Zacks Research Analysts Raise Earnings Estimates for Hess Co. (NYSE:HES)

Hess Co. (NYSE:HES) – Analysts at Zacks Research increased their FY2024 EPS estimates for shares of Hess in a report issued on Wednesday, August 14th. Zacks Research analyst N. Banerjee now anticipates that the oil and gas producer will post earnings of $10.56 per share for the year, up from their previous estimate of $9.56. The consensus estimate for Hess’ current full-year earnings is $11.08 per share. Zacks Research also issued estimates for Hess’ Q4 2024 earnings at $2.26 EPS, Q1 2025 earnings at $2.88 EPS, FY2025 earnings at $11.96 EPS, Q1 2026 earnings at $2.49 EPS, Q2 2026 earnings at $2.54 EPS and FY2026 earnings at $9.70 EPS.

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, beating analysts’ consensus estimates of $2.48 by $0.14. Hess had a return on equity of 27.43% and a net margin of 21.22%. The business had revenue of $3.26 billion for the quarter, compared to the consensus estimate of $3.24 billion. During the same quarter in the previous year, the business earned $0.65 earnings per share. Hess’s quarterly revenue was up 40.3% on a year-over-year basis.

Other research analysts also recently issued research reports about the stock. StockNews.com began coverage on shares of Hess in a research report on Friday, June 28th. They issued a “hold” rating for the company. Citigroup lifted their price target on Hess from $145.00 to $160.00 and gave the stock a “neutral” rating in a report on Wednesday, June 5th. Sanford C. Bernstein upgraded Hess from a “market perform” rating to an “outperform” rating and upped their price objective for the company from $166.00 to $172.00 in a research note on Wednesday, July 17th. Wolfe Research initiated coverage on Hess in a research note on Thursday, July 18th. They set a “peer perform” rating for the company. Finally, UBS Group dropped their price target on Hess from $193.00 to $192.00 and set a “buy” rating on the stock in a research note on Tuesday. Eight investment analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Hold” and an average target price of $175.77.

Hess Stock Down 1.6 %

HES stock opened at $136.02 on Monday. Hess has a twelve month low of $130.35 and a twelve month high of $167.75. The company has a market cap of $41.91 billion, a price-to-earnings ratio of 20.83 and a beta of 1.16. The company has a quick ratio of 1.10, a current ratio of 1.27 and a debt-to-equity ratio of 0.78. The business has a 50 day moving average price of $144.62 and a two-hundred day moving average price of $149.20.

Institutional Trading of Hess

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Treasurer of the State of North Carolina boosted its position in Hess by 1.0% during the 4th quarter. Treasurer of the State of North Carolina now owns 123,339 shares of the oil and gas producer’s stock worth $17,781,000 after buying an additional 1,210 shares during the period. TD Asset Management Inc grew its stake in shares of Hess by 14.4% in the fourth quarter. TD Asset Management Inc now owns 100,330 shares of the oil and gas producer’s stock worth $14,464,000 after purchasing an additional 12,649 shares during the last quarter. Alpine Associates Management Inc. bought a new position in Hess during the 4th quarter worth $237,100,000. Clearbridge Investments LLC lifted its holdings in Hess by 136.1% during the 4th quarter. Clearbridge Investments LLC now owns 690,526 shares of the oil and gas producer’s stock worth $99,546,000 after buying an additional 398,089 shares during the period. Finally, Tidal Investments LLC boosted its holdings in Hess by 59.9% in the first quarter. Tidal Investments LLC now owns 26,823 shares of the oil and gas producer’s stock valued at $4,087,000 after acquiring an additional 10,053 shares during the last quarter. 88.51% of the stock is currently owned by institutional investors.

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.