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

Hess Co. (NYSE:HES) – Investment analysts at Zacks Research decreased their FY2024 earnings estimates for shares of Hess in a report issued on Wednesday, December 11th. Zacks Research analyst R. Department now forecasts that the oil and gas producer will earn $9.53 per share for the year, down from their prior estimate of $9.54. The consensus estimate for Hess’ current full-year earnings is $9.74 per share. Zacks Research also issued estimates for Hess’ Q4 2024 earnings at $1.61 EPS, Q1 2025 earnings at $1.62 EPS, Q2 2025 earnings at $1.67 EPS, Q3 2025 earnings at $1.69 EPS and FY2025 earnings at $6.84 EPS.

HES has been the topic of a number of other reports. Scotiabank increased their price target on shares of Hess from $157.00 to $167.00 and gave the company a “sector perform” rating in a research report on Thursday, October 10th. Mizuho lowered their price objective on shares of Hess from $210.00 to $194.00 and set a “neutral” rating for the company in a research report on Monday, September 16th. BMO Capital Markets raised their price target on Hess from $155.00 to $160.00 and gave the stock an “outperform” rating in a research report on Friday, October 4th. Piper Sandler decreased their price objective on Hess from $173.00 to $167.00 in a research report on Friday, September 13th. Finally, UBS Group upped their price target on shares of Hess from $173.00 to $185.00 and gave the company a “buy” rating in a report on Tuesday, December 3rd. Five equities research analysts have rated the stock with a hold rating and six have given a buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $170.50.

Hess Trading Down 0.6 %

NYSE:HES opened at $140.20 on Friday. The firm has a market capitalization of $43.20 billion, a price-to-earnings ratio of 16.34 and a beta of 1.17. Hess has a 1-year low of $123.79 and a 1-year high of $163.98. The business’s 50-day moving average price is $141.65 and its two-hundred day moving average price is $141.41. 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 (NYSE:HES) last announced its quarterly earnings data on Wednesday, October 30th. The oil and gas producer reported $2.14 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.88 by $0.26. Hess had a net margin of 20.58% and a return on equity of 27.41%. The firm had revenue of $3.20 billion for the quarter, compared to analysts’ expectations of $2.96 billion. During the same period last year, the firm earned $1.64 earnings per share. The business’s revenue for the quarter was up 12.7% on a year-over-year basis.

Institutional Trading of Hess

Several hedge funds and other institutional investors have recently made changes to their positions in HES. Wellington Management Group LLP grew its stake in shares of Hess by 58.9% in the third quarter. Wellington Management Group LLP now owns 3,753,126 shares of the oil and gas producer’s stock worth $509,675,000 after purchasing an additional 1,391,311 shares during the last quarter. HBK Investments L P increased its position in shares of Hess by 16.7% during the third quarter. HBK Investments L P now owns 7,117,820 shares of the oil and gas producer’s stock worth $966,600,000 after buying an additional 1,017,720 shares during the period. Massachusetts Financial Services Co. MA lifted its holdings in Hess by 31.0% in the third quarter. Massachusetts Financial Services Co. MA now owns 3,318,822 shares of the oil and gas producer’s stock valued at $450,696,000 after buying an additional 785,270 shares during the period. Bank of New York Mellon Corp boosted its stake 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 worth $418,291,000 after acquiring an additional 726,631 shares in the last quarter. Finally, Hsbc Holdings PLC grew its holdings 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 worth $227,273,000 after purchasing an additional 663,338 shares during the period. 88.51% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In other Hess news, SVP Geurt G. Schoonman sold 6,000 shares of Hess 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 in the company, valued at $3,914,019.71. The trade was a 17.87 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO John B. Hess sold 92,894 shares of the stock in a transaction dated Friday, November 22nd. The stock was sold at an average price of $147.80, for a total transaction of $13,729,733.20. Following the completion of the transaction, the chief executive officer now directly owns 229,465 shares of the company’s stock, valued at $33,914,927. This trade represents a 28.82 % 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 ninety days. Corporate insiders own 9.76% of the company’s stock.

Hess Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 31st. Investors of record on Monday, December 16th will be given a dividend of $0.50 per share. The ex-dividend date is Monday, December 16th. This represents a $2.00 annualized dividend and a yield of 1.43%. Hess’s dividend payout ratio is 23.31%.

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.