FY2023 EPS Estimates for Hess Co. Lowered by Jefferies Financial Group (NYSE:HES)

Hess Co. (NYSE:HES – Get Rating) – Investment analysts at Jefferies Financial Group cut their FY2023 earnings per share estimates for Hess in a research note issued on Monday, March 13th. Jefferies Financial Group analyst L. Byrne now expects that the oil and gas producer will earn $6.55 per share for the year, down from their prior estimate of $6.71. The consensus estimate for Hess’ current full-year earnings is $7.13 per share.

Hess (NYSE:HES – Get Rating) last posted its quarterly earnings data on Wednesday, January 25th. The oil and gas producer reported $1.78 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.69 by $0.09. The business had revenue of $3.05 billion during the quarter, compared to the consensus estimate of $2.83 billion. Hess had a return on equity of 27.97% and a net margin of 19.21%. The firm’s quarterly revenue was up 35.4% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.85 earnings per share.

A number of other equities research analysts have also recently commented on the company. Bank of America increased their target price on Hess from $185.00 to $200.00 and gave the stock a “buy” rating in a research note on Thursday, January 26th. Susquehanna increased their target price on Hess from $179.00 to $185.00 in a research note on Thursday, January 26th. Wells Fargo & Company increased their target price on Hess from $162.00 to $170.00 and gave the stock an “overweight” rating in a research note on Thursday, January 26th. Morgan Stanley increased their target price on Hess from $123.00 to $130.00 and gave the stock an “overweight” rating in a research note on Thursday, January 19th. Finally, Piper Sandler dropped their price objective on Hess from $164.00 to $156.00 and set an “overweight” rating on the stock in a research report on Monday, December 19th. Six investment analysts have rated the stock with a hold rating and nine have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $164.07.

Hess Trading Up 0.0 %

NYSE HES opened at $124.88 on Tuesday. Hess has a 12 month low of $89.80 and a 12 month high of $160.52. The stock has a market cap of $38.24 billion, a P/E ratio of 17.37 and a beta of 1.55. The stock’s fifty day moving average price is $143.17 and its 200-day moving average price is $135.99. The company has a current ratio of 1.64, a quick ratio of 1.55 and a debt-to-equity ratio of 1.00.

Hess Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, March 30th. Shareholders of record on Monday, March 13th will be given a $0.438 dividend. This represents a $1.75 annualized dividend and a yield of 1.40%. This is a boost from Hess’s previous quarterly dividend of $0.38. The ex-dividend date of this dividend is Friday, March 10th. Hess’s dividend payout ratio (DPR) is presently 24.34%.

Insiders Place Their Bets

In other Hess news, CFO John P. Rielly sold 3,380 shares of the firm’s stock in a transaction dated Tuesday, March 7th. The stock was sold at an average price of $137.41, for a total value of $464,445.80. Following the transaction, the chief financial officer now directly owns 309,841 shares of the company’s stock, valued at $42,575,251.81. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other news, CEO John B. Hess sold 109,649 shares of the firm’s stock in a transaction dated Wednesday, February 1st. The stock was sold at an average price of $144.81, for a total value of $15,878,271.69. Following the transaction, the chief executive officer now owns 898,752 shares of the company’s stock, valued at $130,148,277.12. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO John P. Rielly sold 3,380 shares of the firm’s stock in a transaction dated Tuesday, March 7th. The stock was sold at an average price of $137.41, for a total value of $464,445.80. Following the completion of the transaction, the chief financial officer now directly owns 309,841 shares in the company, valued at approximately $42,575,251.81. The disclosure for this sale can be found here. Over the last three months, insiders have sold 227,720 shares of company stock valued at $32,305,936. Insiders own 9.93% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in the stock. Victory Capital Management Inc. raised its stake in shares of Hess by 13.4% in the fourth quarter. Victory Capital Management Inc. now owns 394,342 shares of the oil and gas producer’s stock worth $55,926,000 after buying an additional 46,595 shares during the period. Rockefeller Capital Management L.P. raised its stake in Hess by 21.0% during the 4th quarter. Rockefeller Capital Management L.P. now owns 8,206 shares of the oil and gas producer’s stock valued at $1,162,000 after purchasing an additional 1,423 shares during the period. OLD Mission Capital LLC bought a new stake in Hess during the 4th quarter valued at approximately $52,000. North Star Asset Management Inc. bought a new stake in Hess during the 4th quarter valued at approximately $420,000. Finally, CVA Family Office LLC raised its stake in Hess by 37.1% during the 4th quarter. CVA Family Office LLC now owns 377 shares of the oil and gas producer’s stock valued at $53,000 after purchasing an additional 102 shares during the period. Institutional investors own 86.06% of the company’s stock.

Hess Company Profile

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Hess Corp is an exploration and production company, which engages in exploration, development, production, transportation, purchase & sale of crude oil, natural gas liquids and natural gas with production operations. It operates through the following segments: Exploration and Production and Midstream.