BlackRock Fund Advisors recently announced the acquisition of new stake in Hess Corporation (NYSE:HES). The institutional investor has increased its shareholding in the Energy company by 1.38% to 15.59 million shares with purchase of 0.21 million shares. This fresh investment now brings its stake to 5.06% valued currently at $2.1 billion. In addition, Capital Research & Management Co raised its holdings by 2.97 million to 9.74 million shares. And T. Rowe Price Associates, Inc. has lifted its position by 26.53% or 1.99 million shares – to 9.48 million shares.
With over 2.09 million Hess Corporation (HES) shares trading Tuesday and a closing price of $124.88 on the day, the dollar volume was approximately $260.63 million. The shares have shown a negative half year performance of -1.61% and its price on 03/14/23 gained nearly 0.04%. Currently, there are 306.30M common shares owned by the public and among those 276.00M shares have been available to trade.
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Insiders at the company have transacted a total of 51 times over the past 12 months, according to data filed with the U.S. Securities and Exchange Commission (SEC). 21 of these insider trades were purchases, accounting for 460,027 shares. Insider sales of the common stock occurred on 30 occasions, with total insider shares sold totaling 626,698 shares.
The top 3 mutual fund holders in Hess Corporation are Vanguard Total Stock Market Index, SPDR Series – Energy Select Secto, and Vanguard Mid Cap Index Fund. Vanguard Total Stock Market Index owns 8.51 million shares of the company’s stock, all valued at over $1.15 billion. The company bought an additional 67015.0 shares recently to bring their total holdings to about 2.76% of the shares outstanding. SPDR Series – Energy Select Secto bought 13020.0 shares to see its total holdings expand to 8.11 million shares valued at over $1.09 billion and representing 2.63% of the shares outstanding. Vanguard Mid Cap Index Fund bought 10406.0 shares to bring its total holdings to over 6.47 million shares at a value of $871.26 million. Vanguard Mid Cap Index Fund now owns shares totaling to 2.10% of the shares outstanding.
Shares of Hess Corporation (NYSE: HES) opened at $125.43, up $0.6 from a prior closing price of $124.83. However, the script later moved the day high at 128.82, up 0.04%. The company’s stock has a 5-day price change of -8.77% and -3.43% over the past three months. HES shares are trading -11.94% year to date (YTD), with the 12-month market performance up to 31.99% higher. It has a 12-month low price of $89.80 and touched a high of $160.52 over the same period. HES has an average intraday trading volume of 1.63 million shares. The stock is trading above its simple moving averages at the SMA20, SMA50, and SMA200, as the current price level is off by -9.54%, -12.83%, and -2.26% respectively.
Institutional ownership of Hess Corporation (NYSE: HES) shares accounts for 88.40% of the company’s 306.30M shares outstanding. Mutual fund holders own 30.36%, while other institutional holders and individual stakeholders account for 55.29% and 10.51% respectively.
It has a market capitalization of $39.49B and a beta (3y monthly) value of 1.59. The stock’s trailing 12-month PE ratio is 18.45, while the earnings-per-share (ttm) stands at $6.77. The company has a PEG of 0.24 and a Quick Ratio of 1.60 with the debt-to-equity ratio at 1.08. Price movements for the stock have been influenced by the stock’s volatility, which stands at 3.91% over the week and 3.31% over the month.
Analysts forecast that Hess Corporation (HES) will achieve an EPS of $1.65 for the current quarter, $1.85 for the next quarter and $10.26 for 2024. The lowest estimate earnings-per-share for the quarter is $1.15 while analysts give the company a high EPS estimate of $3.13. Comparatively, EPS for the current quarter was $1.3 a year ago. Earnings per share for the fiscal year are expected to increase by 274.60%, and 37.44% over the next financial year. EPS should grow at an annualized rate of 78.10% over the next five years, compared to 20.30% over the past 5-year period.
Looking at the support for the HES, a number of firms have released research notes about the stock. Goldman stated their Neutral rating for the stock in a research note on January 27, 2023, with the firm’s price target at $161-$170. Wolfe Research coverage for the Hess Corporation (HES) stock in a research note released on January 12, 2023 offered a Outperform rating with a price target of $181. Mizuho was of a view on January 10, 2023 that the stock is Neutral, while Jefferies gave the stock Hold rating on October 19, 2022, issuing a price target of $140. Citigroup on their part issued Neutral rating on June 24, 2022.
