20,000 Shares in Hess Co. (NYSE:HES) Acquired by Cannon Global Investment Management LLC

Cannon Global Investment Management LLC purchased a new stake in Hess Co. (NYSE:HES - Free Report) in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm purchased 20,000 shares of the oil and gas producer's stock, valued at approximately $2,716,000. Hess comprises about 4.3% of Cannon Global Investment Management LLC's investment portfolio, making the stock its 3rd biggest position.

A number of other institutional investors have also recently added to or reduced their stakes in HES. New Covenant Trust Company N.A. acquired a new stake in shares of Hess during the 1st quarter worth approximately $25,000. EverSource Wealth Advisors LLC grew its position in Hess by 47.6% in the first 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 during the period. Eastern Bank acquired a new stake in Hess during the third quarter worth $48,000. Rothschild Investment LLC purchased a new stake in Hess in the second quarter valued at $60,000. Finally, CVA Family Office LLC lifted its stake in shares of Hess by 31.1% in the 3rd quarter. CVA Family Office LLC now owns 451 shares of the oil and gas producer's stock valued at $61,000 after purchasing an additional 107 shares during the last quarter. Hedge funds and other institutional investors own 88.51% of the company's stock.

Analyst Upgrades and Downgrades

Several analysts recently issued reports on the stock. Citigroup reduced their price objective on shares of Hess from $160.00 to $145.00 and set a "neutral" rating on the stock in a report on Thursday, September 5th. Sanford C. Bernstein raised shares of Hess from a "market perform" rating to an "outperform" rating and boosted their price target for the company from $166.00 to $172.00 in a research note on Wednesday, July 17th. StockNews.com began coverage on shares of Hess in a research report on Saturday. They set a "hold" rating for the company. Piper Sandler decreased their price target on Hess from $173.00 to $167.00 in a research note on Friday, September 13th. Finally, Susquehanna lifted their price objective on Hess from $149.00 to $154.00 and gave the company a "neutral" rating in a research note on Friday, October 18th. Six analysts have rated the stock with a hold rating and six have given a buy rating to the stock. According to MarketBeat, Hess presently has an average rating of "Moderate Buy" and an average target price of $164.00.

Hess Stock Up 2.4 %

NYSE HES traded up $3.27 during trading hours on Friday, hitting $137.75. 2,542,813 shares of the company were exchanged, compared to its average volume of 1,332,390. The company has a quick ratio of 1.14, a current ratio of 1.26 and a debt-to-equity ratio of 0.75. The firm has a market cap of $42.44 billion, a price-to-earnings ratio of 16.05 and a beta of 1.15. The company has a 50 day moving average of $135.31 and a two-hundred day moving average of $143.98. Hess Co. has a 52-week low of $123.79 and a 52-week high of $163.98.

Hess (NYSE:HES - Get Free Report) last released its earnings results on Wednesday, October 30th. The oil and gas producer reported $2.14 earnings per share for the quarter, topping analysts' consensus estimates of $1.88 by $0.26. Hess had a net margin of 20.58% and a return on equity of 27.41%. The firm had revenue of $3.20 billion for the quarter, compared to analyst estimates of $2.96 billion. During the same period in the prior year, the firm earned $1.64 earnings per share. The business's quarterly revenue was up 12.7% compared to the same quarter last year. Equities research analysts anticipate that Hess Co. will post 9.74 earnings per share for the current year.

Hess Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, September 30th. Stockholders of record on Monday, September 16th were given a dividend of $0.50 per share. This is a boost from Hess's previous quarterly dividend of $0.44. This represents a $2.00 annualized dividend and a dividend yield of 1.45%. The ex-dividend date was Monday, September 16th. Hess's payout ratio is 23.31%.

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.