Piper Sandler Lowers Hess (NYSE:HES) Price Target to $167.00

Hess (NYSE:HES) had its price target lowered by Piper Sandler from $173.00 to $167.00 in a report published on Friday.

Several other research firms have also recently weighed in on HES. Scotiabank dropped their price target on shares of Hess from $165.00 to $157.00 and set a sector perform rating for the company in a research note on Friday, July 12th. StockNews.com assumed coverage on Hess in a report on Friday, June 28th. They issued a hold rating for the company. Wolfe Research began coverage on Hess in a research note on Thursday, July 18th. They issued a peer perform rating for the company. Citigroup decreased their price objective on Hess from $160.00 to $145.00 and set a neutral rating for the company in a research report on Thursday, September 5th. Finally, Susquehanna reduced their price target on Hess from $151.00 to $149.00 and set a neutral rating for the company in a report on Wednesday, September 4th. Eight investment analysts have rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of Hold and an average target price of $172.77.

Hess Price Performance

Shares of HES opened at $128.92 on Friday. The business’s 50-day moving average is $139.36 and its two-hundred day moving average is $147.41. The company has a market capitalization of $39.72 billion, a P/E ratio of 19.74 and a beta of 1.15. Hess has a fifty-two week low of $123.79 and a fifty-two week high of $167.75. The company has a debt-to-equity ratio of 0.78, a quick ratio of 1.14 and a current ratio of 1.27.

Hess (NYSE:HES) last released its quarterly earnings data on Wednesday, July 31st. The oil and gas producer reported $2.62 earnings per share for the quarter, beating analysts’ consensus estimates of $2.48 by $0.14. Hess had a net margin of 21.22% and a return on equity of 27.43%. The company had revenue of $3.26 billion during the quarter, compared to analysts’ expectations of $3.24 billion. During the same quarter in the previous year, the company earned $0.65 earnings per share. The firm’s revenue for the quarter was up 40.3% on a year-over-year basis. Research analysts predict that Hess will post 11.04 earnings per share for the current year.

Hess Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, September 30th. Investors of record on Monday, September 16th will be issued a dividend of $0.50 per share. This is an increase from Hess’s previous quarterly dividend of $0.44. This represents a $2.00 annualized dividend and a dividend yield of 1.55%. The ex-dividend date of this dividend is Monday, September 16th. Hess’s dividend payout ratio is currently 30.63%.

Hedge Funds Weigh In On Hess

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Manchester Capital Management LLC raised its stake in shares of Hess by 1.4% in the 1st quarter. Manchester Capital Management LLC now owns 5,102 shares of the oil and gas producer’s stock valued at $779,000 after buying an additional 68 shares in the last quarter. Drive Wealth Management LLC grew its holdings in shares of Hess by 1.6% in the 2nd quarter. Drive Wealth Management LLC now owns 4,599 shares of the oil and gas producer’s stock worth $678,000 after purchasing an additional 72 shares during the last quarter. Quent Capital LLC grew its holdings in shares of Hess by 7.3% in the 2nd quarter. Quent Capital LLC now owns 1,074 shares of the oil and gas producer’s stock worth $158,000 after purchasing an additional 73 shares during the last quarter. Massmutual Trust Co. FSB ADV lifted its holdings in Hess by 17.9% during the 1st quarter. Massmutual Trust Co. FSB ADV now owns 507 shares of the oil and gas producer’s stock valued at $77,000 after purchasing an additional 77 shares during the last quarter. Finally, Versant Capital Management Inc boosted its position in Hess by 16.9% in the second quarter. Versant Capital Management Inc now owns 540 shares of the oil and gas producer’s stock valued at $80,000 after buying an additional 78 shares in the last quarter. Institutional investors own 88.51% 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.