Public Sector Pension Investment Board Acquires 23,184 Shares of Hess Co. (NYSE:HES)

Public Sector Pension Investment Board lifted its position in shares of Hess Co. (NYSE:HES) by 50.5% during the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 69,061 shares of the oil and gas producer’s stock after purchasing an additional 23,184 shares during the quarter. Public Sector Pension Investment Board’s holdings in Hess were worth $10,188,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently made changes to their positions in HES. KRYGER CAPITAL Ltd bought a new position in shares of Hess during the fourth quarter worth $110,423,000. Bank of New York Mellon Corp lifted its position in Hess by 34.5% in the 2nd 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 acquiring an additional 726,631 shares in the last quarter. Hsbc Holdings PLC lifted its position in Hess by 76.4% in the 2nd quarter. Hsbc Holdings PLC now owns 1,532,132 shares of the oil and gas producer’s stock valued at $227,273,000 after acquiring an additional 663,338 shares in the last quarter. Water Island Capital LLC bought a new stake in Hess in the 4th quarter valued at $76,714,000. Finally, Bank of Nova Scotia lifted its position in Hess by 774.8% in the 4th quarter. Bank of Nova Scotia now owns 522,707 shares of the oil and gas producer’s stock valued at $75,351,000 after acquiring an additional 462,953 shares in the last quarter. 88.51% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

HES has been the topic of several research reports. Sanford C. Bernstein upgraded Hess from a “market perform” rating to an “outperform” rating and boosted their target price for the company from $166.00 to $172.00 in a research note on Wednesday, July 17th. Piper Sandler decreased their target price on shares of Hess from $173.00 to $167.00 in a research report on Friday, September 13th. Susquehanna reduced their price objective on shares of Hess from $151.00 to $149.00 and set a “neutral” rating for the company in a research note on Wednesday, September 4th. StockNews.com assumed coverage on Hess in a research report on Friday, June 28th. They issued a “hold” rating on the stock. Finally, UBS Group reduced their price target on Hess from $192.00 to $173.00 and set a “buy” rating for the company in a research report on Wednesday, September 18th. Eight investment analysts have rated the stock with a hold rating and six have issued a buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $171.31.

Hess Stock Up 0.7 %

Shares of HES opened at $135.32 on Tuesday. The firm has a market cap of $41.69 billion, a P/E ratio of 20.72 and a beta of 1.15. The company has a debt-to-equity ratio of 0.78, a quick ratio of 1.14 and a current ratio of 1.27. Hess Co. has a 52 week low of $123.79 and a 52 week high of $167.75. The firm’s 50-day simple moving average is $137.86 and its 200 day simple moving average is $146.97.

Hess (NYSE:HES) last posted its earnings results on Wednesday, July 31st. The oil and gas producer reported $2.62 EPS for the quarter, beating the consensus estimate of $2.48 by $0.14. The company had revenue of $3.26 billion for the quarter, compared to the consensus estimate of $3.24 billion. Hess had a return on equity of 27.43% and a net margin of 21.22%. The firm’s revenue for the quarter was up 40.3% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.65 earnings per share. On average, analysts forecast that Hess Co. will post 11.04 earnings per share for the current year.

Hess Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, September 30th. Stockholders of record on Monday, September 16th will be given a $0.50 dividend. This represents a $2.00 dividend on an annualized basis and a dividend yield of 1.48%. The ex-dividend date is Monday, September 16th. This is a boost from Hess’s previous quarterly dividend of $0.44. Hess’s payout ratio is presently 30.63%.

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.