Hess Co. (NYSE:HES) to Post Q3 2024 Earnings of $2.32 Per Share, Zacks Research Forecasts

Hess Co. (NYSE:HES) – Stock analysts at Zacks Research decreased their Q3 2024 EPS estimates for Hess in a research report issued to clients and investors on Monday, September 23rd. Zacks Research analyst R. Department now expects that the oil and gas producer will post earnings of $2.32 per share for the quarter, down from their prior forecast of $2.53. The consensus estimate for Hess’ current full-year earnings is $10.46 per share. Zacks Research also issued estimates for Hess’ Q4 2024 earnings at $2.14 EPS, FY2024 earnings at $10.24 EPS, Q1 2025 earnings at $2.55 EPS, Q2 2025 earnings at $2.73 EPS, Q3 2025 earnings at $2.81 EPS, Q4 2025 earnings at $2.64 EPS, FY2025 earnings at $10.71 EPS, Q1 2026 earnings at $2.46 EPS, Q2 2026 earnings at $2.41 EPS and FY2026 earnings at $9.27 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 analysts’ consensus estimates of $2.48 by $0.14. The company had revenue of $3.26 billion during the quarter, compared to analysts’ expectations of $3.24 billion. Hess had a return on equity of 27.43% and a net margin of 21.22%. The firm’s revenue was up 40.3% compared to the same quarter last year. During the same period last year, the business posted $0.65 earnings per share.

HES has been the subject of a number of other research reports. Sanford C. Bernstein upgraded Hess from a “market perform” rating to an “outperform” rating and lifted their price objective for the company from $166.00 to $172.00 in a research note on Wednesday, July 17th. Piper Sandler reduced their price objective on shares of Hess from $173.00 to $167.00 in a research report on Friday, September 13th. StockNews.com assumed coverage on Hess in a report on Friday, June 28th. They issued a “hold” rating on the stock. UBS Group lowered their price target on Hess from $192.00 to $173.00 and set a “buy” rating on the stock in a research note on Wednesday, September 18th. Finally, Wolfe Research assumed coverage on shares of Hess in a research note on Thursday, July 18th. They set a “peer perform” rating for the company. Eight equities research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $171.31.

Hess Trading Down 1.2 %

Hess stock opened at $130.67 on Thursday. The stock has a 50-day moving average price of $137.12 and a 200 day moving average price of $146.80. The company has a market capitalization of $40.26 billion, a price-to-earnings ratio of 20.10 and a beta of 1.15. Hess has a 52 week low of $123.79 and a 52 week high of $167.75. The company has a quick ratio of 1.14, a current ratio of 1.27 and a debt-to-equity ratio of 0.78.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the business. Treasurer of the State of North Carolina increased its holdings in shares of Hess by 1.0% in the 4th quarter. Treasurer of the State of North Carolina now owns 123,339 shares of the oil and gas producer’s stock valued at $17,781,000 after acquiring an additional 1,210 shares during the period. TD Asset Management Inc raised its stake in Hess by 14.4% during the 4th quarter. TD Asset Management Inc now owns 100,330 shares of the oil and gas producer’s stock valued at $14,464,000 after acquiring an additional 12,649 shares during the last quarter. Tidal Investments LLC lifted its position in Hess by 59.9% during the 1st quarter. Tidal Investments LLC now owns 26,823 shares of the oil and gas producer’s stock worth $4,087,000 after acquiring an additional 10,053 shares during the period. Bank of Nova Scotia grew its stake in shares of Hess by 774.8% in the 4th quarter. Bank of Nova Scotia now owns 522,707 shares of the oil and gas producer’s stock valued at $75,351,000 after purchasing an additional 462,953 shares during the last quarter. Finally, K2 Principal Fund L.P. acquired a new position in shares of Hess in the fourth quarter valued at approximately $2,616,000. Hedge funds and other institutional investors own 88.51% of the company’s stock.

Hess Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, September 30th. Investors of record on Monday, September 16th will be paid a dividend of $0.50 per share. The ex-dividend date of this dividend is Monday, September 16th. This represents a $2.00 dividend on an annualized basis and a dividend yield of 1.53%. This is an increase from Hess’s previous quarterly dividend of $0.44. Hess’s payout ratio is presently 30.63%.

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.