Zacks Research Issues Pessimistic Outlook for Hess Earnings

Hess Co. (NYSE:HES) – Analysts at Zacks Research decreased their Q3 2024 earnings per share estimates for shares of Hess in a research report issued on Tuesday, October 22nd. Zacks Research analyst R. Department now forecasts that the oil and gas producer will earn $2.28 per share for the quarter, down from their prior forecast 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.

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. The company had revenue of $3.26 billion during the quarter, compared to analyst estimates of $3.24 billion. Hess had a return on equity of 27.43% and a net margin of 21.22%. The firm’s quarterly revenue was up 40.3% compared to the same quarter last year. During the same period last year, the company posted $0.65 earnings per share.

A number of other analysts have also weighed in on HES. StockNews.com initiated coverage on shares of Hess in a report on Friday. They issued a “hold” rating for the company. BMO Capital Markets boosted their target price on Hess from $155.00 to $160.00 and gave the stock an “outperform” rating in a research report on Friday, October 4th. Citigroup decreased their price target on Hess from $160.00 to $145.00 and set a “neutral” rating on the stock in a report on Thursday, September 5th. Mizuho lowered their target price on shares of Hess from $210.00 to $194.00 and set a “neutral” rating for the company in a report on Monday, September 16th. Finally, Scotiabank raised their price target on Hess from $157.00 to $167.00 and gave the stock a “sector perform” rating in a research report on Thursday, October 10th. Six investment analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $164.00.

Hess Trading Down 0.3 %

HES opened at $138.02 on Thursday. Hess has a 1-year low of $123.79 and a 1-year high of $163.98. The firm has a 50-day moving average price of $135.42 and a two-hundred day moving average price of $144.88. The stock has a market capitalization of $42.53 billion, a PE ratio of 21.20 and a beta of 1.15. The company has a current ratio of 1.27, a quick ratio of 1.14 and a debt-to-equity ratio of 0.78.

Institutional Trading of Hess

Hedge funds have recently bought and sold shares of the stock. Pinnacle Associates Ltd. raised its holdings in shares of Hess by 2.6% during the third quarter. Pinnacle Associates Ltd. now owns 5,456 shares of the oil and gas producer’s stock worth $787,000 after acquiring an additional 136 shares during the period. Fidelis Capital Partners LLC increased its holdings in Hess by 6.3% during the 3rd quarter. Fidelis Capital Partners LLC now owns 1,673 shares of the oil and gas producer’s stock worth $231,000 after purchasing an additional 99 shares in the last quarter. Nisa Investment Advisors LLC raised its stake in shares of Hess by 0.6% in the 3rd quarter. Nisa Investment Advisors LLC now owns 53,095 shares of the oil and gas producer’s stock valued at $7,210,000 after purchasing an additional 337 shares during the period. Pullen Investment Management LLC lifted its holdings in shares of Hess by 1.4% in the third quarter. Pullen Investment Management LLC now owns 14,178 shares of the oil and gas producer’s stock valued at $1,925,000 after purchasing an additional 201 shares in the last quarter. Finally, Modera Wealth Management LLC acquired a new position in shares of Hess during the third quarter worth about $213,000. 88.51% of the stock is currently owned by institutional investors and hedge funds.

Hess Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, September 30th. Investors of record on Monday, September 16th were given a $0.50 dividend. The ex-dividend date of this dividend was Monday, September 16th. This is a positive change from Hess’s previous quarterly dividend of $0.44. This represents a $2.00 annualized dividend and a dividend yield of 1.45%. Hess’s payout ratio is currently 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.