Allspring Global Investments Holdings LLC Sells 204 Shares of Hess Co. (NYSE:HES)

Allspring Global Investments Holdings LLC cut its position in Hess Co. (NYSE:HES) by 0.7% in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 27,188 shares of the oil and gas producer’s stock after selling 204 shares during the quarter. Allspring Global Investments Holdings LLC’s holdings in Hess were worth $3,692,000 at the end of the most recent reporting period.

Other institutional investors have also added to or reduced their stakes in the company. Wealth Enhancement Advisory Services LLC raised its holdings in Hess by 13.7% in the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 5,841 shares of the oil and gas producer’s stock valued at $892,000 after acquiring an additional 706 shares in the last quarter. Farmers & Merchants Investments Inc. raised its holdings in Hess by 10.3% in the 1st quarter. Farmers & Merchants Investments Inc. now owns 855 shares of the oil and gas producer’s stock valued at $131,000 after acquiring an additional 80 shares in the last quarter. Norden Group LLC acquired a new position in Hess in the 1st quarter valued at $998,000. First Trust Direct Indexing L.P. raised its holdings in Hess by 35.6% in the 1st quarter. First Trust Direct Indexing L.P. now owns 6,165 shares of the oil and gas producer’s stock valued at $941,000 after acquiring an additional 1,620 shares in the last quarter. Finally, Veracity Capital LLC acquired a new position in Hess in the 1st quarter valued at $208,000. 88.51% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

HES has been the subject of several analyst reports. UBS Group dropped their price objective on Hess from $192.00 to $173.00 and set a “buy” rating for the company in a report on Wednesday, September 18th. Susquehanna boosted their price target on Hess from $149.00 to $154.00 and gave the stock a “neutral” rating in a report on Friday, October 18th. StockNews.com assumed coverage on Hess in a report on Friday. They set a “hold” rating for the company. Sanford C. Bernstein raised Hess from a “market perform” rating to an “outperform” rating and boosted their price target for the stock from $166.00 to $172.00 in a report on Wednesday, July 17th. Finally, BMO Capital Markets boosted their price target on Hess from $155.00 to $160.00 and gave the stock an “outperform” rating in a report on Friday, October 4th. Six research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $164.00.

Hess Trading Down 0.7 %

NYSE HES opened at $137.00 on Tuesday. The business’s 50-day moving average price is $135.42 and its two-hundred day moving average price is $144.44. Hess Co. has a 12 month low of $123.79 and a 12 month high of $163.98. The firm has a market capitalization of $42.21 billion, a PE ratio of 20.98 and a beta of 1.15. 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 (NYSE:HES) last released its quarterly earnings results on Wednesday, July 31st. The oil and gas producer reported $2.62 EPS for the quarter, beating analysts’ consensus estimates 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 quarter in the previous year, the company posted $0.65 EPS. The business’s revenue was up 40.3% on a year-over-year basis. On average, analysts expect that Hess Co. will post 10.22 EPS for the current year.

Hess Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, September 30th. Shareholders of record on Monday, September 16th were given a $0.50 dividend. This represents a $2.00 dividend on an annualized basis and a dividend yield of 1.46%. The ex-dividend date was Monday, September 16th. This is a positive change from Hess’s previous quarterly dividend of $0.44. Hess’s payout ratio is 30.63%.

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.