Q3 2023 EPS Estimates for Hess Co. Lifted by Analyst (NYSE:HES)

Hess Co. (NYSE:HES) – Investment analysts at Zacks Research boosted their Q3 2023 earnings estimates for Hess in a report issued on Tuesday, September 12th. Zacks Research analyst N. Banerjee now expects that the oil and gas producer will post earnings of $1.11 per share for the quarter, up from their previous forecast of $0.84. The consensus estimate for Hess’ current full-year earnings is $4.34 per share. Zacks Research also issued estimates for Hess’ Q4 2023 earnings at $1.43 EPS, FY2023 earnings at $4.32 EPS, Q1 2024 earnings at $1.98 EPS, Q2 2024 earnings at $2.10 EPS, Q3 2024 earnings at $2.32 EPS, Q4 2024 earnings at $2.20 EPS, FY2024 earnings at $8.61 EPS, Q1 2025 earnings at $2.23 EPS, Q2 2025 earnings at $2.22 EPS and FY2025 earnings at $9.02 EPS.

A number of other brokerages have also recently commented on HES. Evercore ISI cut their price target on shares of Hess from $155.00 to $153.00 in a research report on Monday, July 10th. Mizuho upped their price target on shares of Hess from $169.00 to $175.00 and gave the company a “neutral” rating in a research report on Wednesday, August 16th. Morgan Stanley upped their price target on shares of Hess from $154.00 to $158.00 and gave the company an “overweight” rating in a research report on Friday, August 18th. Susquehanna upped their price target on shares of Hess from $183.00 to $187.00 in a research report on Thursday, July 27th. Finally, Citigroup upped their price target on shares of Hess from $152.00 to $155.00 and gave the company a “neutral” rating in a research report on Wednesday, August 2nd. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating and ten have assigned a buy rating to the company. According to MarketBeat.com, Hess presently has a consensus rating of “Moderate Buy” and an average price target of $168.94.

Hess Stock Performance

Shares of Hess stock opened at $160.35 on Friday. The company has a quick ratio of 1.43, a current ratio of 1.54 and a debt-to-equity ratio of 0.97. The stock has a market cap of $49.24 billion, a price-to-earnings ratio of 30.72 and a beta of 1.58. The company’s fifty day moving average is $150.61 and its 200 day moving average is $140.33. Hess has a twelve month low of $100.34 and a twelve month high of $165.43.

Hess (NYSE:HES) last issued its quarterly earnings data on Wednesday, July 26th. The oil and gas producer reported $0.65 earnings per share for the quarter, topping the consensus estimate of $0.57 by $0.08. Hess had a net margin of 14.60% and a return on equity of 19.56%. The company had revenue of $2.32 billion for the quarter, compared to analysts’ expectations of $2.32 billion. During the same quarter in the previous year, the firm posted $2.15 earnings per share. Hess’s revenue for the quarter was down 22.4% on a year-over-year basis.

Hess Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, September 29th. Investors of record on Monday, September 18th will be issued a $0.4375 dividend. The ex-dividend date of this dividend is Friday, September 15th. This represents a $1.75 dividend on an annualized basis and a dividend yield of 1.09%. Hess’s dividend payout ratio is presently 33.52%.

Insider Buying and Selling

In related news, SVP Barbara J. Lowery-Yilmaz sold 24,319 shares of the company’s stock in a transaction dated Friday, September 1st. The shares were sold at an average price of $156.91, for a total value of $3,815,894.29. Following the sale, the senior vice president now owns 113,670 shares in the company, valued at approximately $17,835,959.70. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. In other Hess news, COO Gregory P. Hill sold 33,414 shares of the stock in a transaction dated Monday, July 31st. The shares were sold at an average price of $151.33, for a total value of $5,056,540.62. Following the completion of the sale, the chief operating officer now owns 82,932 shares in the company, valued at approximately $12,550,099.56. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, SVP Barbara J. Lowery-Yilmaz sold 24,319 shares of the stock in a transaction dated Friday, September 1st. The shares were sold at an average price of $156.91, for a total transaction of $3,815,894.29. Following the completion of the sale, the senior vice president now owns 113,670 shares of the company’s stock, valued at approximately $17,835,959.70. The disclosure for this sale can be found here. 9.93% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Hess

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Delta Asset Management LLC TN bought a new stake in shares of Hess in the 4th quarter worth approximately $26,000. KB Financial Partners LLC bought a new stake in shares of Hess in the 1st quarter worth approximately $26,000. IMA Wealth Inc. bought a new stake in shares of Hess in the 2nd quarter worth approximately $30,000. New Hampshire Trust bought a new stake in shares of Hess in the 4th quarter worth approximately $35,000. Finally, TFC Financial Management Inc. bought a new stake in shares of Hess in the 1st quarter worth approximately $36,000. Hedge funds and other institutional investors own 81.72% of the company’s stock.

About Hess

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.