Hess Corporation (NYSE:HES) Shares Sold by Pacer Advisors Inc.

Pacer Advisors Inc. trimmed its holdings in shares of Hess Corporation (NYSE:HES) by 22.7% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 17,081 shares of the oil and gas producer’s stock after selling 5,010 shares during the quarter. Pacer Advisors Inc.’s holdings in Hess were worth $2,728,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Bank Julius Baer & Co. Ltd Zurich acquired a new stake in shares of Hess during the 1st quarter worth about $25,000. Global X Japan Co. Ltd. increased its position in shares of Hess by 106.2% during the 1st quarter. Global X Japan Co. Ltd. now owns 200 shares of the oil and gas producer’s stock worth $32,000 after purchasing an additional 103 shares during the last quarter. Wayfinding Financial LLC acquired a new stake in shares of Hess during the 1st quarter worth about $33,000. IMA Advisory Services Inc. acquired a new stake in shares of Hess during the 1st quarter worth about $36,000. Finally, Raiffeisen Bank International AG acquired a new stake in shares of Hess during the 4th quarter worth about $39,000. 88.51% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of analysts recently issued reports on the company. Susquehanna cut their price objective on Hess from $160.00 to $136.00 and set a “neutral” rating for the company in a research report on Tuesday, April 22nd. UBS Group raised their target price on Hess from $163.00 to $173.00 and gave the company a “buy” rating in a report on Wednesday, June 11th. Piper Sandler raised their target price on Hess from $147.00 to $153.00 and gave the company an “overweight” rating in a report on Wednesday, July 2nd. Wall Street Zen upgraded Hess from a “sell” rating to a “hold” rating in a report on Saturday, June 14th. Finally, Mizuho lowered their target price on Hess from $193.00 to $191.00 and set a “neutral” rating for the company in a report on Tuesday, May 13th. Six research analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $162.78.

Insider Activity

In other news, CEO John B. Hess sold 250,000 shares of Hess stock in a transaction dated Friday, June 6th. The stock was sold at an average price of $136.01, for a total value of $34,002,500.00. Following the completion of the transaction, the chief executive officer owned 1,734,679 shares in the company, valued at approximately $235,933,690.79. This trade represents a 12.60% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Insiders own 9.10% of the company’s stock.

Hess Stock Performance

Shares of HES opened at $160.31 on Wednesday. The stock has a 50-day simple moving average of $143.48 and a 200-day simple moving average of $142.56. The company has a debt-to-equity ratio of 0.71, a quick ratio of 0.91 and a current ratio of 1.08. The stock has a market capitalization of $49.59 billion, a PE ratio of 22.17 and a beta of 0.62. Hess Corporation has a 1 year low of $123.79 and a 1 year high of $161.69.

Hess (NYSE:HES) last announced its quarterly earnings data on Wednesday, April 30th. The oil and gas producer reported $1.81 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.95 by ($0.14). The company had revenue of $2.92 billion during the quarter, compared to analysts’ expectations of $2.95 billion. Hess had a net margin of 17.65% and a return on equity of 21.78%. The business’s quarterly revenue was down 12.1% compared to the same quarter last year. During the same quarter in the previous year, the business posted $3.16 EPS. On average, analysts predict that Hess Corporation will post 8.08 earnings per share for the current fiscal year.

Hess Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, June 30th. Stockholders of record on Monday, June 16th were paid a $0.50 dividend. This represents a $2.00 annualized dividend and a dividend yield of 1.25%. The ex-dividend date of this dividend was Monday, June 16th. Hess’s payout ratio is presently 27.66%.

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.