC now owns 355 shares of the oil and gas producer’s stock valued at $51,000 after purchasing an additional 217 shares in the last quarter. Finally, Coastline Trust Co purchased a new stake in shares of Hess during the third quarter valued at $55,000. Institutional investors own 88.51% of the company’s stock.

Analyst Ratings Changes

HES has been the subject of a number of recent analyst reports. Susquehanna boosted their target price on Hess from $149.00 to $154.00 and gave the stock a “neutral” rating in a research report on Friday, October 18th. Pickering Energy Partners upgraded shares of Hess to a “hold” rating in a research report on Friday, January 3rd. StockNews.com began coverage on shares of Hess in a research report on Friday. They issued a “hold” rating for the company. UBS Group increased their price target on Hess from $185.00 to $186.00 and gave the company a “buy” rating in a report on Thursday. Finally, Wells Fargo & Company raised Hess from an “equal weight” rating to an “overweight” rating and lifted their price objective for the stock from $151.00 to $193.00 in a report on Monday, December 9th. Six equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $170.60.

Hess Stock Performance

Shares of HES opened at $145.81 on Friday. The business has a 50-day simple moving average of $140.22 and a two-hundred day simple moving average of $138.90. The company has a quick ratio of 1.13, a current ratio of 1.12 and a debt-to-equity ratio of 0.72. Hess Co. has a 52 week low of $123.79 and a 52 week high of $163.98. The stock has a market cap of $44.93 billion, a price-to-earnings ratio of 16.20 and a beta of 1.17.

Hess (NYSE:HES) last released its earnings results on Wednesday, January 29th. The oil and gas producer reported $1.76 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.44 by $0.32. Hess had a net margin of 21.27% and a return on equity of 26.32%. On average, analysts expect that Hess Co. will post 7.69 EPS for the current year.

Hess Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, December 31st. Stockholders of record on Monday, December 16th were given a dividend of $0.50 per share. The ex-dividend date of this dividend was Monday, December 16th. This represents a $2.00 annualized dividend and a dividend yield of 1.37%. Hess’s payout ratio is 22.22%.

Insider Activity 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 stock was sold at an average price of $147.80, for a total transaction of $13,729,733.20. Following the sale, the chief executive officer now owns 229,465 shares of the company’s stock, valued at approximately $33,914,927. This trade represents a 28.82 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 9.76% of the stock is owned by corporate insiders.

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.