Equities Analysts Issue Forecasts for Hess FY2024 Earnings

Hess Co. (NYSE:HES) – Equities research analysts at Scotiabank issued their FY2024 earnings per share estimates for Hess in a research report issued to clients and investors on Wednesday, January 8th. Scotiabank analyst P. Cheng expects that the oil and gas producer will post earnings of $10.05 per share for the year. Scotiabank currently has a “Sector Perform” rating and a $167.00 price target on the stock. The consensus estimate for Hess’ current full-year earnings is $9.74 per share. Scotiabank also issued estimates for Hess’ FY2025 earnings at $7.65 EPS.

Hess (NYSE:HES) last announced its quarterly earnings results on Wednesday, October 30th. The oil and gas producer reported $2.14 earnings per share for the quarter, topping the consensus estimate of $1.88 by $0.26. The firm had revenue of $3.20 billion during the quarter, compared to analysts’ expectations of $2.96 billion. Hess had a net margin of 20.58% and a return on equity of 27.41%. The company’s revenue was up 12.7% compared to the same quarter last year. During the same quarter in the prior year, the company earned $1.64 EPS.

HES has been the subject of several other research reports. Wells Fargo & Company raised Hess from an “equal weight” rating to an “overweight” rating and raised their price target for the stock from $151.00 to $193.00 in a report on Monday, December 9th. Citigroup raised their price target on shares of Hess from $145.00 to $163.00 and gave the stock a “neutral” rating in a report on Friday, December 6th. BMO Capital Markets lifted their price objective on shares of Hess from $155.00 to $160.00 and gave the stock an “outperform” rating in a research note on Friday, October 4th. Pickering Energy Partners raised Hess to a “hold” rating in a research report on Friday, January 3rd. Finally, Wolfe Research raised Hess from a “peer perform” rating to an “outperform” rating and set a $150.00 price target for the company in a research report on Monday, September 30th. Six analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. According to MarketBeat, Hess currently has an average rating of “Moderate Buy” and a consensus price target of $170.50.

Hess Stock Up 1.6 %

Hess stock opened at $144.74 on Monday. The business has a fifty day moving average price of $140.07 and a 200-day moving average price of $139.42. Hess has a 1-year low of $123.79 and a 1-year high of $163.98. The stock has a market capitalization of $44.60 billion, a price-to-earnings ratio of 16.87 and a beta of 1.18. The company has a debt-to-equity ratio of 0.75, a current ratio of 1.26 and a quick ratio of 1.13.

Hess Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, December 31st. Stockholders of record on Monday, December 16th were issued a $0.50 dividend. The ex-dividend date of this dividend was Monday, December 16th. This represents a $2.00 annualized dividend and a dividend yield of 1.38%. Hess’s dividend payout ratio (DPR) is presently 23.31%.

Insider Transactions at Hess

In related news, CEO John B. Hess sold 90,476 shares of the firm’s stock in a transaction on Thursday, November 7th. The shares were sold at an average price of $142.47, for a total transaction of $12,890,115.72. Following the sale, the chief executive officer now owns 223,147 shares in the company, valued at approximately $31,791,753.09. This trade represents a 28.85 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, SVP Geurt G. Schoonman sold 6,000 shares of the company’s stock in a transaction dated Thursday, November 7th. The stock was sold at an average price of $141.91, for a total transaction of $851,460.00. Following the completion of the transaction, the senior vice president now owns 27,581 shares of the company’s stock, valued at approximately $3,914,019.71. This trade represents a 17.87 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 314,370 shares of company stock worth $45,856,309 over the last quarter. 9.76% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the business. Groupama Asset Managment increased its holdings in Hess by 22.7% in the 3rd quarter. Groupama Asset Managment now owns 22,606 shares of the oil and gas producer’s stock worth $31,000 after acquiring an additional 4,186 shares in the last quarter. Covestor Ltd grew its position in shares of Hess by 59.8% in the third quarter. Covestor Ltd now owns 262 shares of the oil and gas producer’s stock valued at $36,000 after purchasing an additional 98 shares during the period. FSA Wealth Management LLC purchased a new stake in shares of Hess during the third quarter worth about $37,000. Eastern Bank acquired a new position in shares of Hess during the 3rd quarter worth about $48,000. Finally, LRI Investments LLC lifted its stake in Hess by 157.2% in the 3rd quarter. LRI Investments LLC now owns 355 shares of the oil and gas producer’s stock valued at $51,000 after buying an additional 217 shares in the last quarter. 88.51% of the stock is owned by institutional investors and hedge funds.

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.