Forum Financial Management LP Decreases Stock Position in Hess Co. (NYSE:HES)

Forum Financial Management LP lessened its stake in shares of Hess Co. (NYSE:HES) by 3.3% during the 3rd quarter, according to its most recent 13F filing with the SEC. The firm owned 3,277 shares of the oil and gas producer’s stock after selling 112 shares during the period. Forum Financial Management LP’s holdings in Hess were worth $445,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Wealth Enhancement Advisory Services LLC grew its position in shares of Hess by 13.7% during the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 5,841 shares of the oil and gas producer’s stock worth $892,000 after buying an additional 706 shares in the last quarter. Private Advisor Group LLC raised its stake in shares of Hess by 20.0% in the first quarter. Private Advisor Group LLC now owns 9,969 shares of the oil and gas producer’s stock worth $1,522,000 after purchasing an additional 1,663 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. raised its stake in shares of Hess by 24.2% in the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 66,362 shares of the oil and gas producer’s stock worth $10,129,000 after purchasing an additional 12,915 shares during the last quarter. Daiwa Securities Group Inc. raised its stake in shares of Hess by 9.6% in the first quarter. Daiwa Securities Group Inc. now owns 27,486 shares of the oil and gas producer’s stock worth $4,195,000 after purchasing an additional 2,406 shares during the last quarter. Finally, FORA Capital LLC purchased a new position in Hess during the first quarter valued at approximately $729,000. Hedge funds and other institutional investors own 88.51% of the company’s stock.

Hess Stock Performance

Shares of Hess stock opened at $138.72 on Tuesday. Hess Co. has a one year low of $123.79 and a one year high of $163.98. The company has a market cap of $42.74 billion, a price-to-earnings ratio of 16.17 and a beta of 1.15. The company has a debt-to-equity ratio of 0.75, a quick ratio of 1.14 and a current ratio of 1.26. The business’s 50 day moving average price is $135.32 and its 200 day moving average price is $143.89.

Hess (NYSE:HES) last announced its quarterly earnings data on Wednesday, October 30th. The oil and gas producer reported $2.14 EPS for the quarter, topping analysts’ consensus estimates of $1.88 by $0.26. Hess had a return on equity of 27.41% and a net margin of 20.58%. The firm had revenue of $3.20 billion for the quarter, compared to the consensus estimate of $2.96 billion. During the same quarter last year, the business posted $1.64 earnings per share. The firm’s revenue was up 12.7% compared to the same quarter last year. On average, research analysts predict that Hess Co. will post 9.74 EPS for the current year.

Hess Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, September 30th. Shareholders of record on Monday, September 16th were given a $0.50 dividend. The ex-dividend date was Monday, September 16th. This represents a $2.00 dividend on an annualized basis and a yield of 1.44%. This is an increase from Hess’s previous quarterly dividend of $0.44. Hess’s payout ratio is currently 23.31%.

Analysts Set New Price Targets

Several research analysts recently weighed in on HES shares. Piper Sandler reduced their price target on Hess from $173.00 to $167.00 in a research report on Friday, September 13th. Wells Fargo & Company dropped their price objective on Hess from $171.00 to $151.00 and set an “equal weight” rating on the stock in a report on Friday, September 27th. BMO Capital Markets raised their price objective on Hess from $155.00 to $160.00 and gave the company an “outperform” rating in a report on Friday, October 4th. Citigroup dropped their price objective on Hess from $160.00 to $145.00 and set a “neutral” rating on the stock in a report on Thursday, September 5th. Finally, StockNews.com began coverage on Hess in a report on Saturday. They issued a “hold” rating on the stock. Six equities research analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $164.00.

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.