Picton Mahoney Asset Management Invests $30.27 Million in Hess Co. (NYSE:HES)

Picton Mahoney Asset Management purchased a new position in Hess Co. (NYSE:HES) during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm purchased 210,000 shares of the oil and gas producer’s stock, valued at approximately $30,274,000. Hess comprises about 0.8% of Picton Mahoney Asset Management’s holdings, making the stock its 7th biggest position.

Other large investors also recently modified their holdings of the company. NBC Securities Inc. acquired a new stake in shares of Hess in the 3rd quarter worth about $26,000. Pacific Capital Wealth Advisors Inc. acquired a new stake in shares of Hess in the 4th quarter worth about $27,000. Sound Income Strategies LLC acquired a new stake in shares of Hess in the 4th quarter worth about $29,000. Larson Financial Group LLC acquired a new stake in shares of Hess in the 3rd quarter worth about $30,000. Finally, Orion Capital Management LLC acquired a new stake in shares of Hess in the 3rd quarter worth about $33,000. 88.51% of the stock is currently owned by institutional investors.

Hess Price Performance

Shares of HES traded down $0.92 during mid-day trading on Tuesday, hitting $158.48. The company’s stock had a trading volume of 2,463,966 shares, compared to its average volume of 2,652,322. The firm has a 50-day moving average price of $152.88 and a 200 day moving average price of $146.99. The stock has a market capitalization of $48.83 billion, a price-to-earnings ratio of 24.27 and a beta of 1.24. The company has a debt-to-equity ratio of 0.81, a current ratio of 1.23 and a quick ratio of 0.96. Hess Co. has a fifty-two week low of $124.27 and a fifty-two week high of $167.75.

Hess (NYSE:HES) last announced its quarterly earnings data on Thursday, April 25th. The oil and gas producer reported $3.16 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.73 by $1.43. The company had revenue of $3.34 billion for the quarter, compared to analysts’ expectations of $2.98 billion. Hess had a net margin of 17.41% and a return on equity of 22.73%. The business’s revenue was up 36.2% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.13 EPS. On average, research analysts predict that Hess Co. will post 9.17 EPS for the current fiscal year.

Hess Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, March 28th. Stockholders of record on Monday, March 18th were paid a $0.4375 dividend. The ex-dividend date was Friday, March 15th. This represents a $1.75 annualized dividend and a dividend yield of 1.10%. Hess’s dividend payout ratio is currently 26.80%.

Wall Street Analyst Weigh In

Several research firms have commented on HES. StockNews.com began coverage on shares of Hess in a research note on Friday. They set a “sell” rating on the stock. Piper Sandler raised their target price on shares of Hess from $172.00 to $173.00 and gave the company an “overweight” rating in a research note on Thursday, April 18th. Mizuho raised their target price on shares of Hess from $200.00 to $205.00 and gave the company a “neutral” rating in a research note on Wednesday, March 20th. Finally, Susquehanna raised their target price on shares of Hess from $156.00 to $164.00 and gave the company a “neutral” rating in a research note on Monday, April 22nd. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating and four have issued a buy rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $177.42.

Insiders Place Their Bets

In other Hess news, EVP Timothy B. Goodell sold 2,701 shares of the firm’s stock in a transaction dated Thursday, March 7th. The shares were sold at an average price of $144.52, for a total value of $390,348.52. Following the completion of the transaction, the executive vice president now directly owns 162,144 shares in the company, valued at $23,433,050.88. The sale was disclosed in a filing with the SEC, which is accessible through this link. In related news, CEO John B. Hess sold 73,885 shares of the firm’s stock in a transaction that occurred on Thursday, February 29th. The shares were sold at an average price of $145.87, for a total transaction of $10,777,604.95. Following the completion of the sale, the chief executive officer now directly owns 138,718 shares in the company, valued at $20,234,794.66. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, EVP Timothy B. Goodell sold 2,701 shares of the firm’s stock in a transaction that occurred on Thursday, March 7th. The stock was sold at an average price of $144.52, for a total transaction of $390,348.52. Following the sale, the executive vice president now owns 162,144 shares of the company’s stock, valued at $23,433,050.88. The disclosure for this sale can be found here. Insiders sold a total of 155,798 shares of company stock worth $22,811,166 over the last ninety days. 9.76% of the stock is currently owned by company insiders.

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.