Zacks Research Issues Negative Estimate for Hess Earnings

Hess Co. (NYSE:HES) – Investment analysts at Zacks Research cut their Q3 2024 earnings per share (EPS) estimates for Hess in a research note issued on Tuesday, October 22nd. Zacks Research analyst R. Department now forecasts that the oil and gas producer will post earnings per share of $2.28 for the quarter, down from their prior forecast of $2.32. The consensus estimate for Hess’ current full-year earnings is $10.22 per share. Zacks Research also issued estimates for Hess’ Q4 2024 earnings at $2.13 EPS, FY2024 earnings at $10.19 EPS, Q1 2025 earnings at $2.48 EPS, Q2 2025 earnings at $2.61 EPS, Q3 2025 earnings at $2.64 EPS, Q4 2025 earnings at $2.60 EPS and FY2025 earnings at $10.33 EPS.

A number of other analysts have also weighed in on the company. Wolfe Research upgraded Hess from a “peer perform” rating to an “outperform” rating and set a $150.00 target price on the stock in a research note on Monday, September 30th. StockNews.com assumed coverage on Hess in a research note on Thursday, October 17th. They issued a “hold” rating on the stock. Scotiabank increased their target price on Hess from $157.00 to $167.00 and gave the stock a “sector perform” rating in a research note on Thursday, October 10th. Sanford C. Bernstein upgraded Hess from a “market perform” rating to an “outperform” rating and increased their target price for the stock from $166.00 to $172.00 in a research note on Wednesday, July 17th. Finally, Mizuho reduced their target price on Hess from $210.00 to $194.00 and set a “neutral” rating on the stock in a research note on Monday, September 16th. Seven research analysts have rated the stock with a hold rating and six have given a buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of $164.00.

Hess Stock Down 0.4 %

Shares of HES opened at $138.05 on Thursday. The company has a quick ratio of 1.14, a current ratio of 1.27 and a debt-to-equity ratio of 0.78. The business has a fifty day moving average of $135.38 and a 200 day moving average of $144.93. Hess has a 52-week low of $123.79 and a 52-week high of $163.98. The company has a market cap of $42.53 billion, a PE ratio of 21.14 and a beta of 1.15.

Hess (NYSE:HES) last issued its quarterly earnings results on Wednesday, July 31st. The oil and gas producer reported $2.62 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.48 by $0.14. The company had revenue of $3.26 billion during the quarter, compared to the consensus estimate of $3.24 billion. Hess had a return on equity of 27.43% and a net margin of 21.22%. Hess’s revenue was up 40.3% on a year-over-year basis. During the same period last year, the company earned $0.65 earnings per share.

Hess Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, September 30th. Shareholders of record on Monday, September 16th were paid a $0.50 dividend. This represents a $2.00 annualized dividend and a yield of 1.45%. The ex-dividend date of this dividend was Monday, September 16th. This is a positive change from Hess’s previous quarterly dividend of $0.44. Hess’s payout ratio is 30.63%.

Hedge Funds Weigh In On Hess

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Mirae Asset Global Investments Co. Ltd. grew its stake in Hess by 22.8% in the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 16,264 shares of the oil and gas producer’s stock valued at $2,173,000 after purchasing an additional 3,025 shares during the last quarter. Mediolanum International Funds Ltd grew its stake in Hess by 57.0% in the third quarter. Mediolanum International Funds Ltd now owns 11,074 shares of the oil and gas producer’s stock valued at $1,477,000 after purchasing an additional 4,020 shares during the last quarter. Assenagon Asset Management S.A. grew its stake in Hess by 15.0% in the third quarter. Assenagon Asset Management S.A. now owns 11,864 shares of the oil and gas producer’s stock valued at $1,611,000 after purchasing an additional 1,548 shares during the last quarter. IFM Investors Pty Ltd boosted its holdings in Hess by 20.9% in the third quarter. IFM Investors Pty Ltd now owns 66,619 shares of the oil and gas producer’s stock worth $9,047,000 after acquiring an additional 11,522 shares in the last quarter. Finally, Tanager Wealth Management LLP acquired a new stake in Hess in the third quarter worth about $670,000. Hedge funds and other institutional investors own 88.51% of the company’s stock.

Hess Company 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.