QRG Capital Management Inc. Boosts Stock Holdings in Hess Co. (NYSE:HES)

QRG Capital Management Inc. raised its stake in shares of Hess Co. (NYSE:HES) by 16.2% in the 3rd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 1,915 shares of the oil and gas producer’s stock after purchasing an additional 267 shares during the period. QRG Capital Management Inc.’s holdings in Hess were worth $260,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors have also recently made changes to their positions in HES. New Covenant Trust Company N.A. bought a new stake in Hess during the first quarter worth approximately $25,000. EverSource Wealth Advisors LLC raised its holdings in Hess by 47.6% during the 1st quarter. EverSource Wealth Advisors LLC now owns 273 shares of the oil and gas producer’s stock valued at $43,000 after buying an additional 88 shares during the period. Eastern Bank bought a new stake in Hess in the third quarter worth $48,000. Rothschild Investment LLC purchased a new position in Hess during the second quarter worth $60,000. Finally, CVA Family Office LLC increased its position in Hess by 31.1% during the third quarter. CVA Family Office LLC now owns 451 shares of the oil and gas producer’s stock valued at $61,000 after acquiring an additional 107 shares during the last quarter. Hedge funds and other institutional investors own 88.51% of the company’s stock.

Analyst Upgrades and Downgrades

HES has been the topic of a number of research reports. BMO Capital Markets raised their target price on shares of Hess from $155.00 to $160.00 and gave the stock an “outperform” rating in a research report on Friday, October 4th. StockNews.com initiated coverage on Hess in a report on Sunday. They issued a “hold” rating for the company. Piper Sandler reduced their price target on shares of Hess from $173.00 to $167.00 in a report on Friday, September 13th. UBS Group dropped their price objective 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. Finally, Mizuho reduced their price objective on shares of Hess from $210.00 to $194.00 and set a “neutral” rating for the company in a research note on Monday, September 16th. Six research analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $163.30.

Insider Buying and Selling at Hess

In related news, CEO John B. Hess sold 90,476 shares of the business’s stock in a transaction on Thursday, November 7th. The shares were sold at an average price of $142.47, for a total transaction of $12,890,115.72. Following the completion of the transaction, the chief executive officer now owns 223,147 shares in the company, valued at approximately $31,791,753.09. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. 9.76% of the stock is owned by corporate insiders.

Hess Price Performance

Hess stock opened at $141.95 on Tuesday. The company has a current ratio of 1.26, a quick ratio of 1.14 and a debt-to-equity ratio of 0.75. The stock has a market cap of $43.74 billion, a P/E ratio of 16.54 and a beta of 1.15. The company has a 50-day moving average price of $135.65 and a 200 day moving average price of $143.47. Hess Co. has a 12-month low of $123.79 and a 12-month high of $163.98.

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, beating analysts’ consensus estimates of $1.88 by $0.26. Hess had a net margin of 20.58% and a return on equity of 27.41%. The business had revenue of $3.20 billion for the quarter, compared to the consensus estimate of $2.96 billion. During the same period in the previous year, the firm earned $1.64 EPS. The business’s revenue was up 12.7% on a year-over-year basis. Sell-side analysts anticipate that Hess Co. will post 9.76 earnings per share for the current year.

Hess Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, September 30th. Shareholders of record on Monday, September 16th were issued a dividend of $0.50 per share. This is an increase from Hess’s previous quarterly dividend of $0.44. The ex-dividend date of this dividend was Monday, September 16th. This represents a $2.00 annualized dividend and a yield of 1.41%. Hess’s dividend payout ratio is 23.31%.

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.