Pathstone Holdings LLC Sells 987 Shares of Hess Co. (NYSE:HES)

Pathstone Holdings LLC decreased its position in Hess Co. (NYSE:HES) by 2.6% in the third quarter, Holdings Channel.com reports. The firm owned 37,245 shares of the oil and gas producer’s stock after selling 987 shares during the quarter. Pathstone Holdings LLC’s holdings in Hess were worth $5,058,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. New Covenant Trust Company N.A. purchased a new stake in shares of Hess in the 1st quarter worth about $25,000. Covestor Ltd boosted its stake in Hess by 59.8% during the third quarter. Covestor Ltd now owns 262 shares of the oil and gas producer’s stock worth $36,000 after acquiring an additional 98 shares in the last quarter. EverSource Wealth Advisors LLC increased its stake in shares of Hess by 47.6% during the first quarter. EverSource Wealth Advisors LLC now owns 273 shares of the oil and gas producer’s stock valued at $43,000 after purchasing an additional 88 shares in the last quarter. Eastern Bank bought a new position in shares of Hess during the third quarter valued at approximately $48,000. Finally, Coastline Trust Co purchased a new position in shares of Hess during the third quarter valued at approximately $55,000. Hedge funds and other institutional investors own 88.51% of the company’s stock.

Hess Stock Up 0.5 %

Shares of Hess stock opened at $148.65 on Friday. The company has a quick ratio of 1.13, a current ratio of 1.26 and a debt-to-equity ratio of 0.75. Hess Co. has a twelve month low of $123.79 and a twelve month high of $163.98. The company has a market cap of $45.80 billion, a price-to-earnings ratio of 17.33 and a beta of 1.15. The company’s 50 day moving average is $138.79 and its 200 day moving average is $142.69.

Hess (NYSE:HES) last released its quarterly earnings results on Wednesday, October 30th. The oil and gas producer reported $2.14 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.88 by $0.26. The firm had revenue of $3.20 billion for the quarter, compared to the consensus estimate of $2.96 billion. Hess had a return on equity of 27.41% and a net margin of 20.58%. The company’s revenue for the quarter was up 12.7% on a year-over-year basis. During the same period last year, the business posted $1.64 EPS. Research analysts anticipate that Hess Co. will post 9.72 EPS for the current year.

Hess Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, September 30th. Investors of record on Monday, September 16th were given a dividend of $0.50 per share. This represents a $2.00 annualized dividend and a yield of 1.35%. This is a positive change from Hess’s previous quarterly dividend of $0.44. The ex-dividend date of this dividend was Monday, September 16th. Hess’s payout ratio is 23.31%.

Insider Buying and Selling at Hess

In other news, CEO John B. Hess sold 90,476 shares of the company’s stock in a transaction on Thursday, November 7th. The stock was sold at an average price of $142.47, for a total value of $12,890,115.72. Following the completion of the sale, the chief executive officer now directly owns 223,147 shares in the company, valued at $31,791,753.09. This represents a 28.85 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, SVP Geurt G. Schoonman sold 6,000 shares of the firm’s stock in a transaction 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 transaction, the senior vice president now directly 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. Over the last ninety days, insiders sold 314,370 shares of company stock valued at $45,856,309. Insiders own 9.76% of the company’s stock.

Analysts Set New Price Targets

A number of research firms recently weighed in on HES. StockNews.com initiated coverage on Hess in a research report on Monday, November 18th. They set a “hold” rating for the company. BMO Capital Markets lifted their price target on Hess from $155.00 to $160.00 and gave the stock an “outperform” rating in a research report on Friday, October 4th. Piper Sandler cut their price objective on shares of Hess from $173.00 to $167.00 in a research report on Friday, September 13th. Citigroup decreased their target price on shares of Hess from $160.00 to $145.00 and set a “neutral” rating for the company in a report on Thursday, September 5th. Finally, Scotiabank increased their price target on shares of Hess from $157.00 to $167.00 and gave the company a “sector perform” rating in a report on Thursday, October 10th. Six investment analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. According to MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $163.30.

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.