First Trust Direct Indexing L.P. Sells 540 Shares of Hess Co. (NYSE:HES)

First Trust Direct Indexing L.P. lowered its position in Hess Co. (NYSE:HES) by 7.0% during the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 7,147 shares of the oil and gas producer’s stock after selling 540 shares during the period. First Trust Direct Indexing L.P.’s holdings in Hess were worth $971,000 as of its most recent SEC filing.

Several other large investors have also recently modified their holdings of the company. New Covenant Trust Company N.A. purchased a new position in Hess in the first quarter worth $25,000. EverSource Wealth Advisors LLC boosted its position in shares of Hess by 47.6% in the 1st quarter. EverSource Wealth Advisors LLC now owns 273 shares of the oil and gas producer’s stock worth $43,000 after purchasing an additional 88 shares in the last quarter. Eastern Bank purchased a new position in Hess during the 3rd quarter worth $48,000. Rothschild Investment LLC acquired a new position in Hess during the 2nd quarter valued at about $60,000. Finally, CVA Family Office LLC raised its stake in Hess by 31.1% in the third quarter. CVA Family Office LLC now owns 451 shares of the oil and gas producer’s stock valued at $61,000 after buying an additional 107 shares during the last quarter. Institutional investors own 88.51% of the company’s stock.

Hess Stock Performance

NYSE HES opened at $137.75 on Friday. The stock has a market capitalization of $42.44 billion, a price-to-earnings ratio of 16.05 and a beta of 1.15. The stock has a 50-day moving average of $135.31 and a 200 day moving average of $144.07. The company has a current ratio of 1.26, a quick ratio of 1.14 and a debt-to-equity ratio of 0.75. Hess Co. has a twelve month low of $123.79 and a twelve month high of $163.98.

Hess (NYSE:HES) last announced its earnings results on Wednesday, October 30th. The oil and gas producer reported $2.14 earnings per share for the quarter, topping the consensus estimate of $1.88 by $0.26. Hess had a return on equity of 27.41% and a net margin of 20.58%. The business had revenue of $3.20 billion during the quarter, compared to the consensus estimate of $2.96 billion. During the same period in the prior year, the company posted $1.64 EPS. The business’s quarterly revenue was up 12.7% on a year-over-year basis. Sell-side analysts anticipate that Hess Co. will post 9.74 EPS for the current fiscal year.

Hess Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, September 30th. Investors of record on Monday, September 16th were given a dividend of $0.50 per share. This represents a $2.00 annualized dividend and a dividend yield of 1.45%. The ex-dividend date was Monday, September 16th. This is an increase from Hess’s previous quarterly dividend of $0.44. Hess’s dividend payout ratio is 23.31%.

Analyst Ratings Changes

A number of equities research analysts have recently weighed in on HES shares. Citigroup dropped their price target on Hess from $160.00 to $145.00 and set a “neutral” rating on the stock in a research note on Thursday, September 5th. Mizuho dropped their target price on Hess from $210.00 to $194.00 and set a “neutral” rating on the stock in a research report on Monday, September 16th. Wells Fargo & Company reduced their price target on shares of Hess from $171.00 to $151.00 and set an “equal weight” rating for the company in a research report on Friday, September 27th. Scotiabank raised their target price on shares of Hess from $157.00 to $167.00 and gave the stock a “sector perform” rating in a report on Thursday, October 10th. Finally, Piper Sandler lowered their price target on shares of Hess from $173.00 to $167.00 in a report on Friday, September 13th. Six equities research analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $164.00.

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.