Brokers Offer Predictions for Hess Co.’s Q1 2024 Earnings (NYSE:HES)

Hess Co. (NYSE:HES) – Analysts at Zacks Research raised their Q1 2024 earnings per share (EPS) estimates for shares of 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 per share of $1.74 for the quarter, up from their previous forecast of $1.71. The consensus estimate for Hess’ current full-year earnings is $8.62 per share.

Several other equities analysts have also issued reports on HES. Mizuho raised 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. Susquehanna lifted their price objective on Hess from $156.00 to $164.00 and gave the stock a “neutral” rating in a research report on Monday. Piper Sandler lifted their price objective on Hess from $172.00 to $173.00 and gave the stock an “overweight” rating in a research report on Thursday, April 18th. Finally, StockNews.com started coverage on Hess in a research report on Thursday. They set a “sell” rating on the stock. One analyst has rated the stock with a sell rating, six have issued a hold rating and four have issued a buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $177.42.

Hess Price Performance

HES opened at $161.45 on Thursday. The stock’s 50 day simple moving average is $151.09 and its 200 day simple moving average is $147.20. The company has a debt-to-equity ratio of 0.88, a current ratio of 1.05 and a quick ratio of 0.96. Hess has a 1 year low of $124.27 and a 1 year high of $167.75. The firm has a market cap of $49.74 billion, a price-to-earnings ratio of 35.88 and a beta of 1.27.

Hess (NYSE:HES) last announced its quarterly earnings data on Wednesday, January 31st. The oil and gas producer reported $1.63 earnings per share for the quarter, beating analysts’ consensus estimates of $1.43 by $0.20. The company had revenue of $3.04 billion for the quarter, compared to analysts’ expectations of $2.76 billion. Hess had a return on equity of 17.00% and a net margin of 12.98%. Hess’s revenue for the quarter was down .6% compared to the same quarter last year. During the same period last year, the firm posted $1.78 EPS.

Institutional Investors Weigh In On Hess

Hedge funds and other institutional investors have recently modified their holdings of the business. NBC Securities Inc. purchased a new position in Hess during the 3rd quarter worth $26,000. Pacific Capital Wealth Advisors Inc. purchased a new position in shares of Hess in the 4th quarter valued at $27,000. Rise Advisors LLC purchased a new position in shares of Hess in the 1st quarter valued at $27,000. Sound Income Strategies LLC purchased a new position in shares of Hess in the 4th quarter valued at $29,000. Finally, Larson Financial Group LLC purchased a new position in shares of Hess in the 3rd quarter valued at $30,000. 88.51% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling at Hess

In other news, EVP Timothy B. Goodell sold 2,701 shares of the company’s stock in a transaction dated Thursday, March 7th. The stock was sold at an average price of $144.52, for a total value of $390,348.52. Following the completion of the transaction, the executive vice president now owns 162,144 shares of the company’s stock, valued at $23,433,050.88. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. In other Hess news, EVP Timothy B. Goodell sold 2,701 shares of the company’s 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 $390,348.52. Following the sale, the executive vice president now directly owns 162,144 shares in the company, valued at $23,433,050.88. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, COO Gregory P. Hill sold 56,925 shares of the company’s stock in a transaction that occurred on Thursday, February 29th. The shares were sold at an average price of $146.35, for a total value of $8,330,973.75. Following the sale, the chief operating officer now owns 78,287 shares in the company, valued at $11,457,302.45. The disclosure for this sale can be found here. Over the last quarter, insiders sold 155,798 shares of company stock valued at $22,811,166. Company insiders own 9.76% of the company’s stock.

Hess Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, March 28th. Shareholders of record on Monday, March 18th were issued a dividend of $0.4375 per share. This represents a $1.75 annualized dividend and a yield of 1.08%. The ex-dividend date of this dividend was Friday, March 15th. Hess’s dividend payout ratio is presently 38.89%.

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.