Slotnik Capital LLC Sells 8,000 Shares of Hess Co. (NYSE:HES)

Slotnik Capital LLC lowered its holdings in shares of Hess Co. (NYSE:HES) by 5.5% in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 138,000 shares of the oil and gas producer’s stock after selling 8,000 shares during the period. Hess comprises 10.0% of Slotnik Capital LLC’s portfolio, making the stock its 3rd largest holding. Slotnik Capital LLC’s holdings in Hess were worth $20,358,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently modified their holdings of the company. Sagefield Capital LP raised its holdings in shares of Hess by 23.8% in the second quarter. Sagefield Capital LP now owns 502,242 shares of the oil and gas producer’s stock worth $74,091,000 after acquiring an additional 96,523 shares during the last quarter. Xponance Inc. increased its position in Hess by 4.8% during the 2nd quarter. Xponance Inc. now owns 52,742 shares of the oil and gas producer’s stock worth $7,780,000 after purchasing an additional 2,420 shares in the last quarter. P Schoenfeld Asset Management LP raised its stake in Hess by 10.7% in the 2nd quarter. P Schoenfeld Asset Management LP now owns 136,886 shares of the oil and gas producer’s stock valued at $20,193,000 after purchasing an additional 13,200 shares during the last quarter. Bank of Montreal Can lifted its holdings in Hess by 64.3% in the 2nd quarter. Bank of Montreal Can now owns 1,449,969 shares of the oil and gas producer’s stock valued at $218,220,000 after purchasing an additional 567,550 shares in the last quarter. Finally, Public Sector Pension Investment Board boosted its stake in shares of Hess by 50.5% during the 2nd quarter. Public Sector Pension Investment Board now owns 69,061 shares of the oil and gas producer’s stock worth $10,188,000 after purchasing an additional 23,184 shares during the last quarter. Hedge funds and other institutional investors own 88.51% of the company’s stock.

Hess Stock Up 0.7 %

Shares of NYSE HES opened at $135.32 on Tuesday. Hess Co. has a 12-month low of $123.79 and a 12-month high of $167.75. The stock has a fifty day moving average price of $137.86 and a 200 day moving average price of $146.97. 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 company has a market cap of $41.69 billion, a P/E ratio of 20.72 and a beta of 1.15.

Hess (NYSE:HES) last released its quarterly earnings results 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 firm had revenue of $3.26 billion for the quarter, compared to analyst estimates of $3.24 billion. During the same period in the previous year, the company posted $0.65 EPS. Hess’s revenue for the quarter was up 40.3% on a year-over-year basis. Research analysts anticipate that Hess Co. will post 11.04 EPS for the current fiscal year.

Hess Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, September 30th. Stockholders of record on Monday, September 16th will be paid a $0.50 dividend. The ex-dividend date is Monday, September 16th. 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 1.48%. Hess’s dividend payout ratio is 30.63%.

Wall Street Analyst Weigh In

HES has been the subject of a number of analyst reports. Sanford C. Bernstein raised shares of Hess from a “market perform” rating to an “outperform” rating and boosted their price objective for the company from $166.00 to $172.00 in a research report on Wednesday, July 17th. Wolfe Research initiated coverage on Hess in a report on Thursday, July 18th. They issued a “peer perform” rating for the company. UBS Group lowered their price target on Hess from $192.00 to $173.00 and set a “buy” rating for the company in a report on Wednesday, September 18th. Piper Sandler cut their price objective on shares of Hess from $173.00 to $167.00 in a report on Friday, September 13th. Finally, Scotiabank decreased their target price on shares of Hess from $165.00 to $157.00 and set a “sector perform” rating on the stock in a research report on Friday, July 12th. Eight research analysts have rated the stock with a hold rating and six have given a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $171.31.

Hess Company 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.