Massachusetts Financial Services Co. MA Sells 42,538 Shares of Hess Co. (NYSE:HES)

Massachusetts Financial Services Co. MA reduced its stake in Hess Co. (NYSE:HES) by 1.7% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 2,533,552 shares of the oil and gas producer’s stock after selling 42,538 shares during the period. Massachusetts Financial Services Co. MA owned 0.82% of Hess worth $373,750,000 at the end of the most recent reporting period.

Other institutional investors have also modified their holdings of the company. New Covenant Trust Company N.A. purchased a new position in shares of Hess during the first quarter worth approximately $25,000. Rise Advisors LLC purchased a new position in shares of Hess during the first quarter worth approximately $27,000. Cape Investment Advisory Inc. purchased a new position in shares of Hess during the fourth quarter worth approximately $32,000. Riverview Trust Co purchased a new position in shares of Hess during the first quarter worth approximately $36,000. Finally, EverSource Wealth Advisors LLC increased its position in shares of Hess by 47.6% during the first quarter. EverSource Wealth Advisors LLC now owns 273 shares of the oil and gas producer’s stock worth $43,000 after acquiring an additional 88 shares during the period. 88.51% of the stock is owned by hedge funds and other institutional investors.

Hess Price Performance

NYSE HES opened at $128.92 on Tuesday. The firm’s fifty day simple moving average is $139.36 and its two-hundred day simple moving average is $147.41. The company has a current ratio of 1.27, a quick ratio of 1.14 and a debt-to-equity ratio of 0.78. Hess Co. has a 12-month low of $123.79 and a 12-month high of $167.75. The firm has a market capitalization of $39.72 billion, a P/E ratio of 19.74 and a beta of 1.15.

Hess (NYSE:HES) last posted its quarterly earnings data on Wednesday, July 31st. The oil and gas producer reported $2.62 EPS for the quarter, topping the consensus estimate of $2.48 by $0.14. Hess had a net margin of 21.22% and a return on equity of 27.43%. The business had revenue of $3.26 billion during the quarter, compared to the consensus estimate of $3.24 billion. During the same period in the previous year, the firm posted $0.65 earnings per share. The business’s revenue for the quarter was up 40.3% compared to the same quarter last year. Analysts forecast that Hess Co. will post 11.04 EPS for the current fiscal year.

Hess Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, September 30th. Stockholders of record on Monday, September 16th will be paid a dividend of $0.50 per share. This is an increase from Hess’s previous quarterly dividend of $0.44. This represents a $2.00 annualized dividend and a dividend yield of 1.55%. The ex-dividend date of this dividend is Monday, September 16th. Hess’s payout ratio is presently 30.63%.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently commented on HES shares. Citigroup reduced their target price on shares of Hess from $160.00 to $145.00 and set a “neutral” rating on the stock in a research report on Thursday, September 5th. Sanford C. Bernstein raised shares of Hess from a “market perform” rating to an “outperform” rating and lifted their price objective for the company from $166.00 to $172.00 in a report on Wednesday, July 17th. Piper Sandler cut their price objective on shares of Hess from $173.00 to $167.00 in a report on Friday. Wolfe Research initiated coverage on shares of Hess in a report on Thursday, July 18th. They set a “peer perform” rating on the stock. Finally, Scotiabank cut their price objective on shares of Hess from $165.00 to $157.00 and set a “sector perform” rating on the stock in a report on Friday, July 12th. Eight analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. According to MarketBeat, the company has an average rating of “Hold” and an average target price of $172.77.

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.