Levin Capital Strategies L.P. Has $87.56 Million Position in Hess Corp. (HES)
Levin Capital Strategies L.P. increased its stake in shares of Hess Corp. (NYSE:HES) by 2.8% during the 4th quarter, according to its most recent disclosure with the SEC. The institutional investor owned 2,161,907 shares of the oil and gas producer’s stock after acquiring an additional 58,217 shares during the period. Hess comprises approximately 1.9% of Levin Capital Strategies L.P.’s investment portfolio, making the stock its 18th largest holding. Levin Capital Strategies L.P. owned 0.73% of Hess worth $87,557,000 as of its most recent SEC filing.
A number of other large investors have also added to or reduced their stakes in HES. Canada Pension Plan Investment Board increased its stake in shares of Hess by 1,660.0% during the third quarter. Canada Pension Plan Investment Board now owns 267,695 shares of the oil and gas producer’s stock worth $19,162,000 after purchasing an additional 252,485 shares during the period. Palo Capital Inc. bought a new position in shares of Hess during the third quarter worth approximately $116,000. Royal London Asset Management Ltd. grew its position in Hess by 1.9% during the third quarter. Royal London Asset Management Ltd. now owns 197,857 shares of the oil and gas producer’s stock worth $14,164,000 after buying an additional 3,664 shares in the last quarter. Three Peaks Capital Management LLC acquired a new stake in shares of Hess in the 3rd quarter valued at $2,506,000. Finally, Candriam Luxembourg S.C.A. boosted its holdings in shares of Hess by 18.4% in the 3rd quarter. Candriam Luxembourg S.C.A. now owns 275,352 shares of the oil and gas producer’s stock valued at $19,710,000 after purchasing an additional 42,791 shares in the last quarter. Hedge funds and other institutional investors own 87.82% of the company’s stock.
HES stock opened at $51.57 on Monday. The stock has a market cap of $15.54 billion, a price-to-earnings ratio of -69.69 and a beta of 1.93. The company has a debt-to-equity ratio of 0.61, a current ratio of 2.02 and a quick ratio of 2.16. Hess Corp. has a 52-week low of $35.59 and a 52-week high of $74.81.
In related news, insider Richard D. Lynch sold 17,843 shares of Hess stock in a transaction that occurred on Thursday, February 7th. The shares were sold at an average price of $54.04, for a total value of $964,235.72. Following the sale, the insider now owns 28,708 shares of the company’s stock, valued at approximately $1,551,380.32. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO John B. Hess sold 167,834 shares of Hess stock in a transaction that occurred on Thursday, February 7th. The stock was sold at an average price of $52.84, for a total transaction of $8,868,348.56. Following the completion of the sale, the chief executive officer now directly owns 1,871,958 shares in the company, valued at approximately $98,914,260.72. The disclosure for this sale can be found here. Insiders have sold a total of 430,416 shares of company stock valued at $23,360,981 in the last quarter. Company insiders own 12.09% of the company’s stock.
A number of equities research analysts have weighed in on the company. Zacks Investment Research raised Hess from a “strong sell” rating to a “hold” rating in a report on Wednesday, February 6th. Morgan Stanley set a $63.00 price objective on Hess and gave the company a “buy” rating in a report on Tuesday, January 29th. Stephens downgraded Hess from an “overweight” rating to an “equal weight” rating and set a $69.00 price objective on the stock. in a report on Tuesday, January 29th. They noted that the move was a valuation call. Barclays raised Hess from an “equal weight” rating to an “overweight” rating and set a $66.00 price objective on the stock in a report on Thursday, January 10th. They noted that the move was a valuation call. Finally, MKM Partners dropped coverage on Hess in a report on Wednesday, December 26th. Two equities research analysts have rated the stock with a sell rating, ten have assigned a hold rating and five have issued a buy rating to the stock. The stock has a consensus rating of “Hold” and a consensus price target of $67.27.
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Hess Company Profile
Hess Corporation, an exploration and production company, 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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