Allspring Global Investments Holdings LLC Sells 693 Shares of Hess Co. (NYSE:HES)

Allspring Global Investments Holdings LLC decreased its holdings in shares of Hess Co. (NYSE:HES) by 2.4% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 28,086 shares of the oil and gas producer’s stock after selling 693 shares during the period. Allspring Global Investments Holdings LLC’s holdings in Hess were worth $4,287,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently made changes to their positions in HES. Zurcher Kantonalbank Zurich Cantonalbank raised its position in shares of Hess by 6.9% in the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 129,977 shares of the oil and gas producer’s stock worth $18,737,000 after acquiring an additional 8,439 shares in the last quarter. Treasurer of the State of North Carolina grew its holdings in Hess by 1.0% in the fourth quarter. Treasurer of the State of North Carolina now owns 123,339 shares of the oil and gas producer’s stock worth $17,781,000 after purchasing an additional 1,210 shares during the period. TD Asset Management Inc increased its stake in shares of Hess by 14.4% during the fourth quarter. TD Asset Management Inc now owns 100,330 shares of the oil and gas producer’s stock valued at $14,464,000 after purchasing an additional 12,649 shares in the last quarter. Alpine Associates Management Inc. purchased a new position in shares of Hess during the fourth quarter valued at approximately $237,100,000. Finally, Arvest Investments Inc. purchased a new stake in shares of Hess in the 4th quarter worth approximately $1,407,000. Institutional investors own 88.51% of the company’s stock.

Analysts Set New Price Targets

HES has been the subject of several analyst reports. Susquehanna raised their price target on Hess from $164.00 to $167.00 and gave the company a “neutral” rating in a report on Thursday, May 16th. Citigroup upped their price objective on Hess from $145.00 to $160.00 and gave the company a “neutral” rating in a research report on Wednesday, June 5th. StockNews.com initiated coverage on shares of Hess in a report on Friday. They set a “hold” rating for the company. Mizuho boosted their price objective on shares of Hess from $205.00 to $210.00 and gave the company a “neutral” rating in a research report on Monday, May 13th. Finally, Piper Sandler lifted 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. Seven research analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. According to MarketBeat, Hess presently has a consensus rating of “Hold” and a consensus target price of $177.83.

Hess Price Performance

Shares of NYSE:HES traded up $0.60 on Tuesday, reaching $148.72. The company’s stock had a trading volume of 151,950 shares, compared to its average volume of 2,470,558. The company has a 50-day simple moving average of $152.63 and a 200 day simple moving average of $148.94. The company has a debt-to-equity ratio of 0.81, a quick ratio of 1.10 and a current ratio of 1.23. The company has a market cap of $45.82 billion, a P/E ratio of 22.68 and a beta of 1.16. Hess Co. has a 52-week low of $129.12 and a 52-week high of $167.75.

Hess (NYSE:HES) last issued its quarterly earnings data on Thursday, April 25th. The oil and gas producer reported $3.16 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.73 by $1.43. The business had revenue of $3.34 billion for the quarter, compared to the consensus estimate of $2.98 billion. Hess had a return on equity of 22.73% and a net margin of 17.41%. The company’s quarterly revenue was up 36.2% compared to the same quarter last year. During the same period in the prior year, the business posted $1.13 earnings per share. As a group, equities research analysts anticipate that Hess Co. will post 10.28 EPS for the current fiscal year.

Hess Dividend Announcement

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

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.