Zacks Research Issues Negative Outlook for Hess Earnings

Hess Co. (NYSE:HES) – Analysts at Zacks Research dropped their Q3 2024 earnings per share (EPS) estimates for Hess in a research note issued to investors on Tuesday, October 22nd. Zacks Research analyst R. Department now forecasts that the oil and gas producer will post earnings per share of $2.28 for the quarter, down from their prior estimate of $2.32. The consensus estimate for Hess’ current full-year earnings is $10.22 per share. Zacks Research also issued estimates for Hess’ Q4 2024 earnings at $2.13 EPS, FY2024 earnings at $10.19 EPS, Q1 2025 earnings at $2.48 EPS, Q2 2025 earnings at $2.61 EPS, Q3 2025 earnings at $2.64 EPS, Q4 2025 earnings at $2.60 EPS and FY2025 earnings at $10.33 EPS.

HES has been the subject of a number of other reports. Piper Sandler lowered their price objective on Hess from $173.00 to $167.00 in a research report on Friday, September 13th. BMO Capital Markets lifted their price objective on Hess from $155.00 to $160.00 and gave the stock an “outperform” rating in a research report on Friday, October 4th. Scotiabank lifted their price objective on Hess from $157.00 to $167.00 and gave the stock a “sector perform” rating in a research report on Thursday, October 10th. Citigroup lowered their price objective on Hess from $160.00 to $145.00 and set a “neutral” rating for the company in a research report on Thursday, September 5th. Finally, Susquehanna lifted their price objective on Hess from $149.00 to $154.00 and gave the stock a “neutral” rating in a research report on Friday, October 18th. Six analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. According to MarketBeat, Hess currently has a consensus rating of “Moderate Buy” and a consensus price target of $164.00.

Hess Stock Performance

Shares of NYSE:HES opened at $138.50 on Thursday. The business has a fifty day moving average of $135.38 and a 200-day moving average of $144.93. The company has a debt-to-equity ratio of 0.78, a quick ratio of 1.14 and a current ratio of 1.27. The firm has a market cap of $42.67 billion, a PE ratio of 21.21 and a beta of 1.15. Hess has a twelve month low of $123.79 and a twelve month high of $163.98.

Hess (NYSE:HES) last announced its earnings results on Wednesday, July 31st. The oil and gas producer reported $2.62 earnings per share for the quarter, beating analysts’ consensus estimates of $2.48 by $0.14. Hess had a return on equity of 27.43% and a net margin of 21.22%. The company had revenue of $3.26 billion during the quarter, compared to analyst estimates of $3.24 billion. During the same period last year, the company posted $0.65 earnings per share. The firm’s quarterly revenue was up 40.3% compared to the same quarter last year.

Hess Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, September 30th. Stockholders of record on Monday, September 16th were issued a dividend of $0.50 per share. This represents a $2.00 annualized dividend and a dividend yield of 1.44%. The ex-dividend date of this dividend was Monday, September 16th. This is a boost from Hess’s previous quarterly dividend of $0.44. Hess’s payout ratio is 30.63%.

Hedge Funds Weigh In On Hess

Institutional investors have recently modified their holdings of the business. New Covenant Trust Company N.A. bought a new position in shares of Hess during the 1st quarter valued at about $25,000. Riverview Trust Co bought a new position in shares of Hess during the 1st quarter valued at about $36,000. EverSource Wealth Advisors LLC lifted its holdings in shares of Hess by 47.6% during the 1st quarter. EverSource Wealth Advisors LLC now owns 273 shares of the oil and gas producer’s stock valued at $43,000 after purchasing an additional 88 shares in the last quarter. Eastern Bank bought a new position in shares of Hess during the 3rd quarter valued at about $48,000. Finally, Rothschild Investment LLC bought a new position in shares of Hess during the 2nd quarter valued at about $60,000. Institutional investors own 88.51% of the company’s stock.

Hess Company Profile

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.