Cerebellum GP LLC Purchases Shares of 33,174 Hess Corp. (NYSE:HES)

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Cerebellum GP LLC purchased a new stake in shares of Hess Corp. (NYSE:HES) in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 33,174 shares of the oil and gas producer’s stock, valued at approximately $1,575,000. Hess accounts for 0.6% of Cerebellum GP LLC’s portfolio, making the stock its 24th largest holding.

A number of other hedge funds have also recently bought and sold shares of the business. FMR LLC boosted its position in shares of Hess by 66.0% in the first quarter. FMR LLC now owns 31,017,189 shares of the oil and gas producer’s stock worth $1,868,166,000 after buying an additional 12,335,629 shares during the period. Nuveen Asset Management LLC boosted its position in shares of Hess by 9,413.9% in the second quarter. Nuveen Asset Management LLC now owns 1,415,474 shares of the oil and gas producer’s stock worth $89,982,000 after buying an additional 1,400,596 shares during the period. Bank of New York Mellon Corp boosted its position in shares of Hess by 10.9% in the second quarter. Bank of New York Mellon Corp now owns 6,114,101 shares of the oil and gas producer’s stock worth $388,672,000 after buying an additional 599,520 shares during the period. Vanguard Group Inc. boosted its position in shares of Hess by 1.8% in the second quarter. Vanguard Group Inc. now owns 29,992,051 shares of the oil and gas producer’s stock worth $1,906,595,000 after buying an additional 520,350 shares during the period. Finally, Amundi Pioneer Asset Management Inc. boosted its position in shares of Hess by 128.5% in the first quarter. Amundi Pioneer Asset Management Inc. now owns 811,209 shares of the oil and gas producer’s stock worth $48,859,000 after buying an additional 456,211 shares during the period. 90.10% of the stock is owned by hedge funds and other institutional investors.

In other Hess news, insider Barbara J. Lowery-Yilmaz sold 7,305 shares of the company’s stock in a transaction that occurred on Tuesday, August 6th. The stock was sold at an average price of $57.18, for a total transaction of $417,699.90. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, COO Gregory P. Hill sold 17,750 shares of the company’s stock in a transaction that occurred on Monday, September 16th. The shares were sold at an average price of $70.94, for a total value of $1,259,185.00. The disclosure for this sale can be found here. Insiders sold 242,911 shares of company stock valued at $16,012,509 in the last three months. 12.22% of the stock is currently owned by company insiders.

HES has been the subject of several analyst reports. Bank of America reaffirmed a “buy” rating and issued a $80.00 target price (up previously from $75.00) on shares of Hess in a research report on Monday, October 7th. Barclays initiated coverage on Hess in a research report on Monday, August 19th. They issued an “overweight” rating and a $93.00 target price for the company. Piper Jaffray Companies set a $61.00 target price on Hess and gave the stock a “hold” rating in a research report on Friday, August 16th. ValuEngine raised Hess from a “hold” rating to a “buy” rating in a research report on Monday, September 16th. Finally, Morgan Stanley set a $69.00 target price on Hess and gave the stock a “buy” rating in a research report on Monday, June 24th. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating and seven have assigned a buy rating to the company’s stock. Hess currently has an average rating of “Hold” and a consensus price target of $68.08.

Shares of HES opened at $66.77 on Friday. The company has a market capitalization of $20.33 billion, a P/E ratio of -90.23 and a beta of 1.97. Hess Corp. has a one year low of $35.59 and a one year high of $71.06. The company has a debt-to-equity ratio of 0.68, a quick ratio of 1.46 and a current ratio of 1.58. The stock has a 50-day moving average price of $63.18 and a 200 day moving average price of $61.99.

Hess (NYSE:HES) last issued its quarterly earnings results on Wednesday, July 31st. The oil and gas producer reported ($0.09) EPS for the quarter, beating analysts’ consensus estimates of ($0.10) by $0.01. The firm had revenue of $1.70 billion during the quarter, compared to the consensus estimate of $1.52 billion. Hess had a return on equity of 0.46% and a net margin of 1.09%. Hess’s revenue for the quarter was up 8.4% on a year-over-year basis. During the same quarter in the prior year, the business posted ($0.23) earnings per share. As a group, equities research analysts forecast that Hess Corp. will post -0.44 earnings per share for the current fiscal year.

The firm also recently declared a quarterly dividend, which was paid on Monday, September 30th. Investors of record on Monday, September 16th were issued a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a yield of 1.50%. The ex-dividend date was Friday, September 13th. Hess’s dividend payout ratio is currently -135.14%.

About Hess

Hess Corporation, an exploration and production company, explores for, develops, produces, purchases, transports, and sells crude oil, natural gas liquids (NGLs), and natural gas. It operates through two segments, Exploration and Production, and Midstream. The company conducts production operations primarily in the United States, Denmark, the Malaysia/Thailand Joint Development Area, and Malaysia; and exploration activities primarily offshore Guyana, Suriname, Canada, and in the Gulf of Mexico.

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Institutional Ownership by Quarter for Hess (NYSE:HES)

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