Envestnet Asset Management Inc. Has $26.95 Million Position in Hess Corporation (NYSE:HES)

Envestnet Asset Management Inc. boosted its stake in shares of Hess Corporation (NYSE:HES) by 21.1% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 168,723 shares of the oil and gas producer’s stock after buying an additional 29,407 shares during the quarter. Envestnet Asset Management Inc. owned approximately 0.05% of Hess worth $26,950,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently bought and sold shares of HES. Global X Japan Co. Ltd. raised its position in shares of Hess by 106.2% in the 1st quarter. Global X Japan Co. Ltd. now owns 200 shares of the oil and gas producer’s stock worth $32,000 after acquiring an additional 103 shares in the last quarter. Millstone Evans Group LLC bought a new position in shares of Hess in the 4th quarter worth about $33,000. Wayfinding Financial LLC bought a new position in shares of Hess in the 1st quarter worth about $33,000. Zions Bancorporation N.A. raised its position in shares of Hess by 225.6% in the 4th quarter. Zions Bancorporation N.A. now owns 293 shares of the oil and gas producer’s stock worth $39,000 after acquiring an additional 203 shares in the last quarter. Finally, Raiffeisen Bank International AG bought a new position in shares of Hess in the 4th quarter worth about $39,000. 88.51% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling at Hess

In other news, CEO John B. Hess sold 250,000 shares of the business’s stock in a transaction that occurred on Friday, June 6th. The stock was sold at an average price of $136.01, for a total value of $34,002,500.00. Following the transaction, the chief executive officer owned 1,734,679 shares in the company, valued at $235,933,690.79. The trade was a 12.60% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 9.10% of the stock is owned by insiders.

Analyst Ratings Changes

Several research analysts have recently weighed in on HES shares. Scotiabank set a $155.00 price objective on Hess and gave the stock a “sector perform” rating in a research report on Friday. Susquehanna dropped their price target on Hess from $160.00 to $136.00 and set a “neutral” rating on the stock in a research note on Tuesday, April 22nd. Mizuho dropped their price target on Hess from $193.00 to $191.00 and set a “neutral” rating on the stock in a research note on Tuesday, May 13th. Piper Sandler upped their price target on Hess from $147.00 to $153.00 and gave the stock an “overweight” rating in a research note on Wednesday, July 2nd. Finally, UBS Group upped their price target on Hess from $163.00 to $173.00 and gave the stock a “buy” rating in a research note on Wednesday, June 11th. Six investment analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $163.70.

Hess Price Performance

HES stock opened at $149.69 on Tuesday. The company has a market capitalization of $46.30 billion, a P/E ratio of 20.70 and a beta of 0.62. The company has a debt-to-equity ratio of 0.71, a quick ratio of 0.91 and a current ratio of 1.08. Hess Corporation has a 52-week low of $123.79 and a 52-week high of $161.69. The business has a 50-day simple moving average of $138.14 and a two-hundred day simple moving average of $141.02.

Hess (NYSE:HES) last released its quarterly earnings results on Wednesday, April 30th. The oil and gas producer reported $1.81 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.95 by ($0.14). Hess had a net margin of 17.65% and a return on equity of 21.78%. The company had revenue of $2.92 billion for the quarter, compared to analyst estimates of $2.95 billion. During the same quarter last year, the firm posted $3.16 EPS. Hess’s revenue for the quarter was down 12.1% on a year-over-year basis. Research analysts expect that Hess Corporation will post 8.08 EPS for the current fiscal year.

Hess Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, June 30th. Stockholders of record on Monday, June 16th were paid a $0.50 dividend. The ex-dividend date was Monday, June 16th. This represents a $2.00 dividend on an annualized basis and a dividend yield of 1.34%. Hess’s payout ratio is presently 27.66%.

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.