Q2 2023 EPS Estimates for Hess Co. (NYSE:HES) Decreased by Zacks Research

Hess Co. (NYSE:HES – Get Rating) – Equities researchers at Zacks Research reduced their Q2 2023 earnings estimates for shares of Hess in a research report issued on Tuesday, May 23rd. Zacks Research analyst N. Banerjee now forecasts that the oil and gas producer will earn $1.09 per share for the quarter, down from their prior estimate of $1.10. The consensus estimate for Hess’ current full-year earnings is $5.44 per share. Zacks Research also issued estimates for Hess’ Q1 2024 earnings at $1.62 EPS, Q2 2024 earnings at $1.77 EPS, Q3 2024 earnings at $1.66 EPS, FY2024 earnings at $6.91 EPS and Q1 2025 earnings at $2.40 EPS.

Several other equities research analysts also recently weighed in on the stock. JPMorgan Chase & Co. lifted their price target on shares of Hess from $156.00 to $158.00 and gave the company an “overweight” rating in a research note on Wednesday, April 5th. Citigroup lifted their price target on shares of Hess from $155.00 to $160.00 and gave the company a “neutral” rating in a research note on Friday, January 27th. Morgan Stanley lifted their price target on shares of Hess from $156.00 to $158.00 in a research note on Monday, May 15th. Piper Sandler lifted their price objective on shares of Hess from $167.00 to $168.00 in a report on Thursday, May 18th. Finally, UBS Group assumed coverage on shares of Hess in a report on Wednesday, April 19th. They set a “buy” rating and a $184.00 price objective for the company. One research analyst has rated the stock with a sell rating, five have issued a hold rating and nine have given a buy rating to the company’s stock. According to MarketBeat, Hess has a consensus rating of “Moderate Buy” and an average price target of $169.00.

Hess Price Performance

Shares of NYSE HES opened at $129.11 on Thursday. Hess has a twelve month low of $90.34 and a twelve month high of $160.52. The firm has a fifty day simple moving average of $136.26 and a 200 day simple moving average of $139.70. The company has a market capitalization of $39.64 billion, a PE ratio of 18.50 and a beta of 1.57. The company has a quick ratio of 1.55, a current ratio of 1.65 and a debt-to-equity ratio of 0.98.

Hess (NYSE:HES – Get Rating) last announced its quarterly earnings results on Wednesday, April 26th. The oil and gas producer reported $1.13 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.03 by $0.10. Hess had a net margin of 18.47% and a return on equity of 25.85%. The firm had revenue of $2.45 billion during the quarter, compared to analysts’ expectations of $2.37 billion. During the same period in the prior year, the company posted $1.30 EPS. The company’s revenue was up 3.5% on a year-over-year basis.

Hess Cuts Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, June 30th. Shareholders of record on Thursday, June 15th will be given a dividend of $0.4375 per share. The ex-dividend date of this dividend is Wednesday, June 14th. This represents a $1.75 dividend on an annualized basis and a yield of 1.36%. Hess’s payout ratio is 25.07%.

Insider Transactions at Hess

In other news, SVP Richard D. Lynch sold 33,191 shares of Hess stock in a transaction dated Tuesday, March 7th. The stock was sold at an average price of $138.84, for a total value of $4,608,238.44. Following the transaction, the senior vice president now owns 23,622 shares in the company, valued at $3,279,678.48. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. In related news, SVP Richard D. Lynch sold 33,191 shares of the firm’s stock in a transaction dated Tuesday, March 7th. The stock was sold at an average price of $138.84, for a total value of $4,608,238.44. Following the sale, the senior vice president now directly owns 23,622 shares of the company’s stock, valued at $3,279,678.48. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO John P. Rielly sold 3,380 shares of Hess stock in a transaction that occurred on Tuesday, March 7th. The shares were sold at an average price of $137.41, for a total value of $464,445.80. Following the sale, the chief financial officer now directly owns 309,841 shares in the company, valued at $42,575,251.81. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 6,436,221 shares of company stock worth $174,102,591. Company insiders own 9.93% of the company’s stock.

Institutional Trading of Hess

Hedge funds have recently made changes to their positions in the stock. Raymond James Financial Services Advisors Inc. boosted its position in shares of Hess by 59.7% in the 4th quarter. Raymond James Financial Services Advisors Inc. now owns 36,499 shares of the oil and gas producer’s stock worth $5,177,000 after purchasing an additional 13,641 shares in the last quarter. Bank of Montreal Can raised its holdings in Hess by 44.3% in the 4th quarter. Bank of Montreal Can now owns 188,850 shares of the oil and gas producer’s stock worth $26,828,000 after acquiring an additional 57,965 shares during the last quarter. Credit Suisse AG raised its holdings in Hess by 8.6% in the 3rd quarter. Credit Suisse AG now owns 296,206 shares of the oil and gas producer’s stock worth $32,283,000 after acquiring an additional 23,392 shares during the last quarter. Dimensional Fund Advisors LP raised its holdings in Hess by 0.7% in the 3rd quarter. Dimensional Fund Advisors LP now owns 3,103,112 shares of the oil and gas producer’s stock worth $338,218,000 after acquiring an additional 20,141 shares during the last quarter. Finally, Ieq Capital LLC raised its holdings in Hess by 65.2% in the 3rd quarter. Ieq Capital LLC now owns 7,588 shares of the oil and gas producer’s stock worth $827,000 after acquiring an additional 2,996 shares during the last quarter. 86.06% of the stock is owned by institutional investors.

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.