Bank of Nova Scotia buys 462,953 shares of Hess Co. (NYSE:HES)

Bank of Nova Scotia increased its holdings in Hess Co. (NYSE:HES – Free Report) by 774.8% during the fourth quarter, according to the company's most recent filing with the SEC on Form 13F. The company owned 522,707 shares of the oil and gas producer after purchasing an additional 462,953 shares during the quarter. Bank of Nova Scotia owned 0.17% of Hess valued at $75,351,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also made changes to their positions in HES. Private Advisor Group LLC increased its holdings in Hess by 17.9% in the third quarter. Private Advisor Group LLC now owns 6,816 shares of the oil and gas producer's stock worth $1,043,000 after acquiring an additional 1,034 shares in the last quarter. NBC Securities Inc. acquired a new stake in Hess in the third quarter valued at about $26,000. Los Angeles Capital Management LLC acquired a new stake in Hess in the 3rd quarter valued at $220,000. Metis Global Partners LLC increased its stake in Hess by 17.2% in the 3rd quarter. Metis Global Partners LLC now owns 11,360 shares of the oil and gas producer's stock worth $1,738,000 after acquiring an additional 1,666 shares during the same period. Finally, Financial Counselors Inc. increased its holdings in shares of Hess by 0.6% in the 3rd quarter. Financial Counselors Inc. now owns 21,370 shares of the oil and gas producer's stock worth $3,270,000 after acquiring an additional 138 shares during the period. Hedge funds and other institutional investors own 88.51% of the company's stock.

Insider activities at Hess

In related news, SVP Andrew P. Slentz sold 1,062 shares of the company's stock in a transaction that occurred on Thursday, March 7. The shares were sold at an average price of $144.52, for a total value of $153,480.24. Following the sale, the senior vice president now directly owns 50,215 shares of the company's stock, valued at approximately $7,257,071.80. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. In other Hess news, SVP Geurt G. Schoonman sold 13,921 shares of the company's stock in a transaction that occurred on Wednesday, March 20. The shares were sold at an average price of $151.08, for a total transaction of $2,103,184.68. Following the sale, the senior vice president now directly owns 33,581 shares of the company's stock, valued at approximately $5,073,417.48. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC's website. Also, SVP Andrew P. Slentz sold 1,062 shares of the company's stock in a transaction dated Thursday, March 7. The shares were sold at an average price of $144.52, for a total transaction of $153,480.24. Following the sale, the senior vice president now directly owns 50,215 shares of the company's stock, valued at $7,257,071.80. The disclosure regarding this sale can be found here. In the last three months, insiders have sold 24,988 shares of the company's stock, valued at $3,702,588. Insiders own 9.76% of the company's stock.

Changes in analyst ratings

HES has been the subject of several research reports lately. Piper Sandler raised their price target on Hess shares from $172.00 to $173.00 and gave the company an “overweight” rating in a report on Thursday, April 18. Susquehanna raised their price target on Hess shares from $164.00 to $167.00 and gave the company a “neutral” rating in a report on Thursday, May 16. StockNews.com began coverage on Hess shares in a report on Monday, May 27. They issued a “sell” rating on the stock. Finally, Mizuho raised their price target on Hess shares from $205.00 to $210.00 and gave the company a “neutral” rating in a report on Monday, May 13. One analyst has rated the stock with a sell rating, six have given a hold rating and four have given a buy rating to the company. According to MarketBeat.com, Hess currently has a consensus rating of “Hold” and an average price target of $178.08.

Check out our latest stock report on HES

Hess price performance

NYSE HES shares rose $3.89 on Friday, reaching $154.10. 2,762,066 shares of the company traded hands, compared to its average volume of 2,406,859. The company has a market cap of $47.48 billion, a price-to-earnings ratio of 23.60 and a beta of 1.24. Hess Co. has a 1-year low of $124.27 and a 1-year high of $167.75. The company's 50-day moving average price is $155.46 and its 200-day moving average price is $148.04. The company has a debt-to-equity ratio of 0.81, a current ratio of 1.23 and a quick ratio of 1.10.

Hess (NYSE:HES – Get Free Report) released its latest earnings results on Thursday, April 25. The oil and gas producer reported earnings per share of $3.16 for the quarter, beating the consensus estimate of $1.73 by $1.43. The company had revenue of $3.34 billion for the quarter, compared to analyst estimates of $2.98 billion. Hess had a net margin of 17.41% and a return on equity of 22.73%. The company's revenue grew 36.2% year over year. During the same period last year, the company generated earnings per share of $1.13. On average, sell-side analysts expect Hess Co. to report earnings per share of $9.55 for the current fiscal year.

Dividend announcement from Hess

The company also recently declared a quarterly dividend, which will be paid on Friday, June 28th. Investors of record on Friday, June 14th will receive a dividend of $0.4375. The ex-dividend date is Friday, June 14th. This represents a dividend of $1.75 annualized and a yield of 1.14%. Hess's payout ratio is 26.80%.

Hess company profile

(Free report)

Hess Corporation, an exploration and production company, explores for, 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 operates production operations primarily in the United States, Guyana, the Malaysia/Thailand Joint Development Area and Malaysia; and exploration activities primarily offshore Guyana, the U.S.

Further information

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