Q3 2024 EPS Estimates for Hess Co. (NYSE:HES) Lowered by Capital One Financial

Hess Co. (NYSE:HES) – Research analysts at Capital One Financial reduced their Q3 2024 EPS estimates for shares of Hess in a report issued on Tuesday, September 17th. Capital One Financial analyst P. Johnston now forecasts that the oil and gas producer will post earnings of $2.45 per share for the quarter, down from their previous estimate of $2.94. The consensus estimate for Hess’ current full-year earnings is $11.04 per share. Capital One Financial also issued estimates for Hess’ Q4 2024 earnings at $2.05 EPS, FY2024 earnings at $10.29 EPS, Q1 2025 earnings at $1.66 EPS, Q2 2025 earnings at $1.83 EPS, Q3 2025 earnings at $2.16 EPS, Q4 2025 earnings at $2.29 EPS, FY2025 earnings at $7.94 EPS and FY2026 earnings at $10.15 EPS.

A number of other equities research analysts have also issued reports on the stock. Scotiabank dropped their target price on shares of Hess from $165.00 to $157.00 and set a “sector perform” rating for the company in a report on Friday, July 12th. Wolfe Research initiated coverage on shares of Hess in a research report on Thursday, July 18th. They set a “peer perform” rating on the stock. Sanford C. Bernstein raised shares of Hess from a “market perform” rating to an “outperform” rating and boosted their price target for the company from $166.00 to $172.00 in a research report on Wednesday, July 17th. BMO Capital Markets cut shares of Hess to an “overweight” rating and lowered their price target for the company from $175.00 to $160.00 in a research report on Monday, August 19th. Finally, Mizuho lowered their price target on shares of Hess from $210.00 to $194.00 and set a “neutral” rating on the stock in a research report on Monday, September 16th. Eight research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $171.31.

Hess Price Performance

Hess stock opened at $134.40 on Friday. Hess has a 52-week low of $123.79 and a 52-week high of $167.75. The firm has a market capitalization of $41.41 billion, a price-to-earnings ratio of 20.58 and a beta of 1.15. The company has a fifty day simple moving average of $138.17 and a 200-day simple moving average of $147.00. The company has a quick ratio of 1.14, a current ratio of 1.27 and a debt-to-equity ratio of 0.78.

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

Hess Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, September 30th. Shareholders of record on Monday, September 16th will be given a $0.50 dividend. The ex-dividend date of this dividend is Monday, September 16th. This represents a $2.00 dividend on an annualized basis and a yield of 1.49%. This is a boost from Hess’s previous quarterly dividend of $0.44. Hess’s dividend payout ratio is presently 30.63%.

Institutional Inflows and Outflows

A number of large investors have recently bought and sold shares of HES. SCP Investment LP lifted its position in Hess by 100.0% in the fourth quarter. SCP Investment LP now owns 2,800 shares of the oil and gas producer’s stock valued at $398,000 after buying an additional 1,400 shares during the last quarter. Principal Securities Inc. acquired a new stake in shares of Hess during the fourth quarter worth about $65,000. Robeco Institutional Asset Management B.V. lifted its position in shares of Hess by 162.0% during the fourth quarter. Robeco Institutional Asset Management B.V. now owns 13,807 shares of the oil and gas producer’s stock worth $1,990,000 after purchasing an additional 8,538 shares in the last quarter. PNC Financial Services Group Inc. lifted its position in shares of Hess by 3.5% during the fourth quarter. PNC Financial Services Group Inc. now owns 73,973 shares of the oil and gas producer’s stock worth $10,664,000 after purchasing an additional 2,473 shares in the last quarter. Finally, Quest Partners LLC acquired a new stake in shares of Hess during the fourth quarter worth about $281,000. Institutional investors and hedge funds 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.