LPL Financial LLC Acquires 5,089 Shares of Hess Corporation (NYSE:HES)

LPL Financial LLC raised its holdings in Hess Corporation (NYSE:HES) by 15.0% in the 1st quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 39,065 shares of the oil and gas producer’s stock after purchasing an additional 5,089 shares during the quarter. LPL Financial LLC’s holdings in Hess were worth $6,240,000 as of its most recent SEC filing.

Several other institutional investors have also recently bought and sold shares of the business. Bank Julius Baer & Co. Ltd Zurich acquired a new stake in shares of Hess during the first quarter worth $25,000. Global X Japan Co. Ltd. grew its stake in shares of Hess by 106.2% during the first quarter. Global X Japan Co. Ltd. now owns 200 shares of the oil and gas producer’s stock worth $32,000 after purchasing an additional 103 shares during the period. Wayfinding Financial LLC acquired a new stake in shares of Hess during the first quarter worth $33,000. IMA Advisory Services Inc. acquired a new stake in shares of Hess during the first quarter worth $36,000. Finally, Raiffeisen Bank International AG bought a new position in Hess during the fourth quarter worth about $39,000. Institutional investors own 88.51% of the company’s stock.

Insider Transactions at Hess

In related news, CEO John B. Hess sold 250,000 shares of the company’s stock in a transaction dated Friday, June 6th. The stock was sold at an average price of $136.01, for a total transaction of $34,002,500.00. Following the sale, the chief executive officer owned 1,734,679 shares in the company, valued at approximately $235,933,690.79. This represents a 12.60% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Insiders own 9.10% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms have weighed in on HES. Piper Sandler lifted their target price on Hess from $147.00 to $153.00 and gave the stock an “overweight” rating in a report on Wednesday, July 2nd. Mizuho reduced their target price on Hess from $193.00 to $191.00 and set a “neutral” rating on the stock in a report on Tuesday, May 13th. Scotiabank lifted their target price on Hess from $146.58 to $155.00 and gave the stock a “sector perform” rating in a report on Friday, July 11th. UBS Group lifted their target price on Hess from $163.00 to $173.00 and gave the stock a “buy” rating in a report on Wednesday, June 11th. Finally, Wells Fargo & Company reduced their target price on Hess from $193.00 to $184.00 and set an “overweight” rating on the stock in a report on Thursday, June 26th. Six equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $162.78.

Hess Stock Performance

Shares of Hess stock opened at $160.31 on Tuesday. The firm has a market cap of $49.59 billion, a price-to-earnings ratio of 22.17 and a beta of 0.62. The stock’s 50-day moving average is $148.62 and its 200-day moving average is $143.33. Hess Corporation has a one year low of $123.79 and a one year high of $161.69. The company has a debt-to-equity ratio of 0.71, a current ratio of 1.08 and a quick ratio of 0.91.

Hess Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, June 30th. Investors of record on Monday, June 16th were issued a dividend of $0.50 per share. This represents a $2.00 annualized dividend and a yield of 1.2%. The ex-dividend date was Monday, June 16th. Hess’s dividend payout ratio is presently 27.66%.

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.