OLD National Bancorp IN Invests $201,000 in Hess Co. (NYSE:HES)

OLD National Bancorp IN purchased a new position in shares of Hess Co. (NYSE:HES) during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm purchased 1,259 shares of the oil and gas producer’s stock, valued at approximately $201,000.

Other large investors have also modified their holdings of the company. J.Safra Asset Management Corp bought a new position in shares of Hess during the fourth quarter worth about $25,000. Sierra Ocean LLC bought a new position in shares of Hess during the fourth quarter worth about $27,000. Millstone Evans Group LLC bought a new position in shares of Hess during the fourth quarter worth about $33,000. Rialto Wealth Management LLC bought a new position in shares of Hess during the fourth quarter worth about $37,000. Finally, Zions Bancorporation N.A. lifted its position in shares of Hess by 225.6% during the fourth quarter. Zions Bancorporation N.A. now owns 293 shares of the oil and gas producer’s stock worth $39,000 after purchasing an additional 203 shares during the last quarter. Institutional investors own 88.51% of the company’s stock.

Insider Buying and Selling at Hess

In related news, CEO John B. Hess sold 225,000 shares of the firm’s stock in a transaction that occurred on Thursday, June 5th. The shares were sold at an average price of $133.18, for a total transaction of $29,965,500.00. Following the transaction, the chief executive officer now owns 1,984,679 shares in the company, valued at $264,319,549.22. This trade represents a 10.18% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Over the last 90 days, insiders have sold 650,000 shares of company stock worth $91,845,500. 9.10% of the stock is owned by company insiders.

Hess Price Performance

Shares of NYSE:HES opened at $138.67 on Wednesday. The firm’s 50 day moving average is $131.87 and its two-hundred day moving average is $140.22. Hess Co. has a 52 week low of $123.79 and a 52 week high of $161.69. The firm has a market capitalization of $42.89 billion, a P/E ratio of 15.41 and a beta of 0.62. The company has a current ratio of 1.12, a quick ratio of 1.13 and a debt-to-equity ratio of 0.72.

Hess (NYSE:HES) last announced its quarterly earnings results on Wednesday, April 30th. The oil and gas producer reported $1.81 EPS for the quarter, missing the consensus estimate of $1.95 by ($0.14). Hess had a net margin of 21.27% and a return on equity of 26.32%. The firm had revenue of $2.92 billion during the quarter, compared to analyst estimates of $2.95 billion. During the same quarter in the previous year, the business posted $3.16 EPS. Hess’s revenue for the quarter was down 12.1% compared to the same quarter last year. Analysts anticipate that Hess Co. will post 8.08 earnings per share for the current year.

Hess Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, June 30th. Shareholders of record on Monday, June 16th will be paid a $0.50 dividend. The ex-dividend date of this dividend is Monday, June 16th. This represents a $2.00 annualized dividend and a dividend yield of 1.44%. Hess’s payout ratio is currently 27.66%.

Analyst Upgrades and Downgrades

Several research firms recently weighed in on HES. Piper Sandler dropped their price objective on shares of Hess from $151.00 to $147.00 and set an “overweight” rating on the stock in a research note on Tuesday, May 13th. Susquehanna dropped their price objective on shares of Hess from $160.00 to $136.00 and set a “neutral” rating on the stock in a research note on Tuesday, April 22nd. Wall Street Zen upgraded shares of Hess to a “sell” rating in a research note on Friday, June 6th. UBS Group dropped their price objective on shares of Hess from $170.00 to $163.00 and set a “buy” rating on the stock in a research note on Wednesday, April 16th. Finally, Scotiabank dropped their price objective on shares of Hess from $164.00 to $146.58 and set a “sector perform” rating on the stock in a research note on Friday, April 11th. One investment analyst has rated the stock with a sell rating, five have given a hold rating and six have assigned a buy rating to the stock. According to MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $162.16.

Hess 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.