Hess Co. (NYSE:HES) Shares Sold by MetLife Investment Management LLC

MetLife Investment Management LLC trimmed its holdings in shares of Hess Co. (NYSE:HES) by 2.4% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 80,145 shares of the oil and gas producer’s stock after selling 2,005 shares during the quarter. MetLife Investment Management LLC’s holdings in Hess were worth $10,884,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Massachusetts Financial Services Co. MA raised its position in Hess by 31.0% during the third quarter. Massachusetts Financial Services Co. MA now owns 3,318,822 shares of the oil and gas producer’s stock worth $450,696,000 after acquiring an additional 785,270 shares during the period. Bank of New York Mellon Corp lifted its stake in Hess by 34.5% in the 2nd quarter. Bank of New York Mellon Corp now owns 2,835,486 shares of the oil and gas producer’s stock valued at $418,291,000 after buying an additional 726,631 shares in the last quarter. Hsbc Holdings PLC boosted its holdings in Hess by 76.4% in the 2nd quarter. Hsbc Holdings PLC now owns 1,532,132 shares of the oil and gas producer’s stock worth $227,273,000 after buying an additional 663,338 shares during the last quarter. Bank of Montreal Can increased its stake in Hess by 64.3% during the 2nd quarter. Bank of Montreal Can now owns 1,449,969 shares of the oil and gas producer’s stock worth $218,220,000 after buying an additional 567,550 shares in the last quarter. Finally, Marshall Wace LLP raised its holdings in shares of Hess by 45.6% during the second quarter. Marshall Wace LLP now owns 1,794,087 shares of the oil and gas producer’s stock valued at $264,664,000 after acquiring an additional 561,832 shares during the last quarter. Hedge funds and other institutional investors own 88.51% of the company’s stock.

Hess Price Performance

HES stock opened at $146.76 on Friday. Hess Co. has a 52-week low of $123.79 and a 52-week high of $163.98. The company has a quick ratio of 1.13, a current ratio of 1.26 and a debt-to-equity ratio of 0.75. The stock has a market cap of $45.22 billion, a price-to-earnings ratio of 17.10 and a beta of 1.15. The business has a fifty day moving average of $140.00 and a two-hundred day moving average of $142.34.

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

Hess Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, September 30th. Investors of record on Monday, September 16th were paid a dividend of $0.50 per share. This represents a $2.00 dividend on an annualized basis and a dividend yield of 1.36%. 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 dividend payout ratio is presently 23.31%.

Wall Street Analysts Forecast Growth

A number of analysts have recently issued reports on the company. Piper Sandler dropped their price target on Hess from $173.00 to $167.00 in a research report on Friday, September 13th. BMO Capital Markets upped their target price on shares of Hess from $155.00 to $160.00 and gave the stock an “outperform” rating in a report on Friday, October 4th. Citigroup decreased their price target on shares of Hess from $160.00 to $145.00 and set a “neutral” rating on the stock in a research note on Thursday, September 5th. Scotiabank upped their price objective on shares of Hess from $157.00 to $167.00 and gave the company a “sector perform” rating in a research note on Thursday, October 10th. Finally, Mizuho lowered their target price on Hess from $210.00 to $194.00 and set a “neutral” rating on the stock in a report on Monday, September 16th. Six research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, Hess presently has an average rating of “Hold” and an average price target of $163.30.

Insider Transactions at Hess

In related news, SVP Geurt G. Schoonman sold 6,000 shares of the firm’s stock in a transaction that occurred on Thursday, November 7th. The stock was sold at an average price of $141.91, for a total transaction of $851,460.00. Following the transaction, the senior vice president now owns 27,581 shares in the company, valued at $3,914,019.71. This trade represents a 17.87 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, CEO John B. Hess sold 125,000 shares of the company’s stock in a transaction on Wednesday, November 20th. The shares were sold at an average price of $147.08, for a total transaction of $18,385,000.00. Following the completion of the sale, the chief executive officer now owns 217,894 shares of the company’s stock, valued at approximately $32,047,849.52. This trade represents a 36.45 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 314,370 shares of company stock valued at $45,856,309. Insiders own 9.76% of the company’s stock.

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.