abrdn plc Decreases Stock Holdings in Hess Co. (NYSE:HES)

abrdn plc cut its stake in Hess Co. (NYSE:HES) by 6.0% in the fourth quarter, HoldingsChannel reports. The institutional investor owned 90,942 shares of the oil and gas producer’s stock after selling 5,817 shares during the quarter. abrdn plc’s holdings in Hess were worth $12,060,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently modified their holdings of the stock. Groupama Asset Managment increased its stake in Hess by 22.7% in the 3rd quarter. Groupama Asset Managment now owns 22,606 shares of the oil and gas producer’s stock valued at $31,000 after purchasing an additional 4,186 shares in the last quarter. Covestor Ltd grew its holdings in Hess by 59.8% in the third quarter. Covestor Ltd now owns 262 shares of the oil and gas producer’s stock valued at $36,000 after purchasing an additional 98 shares during the last quarter. FSA Wealth Management LLC purchased a new position in shares of Hess in the third quarter valued at $37,000. Eastern Bank acquired a new position in shares of Hess during the 3rd quarter worth $48,000. Finally, LRI Investments LLC boosted its position in shares of Hess by 157.2% in the 3rd quarter. LRI Investments LLC now owns 355 shares of the oil and gas producer’s stock worth $51,000 after buying an additional 217 shares in the last quarter. 88.51% of the stock is currently owned by institutional investors and hedge funds.

Hess Stock Up 0.7 %

Shares of NYSE:HES opened at $142.99 on Friday. The company has a current ratio of 1.12, a quick ratio of 1.13 and a debt-to-equity ratio of 0.72. The firm has a market cap of $44.06 billion, a price-to-earnings ratio of 15.89 and a beta of 1.17. The stock’s 50-day moving average price is $140.31 and its two-hundred day moving average price is $139.07. Hess Co. has a 12-month low of $123.79 and a 12-month high of $163.98.

Hess (NYSE:HES) last released its earnings results on Wednesday, January 29th. The oil and gas producer reported $1.76 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.44 by $0.32. Hess had a net margin of 21.27% and a return on equity of 26.32%. On average, research analysts forecast that Hess Co. will post 7.69 EPS for the current year.

Hess Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, December 31st. Stockholders of record on Monday, December 16th were paid a dividend of $0.50 per share. The ex-dividend date was Monday, December 16th. This represents a $2.00 annualized dividend and a dividend yield of 1.40%. Hess’s dividend payout ratio is presently 22.22%.

Insider Transactions at Hess

In other Hess news, CEO John B. Hess sold 125,000 shares of the business’s stock in a transaction dated Wednesday, November 20th. The stock was sold at an average price of $147.08, for a total transaction of $18,385,000.00. Following the completion of the sale, the chief executive officer now owns 217,894 shares of the company’s stock, valued at approximately $32,047,849.52. The trade was a 36.45 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 9.76% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts have weighed in on the stock. Wells Fargo & Company upgraded shares of Hess from an “equal weight” rating to an “overweight” rating and raised their target price for the company from $151.00 to $193.00 in a report on Monday, December 9th. Pickering Energy Partners raised shares of Hess to a “hold” rating in a research note on Friday, January 3rd. UBS Group upped their target price on Hess from $173.00 to $185.00 and gave the company a “buy” rating in a research note on Tuesday, December 3rd. Susquehanna raised their price target on Hess from $149.00 to $154.00 and gave the stock a “neutral” rating in a research report on Friday, October 18th. Finally, StockNews.com started coverage on Hess in a research note on Thursday. They set a “hold” rating on the stock. Six analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $170.50.

About Hess

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.