Zacks Research Issues Negative Estimate for Hess Earnings

Hess Co. (NYSE:HES) – Research analysts at Zacks Research dropped their Q3 2024 earnings estimates for shares of Hess in a research report issued on Tuesday, October 22nd. Zacks Research analyst R. Department now anticipates that the oil and gas producer will earn $2.28 per share for the quarter, down from their previous estimate 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.

Hess (NYSE:HES) last released its quarterly earnings results on Wednesday, July 31st. The oil and gas producer reported $2.62 EPS for the quarter, beating the consensus estimate of $2.48 by $0.14. Hess had a net margin of 21.22% and a return on equity of 27.43%. The firm had revenue of $3.26 billion during the quarter, compared to analyst estimates of $3.24 billion. During the same quarter in the prior year, the firm earned $0.65 EPS. The business’s revenue for the quarter was up 40.3% compared to the same quarter last year.

Several other research firms have also commented on HES. BMO Capital Markets upped their price target on shares of Hess from $155.00 to $160.00 and gave the company an “outperform” rating in a research report on Friday, October 4th. StockNews.com began coverage on shares of Hess in a report on Thursday, October 17th. They issued a “hold” rating for the company. Susquehanna increased their target price on shares of Hess from $149.00 to $154.00 and gave the stock a “neutral” rating in a report on Friday, October 18th. Piper Sandler reduced their target price on shares of Hess from $173.00 to $167.00 in a report on Friday, September 13th. Finally, Scotiabank increased 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. Seven analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. According to data from MarketBeat, Hess currently has a consensus rating of “Hold” and an average target price of $164.00.

Hess Price Performance

NYSE HES opened at $138.05 on Thursday. Hess has a 52 week low of $123.79 and a 52 week high of $163.98. The firm has a market capitalization of $42.53 billion, a P/E ratio of 21.14 and a beta of 1.15. 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 company has a 50-day moving average price of $135.38 and a 200-day moving average price of $144.93.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the company. Sanctuary Advisors LLC bought a new position in shares of Hess during the 2nd quarter valued at approximately $6,054,000. Tidal Investments LLC boosted its position in shares of Hess by 59.9% during the 1st quarter. Tidal Investments LLC now owns 26,823 shares of the oil and gas producer’s stock valued at $4,087,000 after acquiring an additional 10,053 shares during the last quarter. Cetera Investment Advisers boosted its position in shares of Hess by 424.8% during the 1st quarter. Cetera Investment Advisers now owns 19,466 shares of the oil and gas producer’s stock valued at $2,971,000 after acquiring an additional 15,757 shares during the last quarter. Calamos Advisors LLC boosted its position in shares of Hess by 2.7% during the 2nd quarter. Calamos Advisors LLC now owns 590,326 shares of the oil and gas producer’s stock valued at $87,085,000 after acquiring an additional 15,684 shares during the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. boosted its position in shares of Hess by 24.2% during the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 66,362 shares of the oil and gas producer’s stock valued at $10,129,000 after acquiring an additional 12,915 shares during the last quarter. 88.51% of the stock is currently owned by institutional investors.

Hess Increases Dividend

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

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.