State of Michigan Retirement System Reduces Stock Position in Hess Co. (NYSE:HES)

State of Michigan Retirement System trimmed its holdings in shares of Hess Co. (NYSE:HES) by 0.3% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 75,041 shares of the oil and gas producer’s stock after selling 200 shares during the period. State of Michigan Retirement System’s holdings in Hess were worth $9,981,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds have also made changes to their positions in the business. Checchi Capital Advisers LLC boosted its holdings in Hess by 3.5% in the fourth quarter. Checchi Capital Advisers LLC now owns 2,154 shares of the oil and gas producer’s stock valued at $287,000 after purchasing an additional 72 shares in the last quarter. Cassaday & Co Wealth Management LLC boosted its holdings in shares of Hess by 2.4% in the 3rd quarter. Cassaday & Co Wealth Management LLC now owns 3,266 shares of the oil and gas producer’s stock valued at $444,000 after buying an additional 78 shares in the last quarter. Moss Adams Wealth Advisors LLC grew its position in shares of Hess by 5.3% in the 4th quarter. Moss Adams Wealth Advisors LLC now owns 1,682 shares of the oil and gas producer’s stock valued at $224,000 after buying an additional 85 shares during the last quarter. Howard Capital Management Inc. raised its stake in Hess by 5.2% during the 4th quarter. Howard Capital Management Inc. now owns 1,809 shares of the oil and gas producer’s stock worth $241,000 after acquiring an additional 90 shares in the last quarter. Finally, Parkside Financial Bank & Trust lifted its position in Hess by 18.0% in the fourth quarter. Parkside Financial Bank & Trust now owns 629 shares of the oil and gas producer’s stock valued at $84,000 after acquiring an additional 96 shares during the last quarter. 88.51% of the stock is owned by institutional investors and hedge funds.

Hess Stock Performance

NYSE:HES opened at $141.43 on Thursday. The firm has a market cap of $43.60 billion, a price-to-earnings ratio of 15.71 and a beta of 1.21. The company has a debt-to-equity ratio of 0.72, a current ratio of 1.12 and a quick ratio of 1.13. Hess Co. has a 1-year low of $123.79 and a 1-year high of $163.98. The firm’s fifty day moving average price is $143.39 and its 200 day moving average price is $139.80.

Hess (NYSE:HES) last issued its quarterly earnings results on Wednesday, January 29th. The oil and gas producer reported $1.76 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.44 by $0.32. Hess had a net margin of 21.27% and a return on equity of 26.32%. On average, sell-side analysts expect that Hess Co. will post 8.08 EPS for the current year.

Hess Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, March 31st. Shareholders of record on Monday, March 17th will be given a dividend of $0.50 per share. This represents a $2.00 annualized dividend and a yield of 1.41%. Hess’s payout ratio is 22.22%.

Wall Street Analysts Forecast Growth

HES has been the topic of several research reports. Pickering Energy Partners raised Hess to a “hold” rating in a report on Friday, January 3rd. UBS Group raised their price target on Hess from $185.00 to $186.00 and gave the stock a “buy” rating in a research note on Thursday, February 13th. Wells Fargo & Company upgraded Hess from an “equal weight” rating to an “overweight” rating and boosted their price objective for the company from $151.00 to $193.00 in a research note on Monday, December 9th. StockNews.com initiated coverage on shares of Hess in a research report on Sunday. They set a “hold” rating on the stock. Finally, Citigroup upped their price target on shares of Hess from $145.00 to $163.00 and gave the company a “neutral” rating in a research report on Friday, December 6th. Six research analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target 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.