Cullen Frost Bankers Inc. Reduces Stake in Hess Co. (NYSE:HES)

Cullen Frost Bankers Inc. lessened its stake in shares of Hess Co. (NYSE:HES) by 3.1% during the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 64,833 shares of the oil and gas producer’s stock after selling 2,079 shares during the period. Cullen Frost Bankers Inc.’s holdings in Hess were worth $9,346,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds have also recently modified their holdings of the company. NBC Securities Inc. purchased a new position in Hess during the third quarter worth about $26,000. Pacific Capital Wealth Advisors Inc. acquired a new stake in shares of Hess during the 4th quarter worth approximately $27,000. Sound Income Strategies LLC purchased a new stake in shares of Hess during the 4th quarter valued at approximately $29,000. Larson Financial Group LLC acquired a new position in Hess in the third quarter valued at approximately $30,000. Finally, Orion Capital Management LLC purchased a new position in Hess in the third quarter worth approximately $33,000. Institutional investors and hedge funds own 88.51% of the company’s stock.

Hess Stock Down 0.5 %

Hess stock traded down $0.83 during mid-day trading on Wednesday, reaching $157.66. 2,400,579 shares of the company’s stock were exchanged, compared to its average volume of 2,649,519. The company has a quick ratio of 0.96, a current ratio of 1.23 and a debt-to-equity ratio of 0.81. Hess Co. has a twelve month low of $124.27 and a twelve month high of $167.75. The company has a market cap of $48.58 billion, a P/E ratio of 24.14 and a beta of 1.24. The company has a fifty day moving average of $152.88 and a 200-day moving average of $146.99.

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, beating the consensus estimate of $1.73 by $1.43. Hess had a return on equity of 22.73% and a net margin of 17.41%. The business had revenue of $3.34 billion for the quarter, compared to analysts’ expectations of $2.98 billion. During the same period last year, the firm earned $1.13 earnings per share. The company’s revenue for the quarter was up 36.2% compared to the same quarter last year. Sell-side analysts expect that Hess Co. will post 9.17 EPS for the current year.

Hess Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, March 28th. Stockholders of record on Monday, March 18th were given a dividend of $0.4375 per share. This represents a $1.75 dividend on an annualized basis and a dividend yield of 1.11%. The ex-dividend date was Friday, March 15th. Hess’s dividend payout ratio is presently 26.80%.

Analyst Upgrades and Downgrades

Several equities analysts have recently commented on the company. Mizuho upped their price target on Hess from $200.00 to $205.00 and gave the company a “neutral” rating in a research note on Wednesday, March 20th. StockNews.com assumed coverage on shares of Hess in a research note on Friday, May 3rd. They set a “sell” rating for the company. Susquehanna boosted their price target 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. Finally, Piper Sandler increased their price objective on shares of Hess from $172.00 to $173.00 and gave the stock an “overweight” rating in a research report on Thursday, April 18th. One investment analyst has rated the stock with a sell rating, six have issued a hold rating and four have issued a buy rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Hold” and a consensus price target of $177.42.

Insider Buying and Selling

In other Hess news, SVP Geurt G. Schoonman sold 13,921 shares of the business’s stock in a transaction that occurred on Wednesday, March 20th. The shares were sold at an average price of $151.08, for a total transaction of $2,103,184.68. Following the completion of the transaction, the senior vice president now owns 33,581 shares in the company, valued at approximately $5,073,417.48. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. In related news, CEO John B. Hess sold 73,885 shares of the business’s stock in a transaction that occurred on Thursday, February 29th. The stock was 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 owns 138,718 shares in the company, valued at $20,234,794.66. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, SVP Geurt G. Schoonman sold 13,921 shares of the stock in a transaction that occurred on Wednesday, March 20th. The shares were sold at an average price of $151.08, for a total transaction of $2,103,184.68. Following the completion of the transaction, the senior vice president now owns 33,581 shares in the company, valued at $5,073,417.48. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 155,798 shares of company stock worth $22,811,166. Company insiders own 9.76% of the company’s stock.

About Hess

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.