Hess Co. (NYSE:HES) Shares Acquired by Bank of Montreal Can

Bank of Montreal Can lifted its holdings in shares of Hess Co. (NYSE:HES) by 64.3% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,449,969 shares of the oil and gas producer’s stock after acquiring an additional 567,550 shares during the quarter. Bank of Montreal Can’s holdings in Hess were worth $218,220,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also recently added to or reduced their stakes in HES. KRYGER CAPITAL Ltd acquired a new position in Hess in the 4th quarter worth $110,423,000. Bank of New York Mellon Corp raised its stake in shares of Hess by 34.5% in the 2nd quarter. Bank of New York Mellon Corp now owns 2,835,486 shares of the oil and gas producer’s stock valued at $418,291,000 after purchasing an additional 726,631 shares in the last quarter. Hsbc Holdings PLC raised its stake in shares of Hess by 76.4% in the 2nd quarter. Hsbc Holdings PLC now owns 1,532,132 shares of the oil and gas producer’s stock valued at $227,273,000 after purchasing an additional 663,338 shares in the last quarter. Water Island Capital LLC acquired a new stake in shares of Hess in the 4th quarter valued at about $76,714,000. Finally, Bank of Nova Scotia raised its stake in shares of Hess by 774.8% in the 4th quarter. Bank of Nova Scotia now owns 522,707 shares of the oil and gas producer’s stock valued at $75,351,000 after purchasing an additional 462,953 shares in the last quarter. Institutional investors and hedge funds own 88.51% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently issued reports on the stock. UBS Group cut their target price on shares of Hess from $192.00 to $173.00 and set a “buy” rating on the stock in a research note on Wednesday, September 18th. Susquehanna cut their target price on shares of Hess from $151.00 to $149.00 and set a “neutral” rating on the stock in a research note on Wednesday, September 4th. Piper Sandler lowered their price objective on shares of Hess from $173.00 to $167.00 in a research report on Friday, September 13th. Wolfe Research started coverage on shares of Hess in a research report on Thursday, July 18th. They set a “peer perform” rating for the company. Finally, Sanford C. Bernstein raised shares of Hess from a “market perform” rating to an “outperform” rating and boosted their price objective for the company from $166.00 to $172.00 in a research report on Wednesday, July 17th. Eight analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. Based on data from MarketBeat, Hess presently has an average rating of “Hold” and a consensus price target of $171.31.

Hess Trading Up 0.7 %

Shares of NYSE:HES opened at $135.32 on Tuesday. The company has a 50 day moving average of $137.86 and a 200-day moving average of $146.97. The firm has a market cap of $41.69 billion, a P/E ratio of 20.72 and a beta of 1.15. Hess Co. has a twelve month low of $123.79 and a twelve month high of $167.75. The company has a current ratio of 1.27, a quick ratio of 1.14 and a debt-to-equity ratio of 0.78.

Hess (NYSE:HES) last issued its quarterly earnings results on Wednesday, July 31st. The oil and gas producer reported $2.62 earnings per share for the quarter, topping analysts’ consensus estimates of $2.48 by $0.14. Hess had a net margin of 21.22% and a return on equity of 27.43%. The company had revenue of $3.26 billion during the quarter, compared to analyst estimates of $3.24 billion. During the same period in the prior year, the business posted $0.65 EPS. The business’s revenue for the quarter was up 40.3% compared to the same quarter last year. As a group, analysts anticipate that Hess Co. will post 11.04 earnings per share for the current fiscal year.

Hess Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, September 30th. Investors of record on Monday, September 16th will be paid a dividend of $0.50 per share. The ex-dividend date of this dividend is Monday, September 16th. This is a positive change from Hess’s previous quarterly dividend of $0.44. This represents a $2.00 annualized dividend and a yield of 1.48%. Hess’s dividend payout ratio is currently 30.63%.

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.