Hess Co. (HES) Position Reduced by Reaves W H & Co. Inc.

Reaves W H & Co. Inc. lessened its stake in Hess Co. (NYSE:HES) by 66.5% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 40,500 shares of the oil and gas producer’s stock after selling 80,250 shares during the period. Reaves W H & Co. Inc.’s holdings in Hess were worth $2,050,000 as of its most recent SEC filing.

A number of other hedge funds also recently bought and sold shares of HES. Schwab Charles Investment Management Inc. increased its position in Hess by 2.2% during the 1st quarter. Schwab Charles Investment Management Inc. now owns 1,368,410 shares of the oil and gas producer’s stock valued at $69,269,000 after purchasing an additional 29,850 shares during the period. State of Wisconsin Investment Board increased its position in Hess by 142.3% during the 1st quarter. State of Wisconsin Investment Board now owns 324,236 shares of the oil and gas producer’s stock valued at $16,413,000 after purchasing an additional 190,409 shares during the period. Robeco Institutional Asset Management B.V. increased its position in Hess by 23.5% during the 1st quarter. Robeco Institutional Asset Management B.V. now owns 27,607 shares of the oil and gas producer’s stock valued at $1,396,000 after purchasing an additional 5,250 shares during the period. AGF Investments Inc. increased its position in Hess by 16.0% during the 1st quarter. AGF Investments Inc. now owns 15,504 shares of the oil and gas producer’s stock valued at $785,000 after purchasing an additional 2,137 shares during the period. Finally, Massachusetts Financial Services Co. MA increased its position in Hess by 0.9% during the 1st quarter. Massachusetts Financial Services Co. MA now owns 1,725,619 shares of the oil and gas producer’s stock valued at $87,351,000 after purchasing an additional 16,087 shares during the period. 95.66% of the stock is currently owned by institutional investors.

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Hess opened at $62.72 on Monday, according to MarketBeat Ratings. Hess Co. has a 12-month low of $37.25 and a 12-month high of $63.67. The company has a debt-to-equity ratio of 0.53, a current ratio of 2.63 and a quick ratio of 2.51.

Hess (NYSE:HES) last posted its quarterly earnings results on Wednesday, April 25th. The oil and gas producer reported ($0.27) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.50) by $0.23. Hess had a negative net margin of 69.10% and a negative return on equity of 8.54%. The company had revenue of $1.39 billion during the quarter, compared to analyst estimates of $1.23 billion. During the same period last year, the firm posted ($1.07) EPS. Hess’s revenue for the quarter was up 10.8% compared to the same quarter last year. analysts forecast that Hess Co. will post -1.07 EPS for the current fiscal year.

Hess declared that its board has authorized a stock repurchase plan on Thursday, March 8th that permits the company to buyback $1.00 billion in shares. This buyback authorization permits the oil and gas producer to repurchase shares of its stock through open market purchases. Shares buyback plans are often an indication that the company’s board of directors believes its shares are undervalued.

A number of research analysts have commented on HES shares. Macquarie reissued an “outperform” rating and set a $58.00 target price (down previously from $63.00) on shares of Hess in a research report on Wednesday, February 21st. Barclays set a $47.00 price target on shares of Hess and gave the company a “hold” rating in a report on Sunday, March 4th. Piper Jaffray restated a “buy” rating and issued a $52.00 price target on shares of Hess in a report on Friday, February 23rd. UBS assumed coverage on shares of Hess in a report on Wednesday, March 7th. They issued a “neutral” rating and a $50.00 price target on the stock. Finally, Credit Suisse Group set a $48.00 price target on shares of Hess and gave the company a “hold” rating in a report on Friday, April 13th. Three investment analysts have rated the stock with a sell rating, thirteen have assigned a hold rating and four have issued a buy rating to the company. Hess presently has a consensus rating of “Hold” and an average target price of $51.97.

In other Hess news, COO Gregory P. Hill sold 7,422 shares of the firm’s stock in a transaction that occurred on Wednesday, March 7th. The shares were sold at an average price of $48.04, for a total transaction of $356,552.88. Following the completion of the transaction, the chief operating officer now directly owns 90,600 shares of the company’s stock, valued at approximately $4,352,424. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, SVP Timothy B. Goodell sold 3,808 shares of the firm’s stock in a transaction that occurred on Wednesday, March 7th. The stock was sold at an average price of $47.56, for a total transaction of $181,108.48. Following the transaction, the senior vice president now directly owns 106,866 shares of the company’s stock, valued at $5,082,546.96. The disclosure for this sale can be found here. Insiders have sold a total of 65,070 shares of company stock valued at $3,154,064 over the last three months. 11.80% of the stock is currently owned by insiders.

Hess Company Profile

Hess Corporation, an exploration and production company, develops, produces, purchases, transports, and sells crude oil, natural gas liquids (NGLs), and natural gas. It operates through two segments, Exploration and Production, and Midstream. The company conducts production operations primarily in the United States, Denmark, the Malaysia/Thailand Joint Development Area, and Malaysia; and exploration activities primarily offshore Guyana, Suriname, Canada, and in the Gulf of Mexico.

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Institutional Ownership by Quarter for Hess (NYSE:HES)