Kornitzer Capital Management Inc. KS Sells 20,303 Shares of Hess Co. (NYSE:HES)

Kornitzer Capital Management Inc. KS reduced its position in Hess Co. (NYSE:HES - Free Report) by 3.2% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 608,249 shares of the oil and gas producer's stock after selling 20,303 shares during the quarter. Hess makes up approximately 1.6% of Kornitzer Capital Management Inc. KS's portfolio, making the stock its 5th biggest position. Kornitzer Capital Management Inc. KS owned 0.20% of Hess worth $80,903,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently bought and sold shares of HES. Venturi Wealth Management LLC increased its position in shares of Hess by 215.0% during the fourth quarter. Venturi Wealth Management LLC now owns 2,205 shares of the oil and gas producer's stock worth $293,000 after acquiring an additional 1,505 shares during the period. D.A. Davidson & CO. acquired a new position in Hess during the 4th quarter worth $764,000. CIBC Asset Management Inc increased its holdings in Hess by 4.5% during the 4th quarter. CIBC Asset Management Inc now owns 43,085 shares of the oil and gas producer's stock worth $5,731,000 after purchasing an additional 1,861 shares during the period. Sierra Ocean LLC acquired a new stake in Hess in the 4th quarter valued at about $27,000. Finally, Strategic Financial Concepts LLC purchased a new position in shares of Hess in the 4th quarter valued at about $3,117,000. 88.51% of the stock is currently owned by hedge funds and other institutional investors.

Hess Stock Performance

NYSE:HES traded down $3.00 during mid-day trading on Friday, reaching $147.96. 1,737,905 shares of the stock were exchanged, compared to its average volume of 1,947,462. The stock has a market capitalization of $45.59 billion, a P/E ratio of 16.44 and a beta of 1.17. Hess Co. has a 1 year low of $123.79 and a 1 year high of $163.98. The company has a 50 day simple moving average of $140.87 and a 200-day simple moving average of $139.01. The company has a quick ratio of 1.13, a current ratio of 1.12 and a debt-to-equity ratio of 0.72.

Hess (NYSE:HES - Get Free Report) last posted its quarterly earnings data on Wednesday, January 29th. The oil and gas producer reported $1.76 earnings per share for the quarter, beating the consensus estimate of $1.44 by $0.32. Hess had a return on equity of 26.32% and a net margin of 21.27%. Analysts anticipate that Hess Co. will post 8.08 earnings per share for the current fiscal year.

Hess Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, December 31st. Shareholders of record on Monday, December 16th were given a dividend of $0.50 per share. This represents a $2.00 annualized dividend and a yield of 1.35%. The ex-dividend date of this dividend was Monday, December 16th. Hess's payout ratio is currently 22.22%.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently weighed in on the stock. Citigroup raised their price objective on shares of Hess from $145.00 to $163.00 and gave the company a "neutral" rating in a report on Friday, December 6th. Pickering Energy Partners upgraded Hess to a "hold" rating in a research note on Friday, January 3rd. StockNews.com assumed coverage on Hess in a report on Friday, February 14th. They set a "hold" rating for the company. UBS Group increased their price objective on Hess from $185.00 to $186.00 and gave the company a "buy" rating in a report on Thursday, February 13th. Finally, Wells Fargo & Company upgraded Hess from an "equal weight" rating to an "overweight" rating and boosted their target price for the stock from $151.00 to $193.00 in a research note on Monday, December 9th. Six investment analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. Based on data from MarketBeat.com, Hess currently has a consensus rating of "Moderate Buy" and a consensus target price of $170.60.

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.