Zacks Research Brokers Decrease Earnings Estimates for Hess Co. (NYSE:HES)

Hess Co. (NYSE:HES – Get Rating) – Research analysts at Zacks Research dropped their Q2 2023 earnings per share (EPS) estimates for shares of Hess in a report issued on Tuesday, May 23rd. Zacks Research analyst N. Banerjee now expects that the oil and gas producer will earn $1.09 per share for the quarter, down from their previous forecast of $1.10. The consensus estimate for Hess’ current full-year earnings is $5.88 per share. Zacks Research also issued estimates for Hess’ Q1 2024 earnings at $1.62 EPS, Q2 2024 earnings at $1.77 EPS, Q3 2024 earnings at $1.66 EPS, FY2024 earnings at $6.91 EPS and Q1 2025 earnings at $2.40 EPS.

Several other equities research analysts have also commented on the company. Raymond James upped their price objective on Hess from $170.00 to $172.00 and gave the stock an “outperform” rating in a research note on Friday, April 21st. Citigroup increased their price target on Hess from $155.00 to $160.00 and gave the stock a “neutral” rating in a research note on Friday, January 27th. JPMorgan Chase & Co. increased their price target on Hess from $156.00 to $158.00 and gave the stock an “overweight” rating in a research note on Wednesday, April 5th. The Goldman Sachs Group lowered Hess from a “buy” rating to a “neutral” rating and increased their price target for the stock from $161.00 to $170.00 in a research note on Friday, January 27th. Finally, 92 Resources reiterated a “maintains” rating on shares of Hess in a research note on Friday, April 28th. One investment analyst has rated the stock with a sell rating, five have given a hold rating and nine have assigned a buy rating to the stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $169.00.

Hess Trading Up 0.9 %

NYSE:HES opened at $133.11 on Thursday. The company has a debt-to-equity ratio of 0.98, a current ratio of 1.65 and a quick ratio of 1.55. The firm has a market capitalization of $40.87 billion, a price-to-earnings ratio of 19.07 and a beta of 1.57. Hess has a one year low of $90.34 and a one year high of $160.52. The business has a fifty day moving average price of $136.09 and a 200-day moving average price of $139.77.

Hess (NYSE:HES – Get Rating) last posted its quarterly earnings data on Wednesday, April 26th. The oil and gas producer reported $1.13 EPS for the quarter, topping the consensus estimate of $1.03 by $0.10. The firm had revenue of $2.45 billion during the quarter, compared to analyst estimates of $2.37 billion. Hess had a return on equity of 25.85% and a net margin of 18.47%. Hess’s revenue was up 3.5% on a year-over-year basis. During the same period in the prior year, the business posted $1.30 EPS.

Hedge Funds Weigh In On Hess

Several institutional investors have recently bought and sold shares of HES. Delta Asset Management LLC TN purchased a new position in Hess in the fourth quarter worth $26,000. KB Financial Partners LLC purchased a new position in Hess in the first quarter worth $26,000. Orion Capital Management LLC grew its holdings in Hess by 63.4% in the fourth quarter. Orion Capital Management LLC now owns 214 shares of the oil and gas producer’s stock worth $30,000 after purchasing an additional 83 shares during the last quarter. Lindbrook Capital LLC grew its holdings in Hess by 53.8% in the fourth quarter. Lindbrook Capital LLC now owns 223 shares of the oil and gas producer’s stock worth $32,000 after purchasing an additional 78 shares during the last quarter. Finally, Zions Bancorporation N.A. grew its holdings in Hess by 92.3% in the third quarter. Zions Bancorporation N.A. now owns 300 shares of the oil and gas producer’s stock worth $33,000 after purchasing an additional 144 shares during the last quarter. 86.06% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at Hess

In other news, Director Corp Hess sold 6,382,500 shares of the firm’s stock in a transaction that occurred on Friday, May 19th. The shares were sold at an average price of $26.12, for a total transaction of $166,710,900.00. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. In related news, Director Corp Hess sold 6,382,500 shares of Hess stock in a transaction that occurred on Friday, May 19th. The shares were sold at an average price of $26.12, for a total transaction of $166,710,900.00. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, COO Gregory P. Hill sold 7,500 shares of Hess stock in a transaction that occurred on Wednesday, March 29th. The shares were sold at an average price of $132.40, for a total transaction of $993,000.00. Following the transaction, the chief operating officer now directly owns 116,346 shares in the company, valued at $15,404,210.40. The disclosure for this sale can be found here. Over the last three months, insiders have sold 6,436,221 shares of company stock valued at $174,102,591. 9.91% of the stock is currently owned by company insiders.

Hess Cuts Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, June 30th. Shareholders of record on Thursday, June 15th will be paid a $0.4375 dividend. This represents a $1.75 annualized dividend and a yield of 1.31%. The ex-dividend date of this dividend is Wednesday, June 14th. Hess’s payout ratio is currently 25.07%.

About Hess

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Hess Corp is an exploration and production company, which engages in exploration, development, production, transportation, purchase & sale of crude oil, natural gas liquids and natural gas with production operations. It operates through the following segments: Exploration and Production and Midstream.