Hess Co. (NYSE:HES) is Readystate Asset Management LP’s 4th Largest Position

Readystate Asset Management LP boosted its stake in Hess Co. (NYSE:HES) by 36.0% in the third quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 529,102 shares of the oil and gas producer’s stock after buying an additional 140,014 shares during the quarter. Hess makes up 1.3% of Readystate Asset Management LP’s investment portfolio, making the stock its 4th largest holding. Readystate Asset Management LP owned 0.17% of Hess worth $71,852,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also recently bought and sold shares of the business. Drive Wealth Management LLC grew its stake in Hess by 1.6% in the 2nd quarter. Drive Wealth Management LLC now owns 4,599 shares of the oil and gas producer’s stock valued at $678,000 after purchasing an additional 72 shares during the period. Cassaday & Co Wealth Management LLC grew its stake in shares of Hess by 2.4% during the 3rd quarter. Cassaday & Co Wealth Management LLC now owns 3,266 shares of the oil and gas producer’s stock worth $444,000 after acquiring an additional 78 shares during the period. UMB Bank n.a. grew its stake in shares of Hess by 4.7% during the 2nd quarter. UMB Bank n.a. now owns 1,771 shares of the oil and gas producer’s stock worth $261,000 after acquiring an additional 80 shares during the period. HB Wealth Management LLC grew its stake in shares of Hess by 0.6% during the 2nd quarter. HB Wealth Management LLC now owns 14,629 shares of the oil and gas producer’s stock worth $2,158,000 after acquiring an additional 87 shares during the period. Finally, EverSource Wealth Advisors LLC grew its stake in shares of Hess by 47.6% during the 1st 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. Institutional investors own 88.51% of the company’s stock.

Wall Street Analysts Forecast Growth

HES has been the subject of several analyst reports. Wells Fargo & Company cut their target price on Hess from $171.00 to $151.00 and set an “equal weight” rating for the company in a research note on Friday, September 27th. Piper Sandler lowered their price target on Hess from $173.00 to $167.00 in a report on Friday, September 13th. Susquehanna raised their price target on Hess from $149.00 to $154.00 and gave the company a “neutral” rating in a report on Friday, October 18th. Wolfe Research raised Hess from a “peer perform” rating to an “outperform” rating and set a $150.00 price target on the stock in a report on Monday, September 30th. Finally, 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. Six investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Hold” and an average price target of $164.50.

Insiders Place Their Bets

In other 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 value of $13,729,733.20. Following the sale, the chief executive officer now directly owns 229,465 shares in the company, valued at approximately $33,914,927. This trade represents a 28.82 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, SVP Geurt G. Schoonman sold 6,000 shares of Hess stock in a transaction that occurred on Thursday, November 7th. The stock was sold at an average price of $141.91, for a total value of $851,460.00. Following the completion of the sale, the senior vice president now owns 27,581 shares in the company, valued at approximately $3,914,019.71. This represents a 17.87 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 314,370 shares of company stock valued at $45,856,309 in the last ninety days. Company insiders own 9.76% of the company’s stock.

Hess Stock Performance

Shares of NYSE HES opened at $143.97 on Thursday. The stock has a market cap of $44.36 billion, a price-to-earnings ratio of 16.78 and a beta of 1.17. The company has a current ratio of 1.26, a quick ratio of 1.13 and a debt-to-equity ratio of 0.75. Hess Co. has a 1-year low of $123.79 and a 1-year high of $163.98. The stock’s 50-day moving average is $140.95 and its 200 day moving average is $141.91.

Hess (NYSE:HES) last announced its quarterly earnings results on Wednesday, October 30th. The oil and gas producer reported $2.14 EPS for the quarter, topping analysts’ consensus estimates of $1.88 by $0.26. The business had revenue of $3.20 billion for the quarter, compared to analysts’ expectations of $2.96 billion. Hess had a return on equity of 27.41% and a net margin of 20.58%. The business’s quarterly revenue was up 12.7% on a year-over-year basis. During the same period in the previous year, the firm earned $1.64 EPS. On average, sell-side analysts anticipate that Hess Co. will post 9.74 EPS for the current fiscal year.

Hess Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Tuesday, December 31st. Shareholders of record on Monday, December 16th will be paid a $0.50 dividend. This represents a $2.00 dividend on an annualized basis and a yield of 1.39%. Hess’s dividend payout ratio (DPR) is currently 23.31%.

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.