Golden State Wealth Management LLC Acquires 975 Shares of Hess Corporation (NYSE:HES)

Golden State Wealth Management LLC lifted its holdings in Hess Corporation (NYSE:HES) by 175.4% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 1,531 shares of the oil and gas producer’s stock after acquiring an additional 975 shares during the period. Golden State Wealth Management LLC’s holdings in Hess were worth $245,000 at the end of the most recent quarter.

Other institutional investors have also recently made changes to their positions in the company. Charles Schwab Investment Management Inc. lifted its holdings in shares of Hess by 4.7% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,838,079 shares of the oil and gas producer’s stock valued at $244,483,000 after acquiring an additional 82,703 shares during the last quarter. American Century Companies Inc. lifted its holdings in shares of Hess by 14.7% in the 4th quarter. American Century Companies Inc. now owns 333,056 shares of the oil and gas producer’s stock valued at $44,300,000 after acquiring an additional 42,797 shares during the last quarter. Manning & Napier Advisors LLC lifted its holdings in shares of Hess by 79.0% in the 1st quarter. Manning & Napier Advisors LLC now owns 30,610 shares of the oil and gas producer’s stock valued at $4,889,000 after acquiring an additional 13,511 shares during the last quarter. Steward Partners Investment Advisory LLC lifted its holdings in shares of Hess by 76.2% in the 4th quarter. Steward Partners Investment Advisory LLC now owns 8,188 shares of the oil and gas producer’s stock valued at $1,089,000 after acquiring an additional 3,541 shares during the last quarter. Finally, Freestone Capital Holdings LLC lifted its holdings in shares of Hess by 95.5% in the 4th quarter. Freestone Capital Holdings LLC now owns 14,844 shares of the oil and gas producer’s stock valued at $1,974,000 after acquiring an additional 7,252 shares during the last quarter. Institutional investors own 88.51% of the company’s stock.

Analysts Set New Price Targets

A number of analysts recently weighed in on the stock. UBS Group increased their price objective on shares of Hess from $163.00 to $173.00 and gave the stock a “buy” rating in a research report on Wednesday, June 11th. Scotiabank reduced 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 report on Friday, April 11th. Susquehanna reduced their price objective on shares of Hess from $160.00 to $136.00 and set a “neutral” rating on the stock in a research report on Tuesday, April 22nd. Wells Fargo & Company reduced their price objective on shares of Hess from $193.00 to $184.00 and set an “overweight” rating on the stock in a research report on Thursday. Finally, Piper Sandler reduced their price objective on shares of Hess from $151.00 to $147.00 and set an “overweight” rating on the stock in a research report on Tuesday, May 13th. Six investment analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. According to data from MarketBeat, Hess presently has an average rating of “Moderate Buy” and a consensus price target of $162.26.

Hess Stock Performance

Shares of NYSE:HES opened at $139.06 on Friday. The firm has a market cap of $43.01 billion, a PE ratio of 19.23 and a beta of 0.62. The firm’s 50 day simple moving average is $134.75 and its 200-day simple moving average is $139.92. 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 quick ratio of 0.91 and a current ratio of 1.08.

Hess (NYSE:HES) last issued its earnings results on Wednesday, April 30th. The oil and gas producer reported $1.81 EPS for the quarter, missing analysts’ consensus estimates of $1.95 by ($0.14). The company had revenue of $2.92 billion for the quarter, compared to analysts’ expectations of $2.95 billion. Hess had a return on equity of 21.78% and a net margin of 17.65%. The business’s revenue was down 12.1% compared to the same quarter last year. During the same period last year, the business posted $3.16 earnings per share. As a group, equities analysts predict that Hess Corporation will post 8.08 EPS for the current year.

Hess Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, June 30th. Stockholders of record on Monday, June 16th will be given a dividend of $0.50 per share. This represents a $2.00 dividend on an annualized basis and a dividend yield of 1.44%. The ex-dividend date of this dividend is Monday, June 16th. Hess’s dividend payout ratio (DPR) is presently 27.66%.

Insider Transactions at Hess

In related news, CEO John B. Hess sold 225,000 shares of Hess 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 directly owns 1,984,679 shares of the company’s stock, valued at $264,319,549.22. This trade represents a 10.18% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Corporate insiders own 9.10% 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.