Brokers Issue Forecasts for Hess Co.’s FY2024 Earnings (NYSE:HES)

Hess Co. (NYSE:HES) – Analysts at Zacks Research boosted their FY2024 EPS estimates for shares of Hess in a research report issued on Wednesday, August 14th. Zacks Research analyst N. Banerjee now forecasts that the oil and gas producer will earn $10.56 per share for the year, up from their prior 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 quarterly earnings results on Wednesday, July 31st. The oil and gas producer reported $2.62 earnings per share for the quarter, topping the consensus estimate of $2.48 by $0.14. Hess had a net margin of 21.22% and a return on equity of 27.43%. The firm had revenue of $3.26 billion for the quarter, compared to analysts’ expectations of $3.24 billion. During the same quarter in the prior year, the firm posted $0.65 earnings per share. The business’s quarterly revenue was up 40.3% on a year-over-year basis.

A number of other equities analysts have also recently issued reports on the company. Citigroup upped their price objective on Hess from $145.00 to $160.00 and gave the stock a “neutral” rating in a report on Wednesday, June 5th. Susquehanna cut their target price on Hess from $166.00 to $151.00 and set a “neutral” rating for the company in a research note on Monday. BMO Capital Markets downgraded shares of Hess to an “overweight” rating and decreased their price target for the stock from $175.00 to $160.00 in a research note on Monday. Sanford C. Bernstein raised shares of 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. Finally, Wolfe Research started coverage on shares of Hess in a report on Thursday, July 18th. They set a “peer perform” rating on the stock. Eight analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $175.77.

Hess Stock Performance

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

Institutional Investors Weigh In On Hess

Hedge funds have recently bought and sold shares of the business. Kimelman & Baird LLC purchased a new position in shares of Hess during the second quarter valued at approximately $443,000. Creative Planning grew its stake in shares of Hess by 3.4% in the 2nd quarter. Creative Planning now owns 19,128 shares of the oil and gas producer’s stock worth $2,822,000 after buying an additional 633 shares during the last quarter. Algert Global LLC increased its position in Hess by 53.0% during the 2nd quarter. Algert Global LLC now owns 2,920 shares of the oil and gas producer’s stock valued at $431,000 after buying an additional 1,011 shares in the last quarter. Sculptor Capital LP raised its stake in Hess by 188.7% during the second quarter. Sculptor Capital LP now owns 765,542 shares of the oil and gas producer’s stock valued at $112,933,000 after buying an additional 500,342 shares during the last quarter. Finally, Legal & General Group Plc boosted its holdings in Hess by 6.6% in the second quarter. Legal & General Group Plc now owns 2,451,807 shares of the oil and gas producer’s stock worth $361,691,000 after acquiring an additional 150,945 shares in the last quarter. Institutional investors own 88.51% of the company’s stock.

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.