Public Employees Retirement System of Ohio Lowers Stock Holdings in Hess Co. (NYSE:HES)

Public Employees Retirement System of Ohio cut its holdings in Hess Co. (NYSE:HES) by 8.6% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 106,444 shares of the oil and gas producer’s stock after selling 10,034 shares during the quarter. Public Employees Retirement System of Ohio’s holdings in Hess were worth $16,248,000 as of its most recent SEC filing.

A number of other institutional investors have also recently modified their holdings of the business. Manchester Capital Management LLC boosted its stake in shares of Hess by 1.4% in the first quarter. Manchester Capital Management LLC now owns 5,102 shares of the oil and gas producer’s stock valued at $779,000 after buying an additional 68 shares in the last quarter. Massmutual Trust Co. FSB ADV boosted its stake in shares of Hess by 17.9% in the first quarter. Massmutual Trust Co. FSB ADV now owns 507 shares of the oil and gas producer’s stock valued at $77,000 after buying an additional 77 shares in the last quarter. Farmers & Merchants Investments Inc. boosted its stake in shares of Hess by 10.3% in the first quarter. Farmers & Merchants Investments Inc. now owns 855 shares of the oil and gas producer’s stock valued at $131,000 after buying an additional 80 shares in the last quarter. Drive Wealth Management LLC boosted its stake in shares of Hess by 1.8% in the first quarter. Drive Wealth Management LLC now owns 4,527 shares of the oil and gas producer’s stock valued at $691,000 after buying an additional 81 shares in the last quarter. Finally, Pinnacle Associates Ltd. boosted its stake in shares of Hess by 1.5% in the first quarter. Pinnacle Associates Ltd. now owns 5,537 shares of the oil and gas producer’s stock valued at $845,000 after buying an additional 81 shares in the last quarter. 88.51% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several brokerages recently issued reports on HES. Piper Sandler lifted their price objective on Hess from $172.00 to $173.00 and gave the stock an “overweight” rating in a report on Thursday, April 18th. Citigroup lifted their price objective on Hess from $145.00 to $160.00 and gave the stock a “neutral” rating in a report on Wednesday, June 5th. Sanford C. Bernstein raised Hess from a “market perform” rating to an “outperform” rating and lifted their price objective for the stock from $166.00 to $172.00 in a report on Wednesday, July 17th. Susquehanna reduced their price objective on Hess from $167.00 to $166.00 and set a “neutral” rating for the company in a report on Monday, July 22nd. 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 report on Friday, July 12th. Eight research analysts have rated the stock with a hold rating and five have given a buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $178.58.

Hess Stock Performance

NYSE HES opened at $149.92 on Tuesday. Hess Co. has a fifty-two week low of $131.61 and a fifty-two week high of $167.75. The stock has a market cap of $46.19 billion, a price-to-earnings ratio of 22.78 and a beta of 1.16. The business has a fifty day moving average of $148.69 and a 200-day moving average of $149.59. The company has a quick ratio of 1.10, a current ratio of 1.23 and a debt-to-equity ratio of 0.81.

Hess Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, June 28th. Investors of record on Friday, June 14th were paid a $0.4375 dividend. The ex-dividend date of this dividend was Friday, June 14th. This represents a $1.75 annualized dividend and a yield of 1.17%. Hess’s payout ratio is currently 26.80%.

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.