Citigroup Issues Positive Forecast for Hess (NYSE:HES) Stock Price

Hess (NYSE:HES) had its target price lifted by Citigroup from $145.00 to $163.00 in a research report report published on Friday,Benzinga reports. The firm currently has a neutral rating on the oil and gas producer’s stock.

Several other research firms have also weighed in on HES. Mizuho reduced their price objective on shares of Hess from $210.00 to $194.00 and set a “neutral” rating for the company in a research report on Monday, September 16th. Susquehanna raised their price objective on shares of Hess from $149.00 to $154.00 and gave the company a “neutral” rating in a research report on Friday, October 18th. Piper Sandler reduced their price objective on shares of Hess from $173.00 to $167.00 in a research report on Friday, September 13th. Wells Fargo & Company reduced their price objective on shares of Hess from $171.00 to $151.00 and set an “equal weight” rating for the company in a research note on Friday, September 27th. Finally, UBS Group upped their price objective on shares of Hess from $173.00 to $185.00 and gave the company a “buy” rating in a research note on Tuesday, December 3rd. Six research analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. According to MarketBeat, the company has an average rating of “Hold” and a consensus target price of $166.30.

Hess Stock Performance

Shares of HES opened at $141.53 on Friday. The firm has a 50-day moving average price of $141.39 and a 200 day moving average price of $141.67. The firm has a market capitalization of $43.61 billion, a PE ratio of 16.50 and a beta of 1.17. The company has a quick ratio of 1.13, a current ratio of 1.26 and a debt-to-equity ratio of 0.75. Hess has a 52-week low of $123.79 and a 52-week high of $163.98.

Hess (NYSE:HES) last posted its quarterly earnings data on Wednesday, October 30th. The oil and gas producer reported $2.14 earnings per share for the quarter, beating 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 EPS. The business’s revenue for the quarter was up 12.7% on a year-over-year basis. On average, sell-side analysts anticipate that Hess will post 9.74 earnings per share for the current fiscal year.

Hess Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Tuesday, December 31st. Stockholders of record on Monday, December 16th will be given a $0.50 dividend. This represents a $2.00 dividend on an annualized basis and a dividend yield of 1.41%. The ex-dividend date is Monday, December 16th. Hess’s dividend payout ratio (DPR) is 23.31%.

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 shares were 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 of the company’s stock, valued at approximately $3,914,019.71. This trade represents a 17.87 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO John B. Hess sold 90,476 shares of the firm’s stock in a transaction that occurred on Thursday, November 7th. The shares were sold at an average price of $142.47, for a total transaction of $12,890,115.72. Following the transaction, the chief executive officer now directly owns 223,147 shares in the company, valued at approximately $31,791,753.09. The trade was a 28.85 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 314,370 shares of company stock valued at $45,856,309 over the last three months. 9.76% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Hess

Several hedge funds and other institutional investors have recently added to or reduced their stakes in HES. Wellington Management Group LLP raised its position in Hess by 58.9% during the third quarter. Wellington Management Group LLP now owns 3,753,126 shares of the oil and gas producer’s stock valued at $509,675,000 after acquiring an additional 1,391,311 shares in the last quarter. HBK Investments L P grew its holdings in Hess by 16.7% during the third quarter. HBK Investments L P now owns 7,117,820 shares of the oil and gas producer’s stock valued at $966,600,000 after purchasing an additional 1,017,720 shares during the last quarter. Massachusetts Financial Services Co. MA grew its holdings 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 valued at $450,696,000 after purchasing an additional 785,270 shares during the last quarter. Bank of New York Mellon Corp grew its holdings in Hess by 34.5% during the second 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 purchasing an additional 726,631 shares during the last quarter. Finally, Hsbc Holdings PLC grew its holdings in Hess by 76.4% during the second quarter. Hsbc Holdings PLC now owns 1,532,132 shares of the oil and gas producer’s stock valued at $227,273,000 after purchasing an additional 663,338 shares during the last quarter. Institutional investors own 88.51% 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.