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

Hess Co. (NYSE:HES) – Stock analysts at Zacks Research increased their FY2024 earnings estimates for Hess in a research note issued to investors on Tuesday, January 14th. Zacks Research analyst R. Department now forecasts that the oil and gas producer will post earnings of $9.55 per share for the year, up from their prior forecast of $9.53. The consensus estimate for Hess’ current full-year earnings is $9.51 per share. Zacks Research also issued estimates for Hess’ Q4 2024 earnings at $1.63 EPS and Q3 2025 earnings at $1.70 EPS.

A number of other equities analysts also recently weighed in on the stock. Susquehanna boosted their target price on shares of Hess from $149.00 to $154.00 and gave the stock a “neutral” rating in a report on Friday, October 18th. Scotiabank upped their target price on shares of Hess from $157.00 to $167.00 and gave the company a “sector perform” rating in a report on Thursday, October 10th. Wells Fargo & Company raised Hess from an “equal weight” rating to an “overweight” rating and raised their price objective for the company from $151.00 to $193.00 in a research report on Monday, December 9th. UBS Group boosted their target price on Hess from $173.00 to $185.00 and gave the stock a “buy” rating in a report on Tuesday, December 3rd. Finally, Pickering Energy Partners raised Hess to a “hold” rating in a report on Friday, January 3rd. Six research analysts have rated the stock with a hold rating and six have issued a buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $170.50.

Hess Trading Up 0.5 %

Shares of Hess stock opened at $149.71 on Friday. The stock has a market cap of $46.13 billion, a P/E ratio of 17.45 and a beta of 1.18. The company has a quick ratio of 1.13, a current ratio of 1.26 and a debt-to-equity ratio of 0.75. Hess has a 12-month low of $123.79 and a 12-month high of $163.98. The business’s 50 day moving average is $140.34 and its 200-day moving average is $139.48.

Hess (NYSE:HES) last announced its quarterly earnings data on Wednesday, October 30th. The oil and gas producer reported $2.14 earnings per share for the quarter, beating the consensus estimate of $1.88 by $0.26. The company had revenue of $3.20 billion during the quarter, compared to analysts’ expectations of $2.96 billion. Hess had a return on equity of 27.41% and a net margin of 20.58%. Hess’s revenue for the quarter was up 12.7% compared to the same quarter last year. During the same quarter last year, the company earned $1.64 EPS.

Hess Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Tuesday, December 31st. Shareholders of record on Monday, December 16th were given a $0.50 dividend. This represents a $2.00 dividend on an annualized basis and a yield of 1.34%. The ex-dividend date of this dividend was Monday, December 16th. Hess’s dividend payout ratio is presently 23.31%.

Insiders Place Their Bets

In related news, CEO John B. Hess sold 90,476 shares of the firm’s stock in a transaction that occurred on Thursday, November 7th. The shares were sold at an average price of $142.47, for a total value of $12,890,115.72. Following the completion of the transaction, the chief executive officer now owns 223,147 shares in the company, valued at $31,791,753.09. This trade represents a 28.85 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, SVP Geurt G. Schoonman sold 6,000 shares of the firm’s stock in a transaction on 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 directly owns 27,581 shares of the company’s stock, valued at approximately $3,914,019.71. This represents a 17.87 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 314,370 shares of company stock valued at $45,856,309. 9.76% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Hess

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Groupama Asset Managment boosted its position in Hess by 22.7% during the third quarter. Groupama Asset Managment now owns 22,606 shares of the oil and gas producer’s stock valued at $31,000 after acquiring an additional 4,186 shares during the last quarter. Covestor Ltd lifted its position in shares of Hess by 59.8% during the 3rd quarter. Covestor Ltd now owns 262 shares of the oil and gas producer’s stock valued at $36,000 after acquiring an additional 98 shares during the period. FSA Wealth Management LLC acquired a new stake in Hess in the third quarter worth $37,000. Eastern Bank bought a new stake in Hess in the third quarter valued at $48,000. Finally, LRI Investments LLC raised its holdings in shares of Hess by 157.2% during the third quarter. LRI Investments LLC now owns 355 shares of the oil and gas producer’s stock valued at $51,000 after purchasing an additional 217 shares during the period. 88.51% of the stock is owned by institutional investors and hedge funds.

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.