Highbridge Capital Management LLC Has $61.80 Million Position in Hess Co. (NYSE:HES)

Highbridge Capital Management LLC raised its holdings in shares of Hess Co. (NYSE:HES) by 74.5% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 418,918 shares of the oil and gas producer’s stock after acquiring an additional 178,918 shares during the period. Hess makes up 2.0% of Highbridge Capital Management LLC’s holdings, making the stock its 9th largest position. Highbridge Capital Management LLC owned approximately 0.14% of Hess worth $61,799,000 as of its most recent SEC filing.

Several other hedge funds have also recently added to or reduced their stakes in the business. New Covenant Trust Company N.A. acquired a new position in shares of Hess in the 1st quarter worth approximately $25,000. Rise Advisors LLC acquired a new position in Hess in the first quarter worth approximately $27,000. Cape Investment Advisory Inc. bought a new position in shares of Hess in the fourth quarter valued at $32,000. Riverview Trust Co acquired a new stake in shares of Hess during the 1st quarter valued at $36,000. Finally, EverSource Wealth Advisors LLC boosted its stake in shares of Hess by 47.6% during the 1st 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 in the last quarter. Institutional investors own 88.51% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities analysts recently weighed in on the company. Piper Sandler dropped their price target on Hess from $173.00 to $167.00 in a research note on Friday, September 13th. Susquehanna dropped their target price on shares of Hess from $151.00 to $149.00 and set a “neutral” rating on the stock in a research report on Wednesday, September 4th. BMO Capital Markets downgraded shares of Hess to an “overweight” rating and reduced their price target for the company from $175.00 to $160.00 in a research report on Monday, August 19th. UBS Group lowered their price objective on shares of Hess from $192.00 to $173.00 and set a “buy” rating on the stock in a research report on Wednesday. Finally, Mizuho decreased their target price on Hess from $210.00 to $194.00 and set a “neutral” rating for the company in a research report on Monday. Eight investment analysts have rated the stock with a hold rating and six have issued a buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $171.31.

Hess Price Performance

Hess stock opened at $131.39 on Thursday. The company has a current ratio of 1.27, a quick ratio of 1.14 and a debt-to-equity ratio of 0.78. The firm has a market capitalization of $40.48 billion, a P/E ratio of 20.12 and a beta of 1.15. The business has a 50-day moving average of $138.73 and a 200-day moving average of $147.17. Hess Co. has a 1 year low of $123.79 and a 1 year high of $167.75.

Hess (NYSE:HES) last issued 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 return on equity of 27.43% and a net margin of 21.22%. The business had revenue of $3.26 billion for the quarter, compared to the consensus estimate of $3.24 billion. During the same quarter last year, the business posted $0.65 EPS. The firm’s revenue was up 40.3% compared to the same quarter last year. On average, equities analysts anticipate that Hess Co. will post 11.04 EPS for the current year.

Hess Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, September 30th. Shareholders of record on Monday, September 16th will be paid a $0.50 dividend. This is an increase from Hess’s previous quarterly dividend of $0.44. The ex-dividend date is Monday, September 16th. This represents a $2.00 annualized dividend and a dividend yield of 1.52%. Hess’s dividend payout ratio (DPR) is currently 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.