Hess Co. to Post Q3 2024 Earnings of $2.53 Per Share, Zacks Research Forecasts (NYSE:HES)

Hess Co. (NYSE:HES) – Analysts at Zacks Research increased their Q3 2024 EPS estimates for shares of Hess in a research note issued on Monday, September 9th. Zacks Research analyst A. Kanoria now expects that the oil and gas producer will earn $2.53 per share for the quarter, up from their prior estimate of $2.52. The consensus estimate for Hess’ current full-year earnings is $11.12 per share. Zacks Research also issued estimates for Hess’ Q4 2024 earnings at $2.27 EPS, FY2024 earnings at $10.58 EPS, Q1 2025 earnings at $2.89 EPS, Q2 2025 earnings at $3.06 EPS, Q3 2025 earnings at $2.99 EPS, Q4 2025 earnings at $3.18 EPS, FY2025 earnings at $12.12 EPS, Q1 2026 earnings at $2.56 EPS, Q2 2026 earnings at $2.61 EPS and FY2026 earnings at $9.98 EPS.

A number of other brokerages have also recently issued reports on HES. Wolfe Research began coverage on Hess in a report on Thursday, July 18th. They set a “peer perform” rating for the company. BMO Capital Markets downgraded shares of Hess to an “overweight” rating and cut their price target for the company from $175.00 to $160.00 in a report on Monday, August 19th. Sanford C. Bernstein raised shares of Hess from a “market perform” rating to an “outperform” rating and upped their price objective for the stock from $166.00 to $172.00 in a research note on Wednesday, July 17th. UBS Group dropped their price objective on shares of Hess from $193.00 to $192.00 and set a “buy” rating for the company in a report on Tuesday, August 20th. Finally, Susquehanna decreased their price target on Hess from $151.00 to $149.00 and set a “neutral” rating on the stock in a research report on Wednesday, September 4th. Eight research analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of $174.46.

Hess Price Performance

Hess stock opened at $126.35 on Tuesday. The business has a 50 day simple moving average of $140.51 and a 200 day simple moving average of $147.78. The company has a debt-to-equity ratio of 0.78, a current ratio of 1.27 and a quick ratio of 1.14. The company has a market capitalization of $38.93 billion, a PE ratio of 19.35 and a beta of 1.15. Hess has a one year low of $123.79 and a one year high of $167.75.

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

Institutional Investors Weigh In On Hess

A number of institutional investors have recently made changes to their positions in the stock. KRYGER CAPITAL Ltd acquired a new position in shares of Hess during the 4th quarter worth about $110,423,000. Bank of New York Mellon Corp grew its holdings in Hess by 34.5% during the second quarter. Bank of New York Mellon Corp now owns 2,835,486 shares of the oil and gas producer’s stock valued at $418,291,000 after purchasing an additional 726,631 shares during the period. Hsbc Holdings PLC increased its stake in Hess by 76.4% in the second quarter. Hsbc Holdings PLC now owns 1,532,132 shares of the oil and gas producer’s stock valued at $227,273,000 after purchasing an additional 663,338 shares in the last quarter. Bank of Montreal Can raised its holdings in Hess by 64.3% in the second quarter. Bank of Montreal Can now owns 1,449,969 shares of the oil and gas producer’s stock worth $218,220,000 after purchasing an additional 567,550 shares during the period. Finally, Marshall Wace LLP boosted its position in shares of Hess by 45.6% during the second quarter. Marshall Wace LLP now owns 1,794,087 shares of the oil and gas producer’s stock worth $264,664,000 after purchasing an additional 561,832 shares in the last quarter. 88.51% of the stock is owned by institutional investors and hedge funds.

Hess Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, September 30th. Stockholders of record on Monday, September 16th will be paid 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 dividend yield of 1.58%. This is an increase from Hess’s previous quarterly dividend of $0.44. Hess’s dividend payout ratio is 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.