Q1 2024 EPS Estimates for Hess Co. Boosted by Analyst (NYSE:HES)

Hess Co. (NYSE:HES) – Analysts at Zacks Research lifted their Q1 2024 EPS estimates for Hess in a research note issued to investors on Tuesday, April 23rd. Zacks Research analyst A. Kanoria now anticipates that the oil and gas producer will post earnings per share of $1.74 for the quarter, up from their previous forecast of $1.71. The consensus estimate for Hess’ current full-year earnings is $8.62 per share.

Several other equities research analysts also recently weighed in on HES. StockNews.com began coverage on shares of Hess in a research report on Thursday. They set a “sell” rating for the company. Mizuho lifted their target price on shares of Hess from $200.00 to $205.00 and gave the stock a “neutral” rating in a research report on Wednesday, March 20th. Piper Sandler lifted their target price on shares of Hess from $172.00 to $173.00 and gave the stock an “overweight” rating in a research report on Thursday, April 18th. Finally, Susquehanna lifted their target price on shares of Hess from $156.00 to $164.00 and gave the stock a “neutral” rating in a research report on Monday, April 22nd. One analyst has rated the stock with a sell rating, six have issued a hold rating and four have assigned a buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $177.42.

Hess Price Performance

Shares of HES opened at $162.53 on Thursday. The company has a market capitalization of $50.08 billion, a P/E ratio of 36.12 and a beta of 1.27. The company has a quick ratio of 0.96, a current ratio of 1.05 and a debt-to-equity ratio of 0.88. The firm has a 50 day moving average of $151.37 and a 200 day moving average of $147.26. Hess has a twelve month low of $124.27 and a twelve month high of $167.75.

Hess (NYSE:HES) last announced its quarterly earnings results on Thursday, April 25th. The oil and gas producer reported $3.16 earnings per share for the quarter, beating the consensus estimate of $1.73 by $1.43. The company had revenue of $3.34 billion during the quarter, compared to the consensus estimate of $2.98 billion. Hess had a net margin of 12.98% and a return on equity of 17.00%. The firm’s quarterly revenue was up 36.2% compared to the same quarter last year. During the same quarter last year, the firm earned $1.13 earnings per share.

Hess Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, March 28th. Stockholders of record on Monday, March 18th were given a dividend of $0.4375 per share. This represents a $1.75 dividend on an annualized basis and a dividend yield of 1.08%. The ex-dividend date was Friday, March 15th. Hess’s payout ratio is 38.89%.

Insider Activity

In other news, SVP Andrew P. Slentz sold 1,062 shares of the business’s stock in a transaction on Thursday, March 7th. The shares were sold at an average price of $144.52, for a total transaction of $153,480.24. Following the completion of the sale, the senior vice president now owns 50,215 shares of the company’s stock, valued at approximately $7,257,071.80. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. In related news, EVP Timothy B. Goodell sold 2,701 shares of Hess stock in a transaction on Thursday, March 7th. The shares were sold at an average price of $144.52, for a total transaction of $390,348.52. Following the transaction, the executive vice president now owns 162,144 shares in the company, valued at approximately $23,433,050.88. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, SVP Andrew P. Slentz sold 1,062 shares of Hess stock in a transaction on Thursday, March 7th. The shares were sold at an average price of $144.52, for a total transaction of $153,480.24. Following the transaction, the senior vice president now owns 50,215 shares in the company, valued at approximately $7,257,071.80. The disclosure for this sale can be found here. Insiders sold a total of 155,798 shares of company stock valued at $22,811,166 in the last 90 days. Company insiders own 9.76% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of the company. Spire Wealth Management lifted its stake in Hess by 30.7% in the 3rd quarter. Spire Wealth Management now owns 319 shares of the oil and gas producer’s stock worth $49,000 after purchasing an additional 75 shares in the last quarter. Massmutual Trust Co. FSB ADV lifted its stake in 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 worth $77,000 after purchasing an additional 77 shares in the last quarter. Farmers & Merchants Investments Inc. lifted its stake in Hess by 10.3% in the 1st quarter. Farmers & Merchants Investments Inc. now owns 855 shares of the oil and gas producer’s stock worth $131,000 after purchasing an additional 80 shares in the last quarter. Capital Advisors Inc. OK lifted its stake in Hess by 5.4% in the 3rd quarter. Capital Advisors Inc. OK now owns 1,584 shares of the oil and gas producer’s stock worth $242,000 after purchasing an additional 81 shares in the last quarter. Finally, Drive Wealth Management LLC lifted its stake in Hess by 1.8% in the 1st quarter. Drive Wealth Management LLC now owns 4,527 shares of the oil and gas producer’s stock worth $691,000 after purchasing an additional 81 shares in the last quarter. Hedge funds and other institutional investors own 88.51% of the company’s stock.

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.