Zacks Research Comments on Hess Co.’s Q3 2024 Earnings (NYSE:HES)

Hess Co. (NYSE:HES) – Equities research analysts at Zacks Research decreased their Q3 2024 EPS estimates for shares of Hess in a research note issued on Monday, September 23rd. Zacks Research analyst R. Department now anticipates that the oil and gas producer will earn $2.32 per share for the quarter, down from their previous forecast of $2.53. The consensus estimate for Hess’ current full-year earnings is $10.46 per share. Zacks Research also issued estimates for Hess’ Q4 2024 earnings at $2.14 EPS, FY2024 earnings at $10.24 EPS, Q1 2025 earnings at $2.55 EPS, Q2 2025 earnings at $2.73 EPS, Q3 2025 earnings at $2.81 EPS, Q4 2025 earnings at $2.64 EPS, FY2025 earnings at $10.71 EPS, Q1 2026 earnings at $2.46 EPS, Q2 2026 earnings at $2.41 EPS and FY2026 earnings at $9.27 EPS.

Hess (NYSE:HES) last posted its quarterly earnings data on Wednesday, July 31st. The oil and gas producer reported $2.62 earnings per share for the quarter, topping analysts’ consensus estimates of $2.48 by $0.14. The business had revenue of $3.26 billion for the quarter, compared to analyst estimates of $3.24 billion. Hess had a return on equity of 27.43% and a net margin of 21.22%. The company’s revenue was up 40.3% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.65 earnings per share.

A number of other brokerages also recently commented on HES. Scotiabank lowered their price objective on Hess from $165.00 to $157.00 and set a “sector perform” rating for the company in a research report on Friday, July 12th. Piper Sandler dropped their price objective on shares of Hess from $173.00 to $167.00 in a research report on Friday, September 13th. StockNews.com assumed coverage on shares of Hess in a report on Friday, June 28th. They issued a “hold” rating on the stock. Citigroup lowered their target price on shares of Hess from $160.00 to $145.00 and set a “neutral” rating for the company in a research note on Thursday, September 5th. Finally, Wolfe Research initiated coverage on Hess in a research note on Thursday, July 18th. They issued a “peer perform” rating on the stock. Eight equities 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 stock presently has a consensus rating of “Hold” and a consensus target price of $166.42.

Hess Trading Up 2.2 %

HES opened at $133.61 on Thursday. 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 stock has a market capitalization of $41.17 billion, a price-to-earnings ratio of 20.46 and a beta of 1.15. The business has a fifty day moving average price of $136.62 and a 200 day moving average price of $146.69. Hess has a 12 month low of $123.79 and a 12 month high of $167.75.

Institutional Trading of Hess

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

Hess Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, September 30th. Shareholders of record on Monday, September 16th will be paid a $0.50 dividend. This represents a $2.00 annualized dividend and a yield of 1.50%. The ex-dividend date of this dividend is Monday, September 16th. This is an increase from Hess’s previous quarterly dividend of $0.44. Hess’s dividend payout ratio is currently 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.