What is Zacks Research’s Forecast for Hess FY2024 Earnings?

Hess Co. (NYSE:HES) – Stock analysts at Zacks Research issued their FY2024 earnings estimates for Hess in a research report issued on Wednesday, November 13th. Zacks Research analyst R. Department forecasts that the oil and gas producer will post earnings per share of $9.54 for the year. The consensus estimate for Hess’ current full-year earnings is $9.72 per share. Zacks Research also issued estimates for Hess’ Q4 2024 earnings at $1.62 EPS, Q1 2025 earnings at $1.67 EPS, Q2 2025 earnings at $1.72 EPS, Q3 2025 earnings at $1.70 EPS, Q4 2025 earnings at $1.84 EPS, FY2025 earnings at $6.93 EPS, Q1 2026 earnings at $1.97 EPS, Q2 2026 earnings at $1.83 EPS, Q3 2026 earnings at $1.81 EPS and FY2026 earnings at $7.57 EPS.

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

Several other research analysts have also issued reports on the stock. StockNews.com assumed coverage on shares of Hess in a research note on Sunday, November 10th. They issued a “hold” rating for the company. Wells Fargo & Company decreased their target price on shares of Hess from $171.00 to $151.00 and set an “equal weight” rating for the company in a research note on Friday, September 27th. Wolfe Research raised Hess from a “peer perform” rating to an “outperform” rating and set a $150.00 price target on the stock in a research report on Monday, September 30th. Piper Sandler reduced their price objective on Hess from $173.00 to $167.00 in a research report on Friday, September 13th. Finally, BMO Capital Markets lifted their price objective on Hess from $155.00 to $160.00 and gave the company an “outperform” rating in a research note on Friday, October 4th. Six research analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. According to MarketBeat, Hess currently has a consensus rating of “Hold” and an average price target of $163.30.

Hess Stock Performance

Shares of Hess stock opened at $145.64 on Monday. The business has a fifty day simple moving average of $136.80 and a two-hundred day simple moving average of $142.87. The firm has a market capitalization of $44.87 billion, a P/E ratio of 16.97 and a beta of 1.15. The company has a current ratio of 1.26, a quick ratio of 1.13 and a debt-to-equity ratio of 0.75. Hess has a 12 month low of $123.79 and a 12 month high of $163.98.

Hedge Funds Weigh In On Hess

Institutional investors and hedge funds have recently made changes to their positions in the business. Geode Capital Management LLC raised its position in Hess by 1.1% in the third quarter. Geode Capital Management LLC now owns 6,537,162 shares of the oil and gas producer’s stock worth $884,709,000 after acquiring an additional 74,085 shares during the period. LRI Investments LLC increased its stake in shares of Hess by 157.2% in the 3rd quarter. LRI Investments LLC now owns 355 shares of the oil and gas producer’s stock worth $51,000 after purchasing an additional 217 shares in the last quarter. Groupama Asset Managment raised 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 purchasing an additional 4,186 shares during the period. Nomura Asset Management Co. Ltd. lifted its position in Hess by 5.2% during the third quarter. Nomura Asset Management Co. Ltd. now owns 81,959 shares of the oil and gas producer’s stock valued at $11,130,000 after purchasing an additional 4,053 shares in the last quarter. Finally, Y Intercept Hong Kong Ltd bought a new stake in Hess during the third quarter valued at about $454,000. Hedge funds and other institutional investors own 88.51% of the company’s stock.

Insider Buying and Selling

In other Hess news, SVP Geurt G. Schoonman sold 6,000 shares of the stock in a transaction dated Thursday, November 7th. The stock was sold at an average price of $141.91, for a total value of $851,460.00. Following the transaction, the senior vice president now owns 27,581 shares of the company’s stock, valued at approximately $3,914,019.71. This represents a 17.87 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO John B. Hess sold 90,476 shares of the business’s stock in a transaction dated Thursday, November 7th. The shares were sold at an average price of $142.47, for a total value of $12,890,115.72. Following the sale, the chief executive officer now owns 223,147 shares of the company’s stock, valued at approximately $31,791,753.09. This represents a 28.85 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 9.76% of the stock is owned by corporate insiders.

Hess Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, September 30th. Stockholders of record on Monday, September 16th were issued a dividend of $0.50 per share. This is an increase from Hess’s previous quarterly dividend of $0.44. This represents a $2.00 dividend on an annualized basis and a dividend yield of 1.37%. The ex-dividend date of this dividend was Monday, September 16th. Hess’s dividend payout ratio is presently 23.31%.

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.