Hess Co. (NYSE:HES) Forecasted to Post Q2 2024 Earnings of $2.00 Per Share

Hess Co. (NYSE:HES) – Analysts at Zacks Research upped their Q2 2024 earnings estimates for Hess in a report released on Tuesday, April 23rd. Zacks Research analyst A. Kanoria now anticipates that the oil and gas producer will post earnings of $2.00 per share for the quarter, up from their previous forecast of $1.99. The consensus estimate for Hess’ current full-year earnings is $8.32 per share. Zacks Research also issued estimates for Hess’ Q3 2024 earnings at $1.95 EPS, Q4 2024 earnings at $1.97 EPS, FY2024 earnings at $7.66 EPS, Q1 2025 earnings at $2.45 EPS, Q2 2025 earnings at $2.34 EPS, Q3 2025 earnings at $2.45 EPS, Q4 2025 earnings at $2.82 EPS, FY2025 earnings at $10.07 EPS, Q1 2026 earnings at $1.96 EPS and FY2026 earnings at $7.89 EPS.

Hess (NYSE:HES) last posted its earnings results on Wednesday, January 31st. The oil and gas producer reported $1.63 earnings per share for the quarter, topping analysts’ consensus estimates of $1.43 by $0.20. The firm had revenue of $3.04 billion for the quarter, compared to the consensus estimate of $2.76 billion. Hess had a return on equity of 17.00% and a net margin of 12.98%. The business’s revenue for the quarter was down .6% on a year-over-year basis. During the same quarter in the prior year, the business earned $1.78 EPS.

A number of other analysts have also recently commented on HES. StockNews.com began coverage on shares of Hess in a report on Wednesday, April 17th. They set a “sell” rating on the stock. Mizuho boosted their price target on Hess from $200.00 to $205.00 and gave the stock a “neutral” rating in a research report on Wednesday, March 20th. Piper Sandler raised their price objective on Hess from $172.00 to $173.00 and gave the company an “overweight” rating in a research report on Thursday, April 18th. Finally, Susquehanna raised their price target on Hess from $156.00 to $164.00 and gave the company a “neutral” rating in a report on Monday. One research analyst has rated the stock with a sell rating, six have assigned a hold rating and four have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, Hess presently has an average rating of “Hold” and a consensus target price of $177.42.

Hess Price Performance

Shares of HES stock opened at $159.13 on Wednesday. The business’s fifty day moving average is $150.82 and its 200 day moving average is $147.10. The company has a quick ratio of 0.96, a current ratio of 1.05 and a debt-to-equity ratio of 0.88. The stock has a market cap of $49.03 billion, a price-to-earnings ratio of 35.36 and a beta of 1.27. Hess has a twelve month low of $124.27 and a twelve month high of $167.75.

Hess Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, March 28th. Investors of record on Monday, March 18th were issued a $0.4375 dividend. The ex-dividend date of this dividend was Friday, March 15th. This represents a $1.75 annualized dividend and a yield of 1.10%. Hess’s payout ratio is 38.89%.

Insiders Place Their Bets

In related news, EVP Timothy B. Goodell sold 2,701 shares of the stock in a transaction that occurred on Thursday, March 7th. The shares were sold at an average price of $144.52, for a total transaction of $390,348.52. Following the transaction, the executive vice president now owns 162,144 shares in the company, valued at $23,433,050.88. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In related news, EVP Timothy B. Goodell sold 2,701 shares of the company’s stock in a transaction on Thursday, March 7th. The stock was sold at an average price of $144.52, for a total transaction of $390,348.52. Following the completion of the sale, the executive vice president now owns 162,144 shares in the company, valued at $23,433,050.88. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, SVP Andrew P. Slentz sold 1,062 shares of the stock in a transaction that occurred on Thursday, March 7th. The stock was sold at an average price of $144.52, for a total transaction of $153,480.24. Following the completion of the transaction, the senior vice president now owns 50,215 shares in the company, valued at $7,257,071.80. The disclosure for this sale can be found here. In the last 90 days, insiders sold 155,798 shares of company stock valued at $22,811,166. 9.76% of the stock is owned by insiders.

Institutional Trading of Hess

Hedge funds have recently bought and sold shares of the stock. FMR LLC increased its stake in Hess by 2.4% during the third quarter. FMR LLC now owns 37,239,078 shares of the oil and gas producer’s stock worth $5,697,579,000 after acquiring an additional 889,122 shares during the last quarter. Massachusetts Financial Services Co. MA raised its holdings in Hess by 4.1% during the 3rd quarter. Massachusetts Financial Services Co. MA now owns 7,790,382 shares of the oil and gas producer’s stock valued at $1,191,928,000 after buying an additional 303,942 shares during the period. Invesco Ltd. lifted its position in Hess by 44.1% in the third quarter. Invesco Ltd. now owns 3,610,484 shares of the oil and gas producer’s stock worth $552,404,000 after buying an additional 1,105,204 shares during the last quarter. Morgan Stanley boosted its stake in Hess by 19.9% during the third quarter. Morgan Stanley now owns 2,951,451 shares of the oil and gas producer’s stock worth $451,572,000 after buying an additional 489,169 shares during the period. Finally, Northern Trust Corp increased its position in Hess by 1.5% during the third quarter. Northern Trust Corp now owns 2,866,681 shares of the oil and gas producer’s stock valued at $438,602,000 after acquiring an additional 42,802 shares during the last quarter. Hedge funds and other institutional investors own 88.51% 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.