Mackenzie Financial Corp Has $4.07 Million Stake in Hess Co. (NYSE:HES)

Mackenzie Financial Corp lifted its position in shares of Hess Co. (NYSE:HES) by 2.4% during the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 27,553 shares of the oil and gas producer’s stock after purchasing an additional 654 shares during the quarter. Mackenzie Financial Corp’s holdings in Hess were worth $4,065,000 at the end of the most recent reporting period.

A number of other institutional investors also recently modified their holdings of the company. MBB Public Markets I LLC acquired a new position in shares of Hess during the second quarter worth approximately $2,974,000. Empyrean Capital Partners LP grew its holdings in Hess by 2.6% during the second quarter. Empyrean Capital Partners LP now owns 907,300 shares of the oil and gas producer’s stock worth $133,845,000 after buying an additional 23,300 shares in the last quarter. AlTi Global Inc. bought a new stake in Hess during the second quarter worth $1,043,000. Troluce Capital Advisors LLC bought a new stake in Hess during the second quarter worth $16,965,000. Finally, BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp grew its holdings in Hess by 60.4% during the second quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 52,942 shares of the oil and gas producer’s stock worth $7,810,000 after buying an additional 19,937 shares in the last quarter. 88.51% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several equities research analysts recently issued reports on the company. Piper Sandler decreased their price target on Hess from $173.00 to $167.00 in a report on Friday, September 13th. Citigroup decreased their price target on Hess from $160.00 to $145.00 and set a “neutral” rating for the company in a report on Thursday, September 5th. BMO Capital Markets downgraded Hess to an “overweight” rating and decreased their price target for the stock from $175.00 to $160.00 in a report on Monday, August 19th. Wells Fargo & Company reduced their price objective 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. Finally, Scotiabank reduced their price objective on Hess from $165.00 to $157.00 and set a “sector perform” rating for the company in a research note on Friday, July 12th. Seven research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $165.15.

Hess Stock Performance

Shares of HES opened at $138.96 on Wednesday. The stock’s 50-day simple moving average is $135.79 and its 200 day simple moving average is $146.39. The stock has a market capitalization of $42.81 billion, a price-to-earnings ratio of 21.28 and a beta of 1.15. The company has a debt-to-equity ratio of 0.78, a quick ratio of 1.14 and a current ratio of 1.27. Hess Co. has a 52-week low of $123.79 and a 52-week high of $167.75.

Hess (NYSE:HES) last released its quarterly earnings results on Wednesday, July 31st. The oil and gas producer reported $2.62 earnings per share for the quarter, beating the consensus estimate of $2.48 by $0.14. Hess had a return on equity of 27.43% and a net margin of 21.22%. The firm had revenue of $3.26 billion for the quarter, compared to analysts’ expectations of $3.24 billion. During the same quarter last year, the firm posted $0.65 EPS. The company’s revenue was up 40.3% compared to the same quarter last year. Research analysts forecast that Hess Co. will post 10.46 EPS for the current fiscal year.

Hess Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, September 30th. Shareholders of record on Monday, September 16th were issued a $0.50 dividend. The ex-dividend date was Monday, September 16th. This represents a $2.00 annualized dividend and a dividend yield of 1.44%. This is a boost from Hess’s previous quarterly dividend of $0.44. Hess’s dividend payout ratio (DPR) is presently 30.63%.

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.