Hess Co. Expected to Post Q3 2024 Earnings of $2.45 Per Share (NYSE:HES)

Hess Co. (NYSE:HES) – Stock analysts at Capital One Financial cut their Q3 2024 earnings per share (EPS) estimates for Hess in a report released on Tuesday, September 17th. Capital One Financial analyst P. Johnston now expects that the oil and gas producer will post earnings of $2.45 per share for the quarter, down from their prior forecast 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.

Several other research firms have also recently commented on HES. Sanford C. Bernstein raised shares of Hess from a “market perform” rating to an “outperform” rating and lifted their target price for the stock from $166.00 to $172.00 in a research note on Wednesday, July 17th. BMO Capital Markets downgraded Hess to an “overweight” rating and lowered their price objective for the company from $175.00 to $160.00 in a research report on Monday, August 19th. Scotiabank dropped their target price on Hess from $165.00 to $157.00 and set a “sector perform” rating for the company in a research note on Friday, July 12th. StockNews.com initiated coverage on Hess in a research note on Friday, June 28th. They issued a “hold” rating on the stock. Finally, Piper Sandler dropped their price objective on shares of Hess from $173.00 to $167.00 in a research note on Friday, September 13th. Eight investment analysts have rated the stock with a hold rating and six have given a buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of $171.31.

Hess Stock Performance

Shares of NYSE HES opened at $134.40 on Friday. The company has a 50-day simple moving average of $138.17 and a 200-day simple moving average of $147.00. 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 cap of $41.41 billion, a PE ratio of 20.58 and a beta of 1.15. Hess has a 12 month low of $123.79 and a 12 month high of $167.75.

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 the consensus estimate of $2.48 by $0.14. The firm had revenue of $3.26 billion during the quarter, compared to the consensus estimate of $3.24 billion. Hess had a net margin of 21.22% and a return on equity of 27.43%. The firm’s revenue for the quarter was up 40.3% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.65 EPS.

Hess Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, September 30th. Stockholders of record on Monday, September 16th will be given a $0.50 dividend. The ex-dividend date is Monday, September 16th. This represents a $2.00 annualized dividend and a dividend yield of 1.49%. This is a positive change from Hess’s previous quarterly dividend of $0.44. Hess’s dividend payout ratio is presently 30.63%.

Hedge Funds Weigh In On Hess

Hedge funds and other institutional investors have recently made changes to their positions in the business. Manchester Capital Management LLC raised its position in Hess by 1.4% in the first quarter. Manchester Capital Management LLC now owns 5,102 shares of the oil and gas producer’s stock valued at $779,000 after purchasing an additional 68 shares during the period. Drive Wealth Management LLC boosted its stake in shares of Hess by 1.6% in the second quarter. Drive Wealth Management LLC now owns 4,599 shares of the oil and gas producer’s stock valued at $678,000 after purchasing an additional 72 shares during the period. Quent Capital LLC grew its holdings in Hess by 7.3% during the 2nd quarter. Quent Capital LLC now owns 1,074 shares of the oil and gas producer’s stock valued at $158,000 after purchasing an additional 73 shares in the last quarter. Massmutual Trust Co. FSB ADV increased its stake in Hess by 17.9% during the 1st quarter. Massmutual Trust Co. FSB ADV now owns 507 shares of the oil and gas producer’s stock worth $77,000 after buying an additional 77 shares during the period. Finally, Versant Capital Management Inc lifted its holdings in Hess by 16.9% in the 2nd quarter. Versant Capital Management Inc now owns 540 shares of the oil and gas producer’s stock worth $80,000 after buying an additional 78 shares in the last quarter. Institutional investors and hedge funds own 88.51% of the company’s stock.

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.