Hess Corp. (NYSE:HES) Expected to Announce Quarterly Sales of $1.65 Billion

Brokerages expect that Hess Corp. (NYSE:HES) will report sales of $1.65 billion for the current fiscal quarter, Zacks reports. Four analysts have issued estimates for Hess’ earnings, with the lowest sales estimate coming in at $1.56 billion and the highest estimate coming in at $1.76 billion. Hess reported sales of $1.83 billion during the same quarter last year, which indicates a negative year-over-year growth rate of 9.8%. The company is expected to report its next quarterly earnings results on Wednesday, October 30th.

On average, analysts expect that Hess will report full-year sales of $6.63 billion for the current fiscal year, with estimates ranging from $6.25 billion to $7.14 billion. For the next year, analysts anticipate that the company will post sales of $7.88 billion, with estimates ranging from $6.88 billion to $10.45 billion. Zacks Investment Research’s sales averages are a mean average based on a survey of sell-side research firms that cover Hess.

Hess (NYSE:HES) last issued its quarterly earnings data on Wednesday, July 31st. The oil and gas producer reported ($0.09) earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.10) by $0.01. The business had revenue of $1.70 billion during the quarter, compared to analyst estimates of $1.52 billion. Hess had a return on equity of 0.46% and a net margin of 1.09%. Hess’s quarterly revenue was up 8.4% compared to the same quarter last year. During the same period in the previous year, the firm earned ($0.23) EPS.

HES has been the topic of a number of recent analyst reports. Morgan Stanley set a $69.00 price target on Hess and gave the stock a “buy” rating in a research report on Monday, June 24th. Wells Fargo & Co reissued a “buy” rating on shares of Hess in a research note on Wednesday, July 31st. Zacks Investment Research raised shares of Hess from a “hold” rating to a “buy” rating and set a $72.00 target price on the stock in a research note on Tuesday, April 30th. Piper Jaffray Companies set a $61.00 target price on shares of Hess and gave the stock a “hold” rating in a research note on Friday. Finally, Capital One Financial raised shares of Hess from an “underweight” rating to an “equal weight” rating in a research note on Wednesday, May 15th. One research analyst has rated the stock with a sell rating, eight have assigned a hold rating and seven have given a buy rating to the company. Hess has a consensus rating of “Hold” and an average target price of $70.38.

Shares of NYSE HES traded up $3.33 during trading hours on Wednesday, reaching $63.15. The stock had a trading volume of 3,583,759 shares, compared to its average volume of 3,449,035. The company has a current ratio of 1.58, a quick ratio of 1.46 and a debt-to-equity ratio of 0.68. The firm has a market cap of $18.15 billion, a price-to-earnings ratio of -85.34 and a beta of 1.97. The business’s fifty day moving average price is $61.20 and its two-hundred day moving average price is $60.35. Hess has a 52-week low of $35.59 and a 52-week high of $74.81.

In other Hess news, insider Barbara J. Lowery-Yilmaz sold 7,305 shares of the firm’s stock in a transaction that occurred on Tuesday, August 6th. The shares were sold at an average price of $57.18, for a total value of $417,699.90. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider Michael R. Turner sold 30,345 shares of the firm’s stock in a transaction that occurred on Wednesday, June 26th. The shares were sold at an average price of $65.17, for a total transaction of $1,977,583.65. Following the completion of the transaction, the insider now directly owns 94,537 shares of the company’s stock, valued at approximately $6,160,976.29. The disclosure for this sale can be found here. Insiders sold a total of 48,908 shares of company stock valued at $3,090,015 in the last three months. 12.22% of the stock is currently owned by corporate insiders.

Several institutional investors have recently added to or reduced their stakes in HES. FMR LLC increased its stake in shares of Hess by 66.0% during the first quarter. FMR LLC now owns 31,017,189 shares of the oil and gas producer’s stock worth $1,868,166,000 after acquiring an additional 12,335,629 shares during the period. Vanguard Group Inc. boosted its holdings in Hess by 1.8% during the second quarter. Vanguard Group Inc. now owns 29,992,051 shares of the oil and gas producer’s stock worth $1,906,595,000 after buying an additional 520,350 shares in the last quarter. BlackRock Inc. boosted its holdings in Hess by 0.5% during the second quarter. BlackRock Inc. now owns 17,524,583 shares of the oil and gas producer’s stock worth $1,114,037,000 after buying an additional 89,217 shares in the last quarter. Barrow Hanley Mewhinney & Strauss LLC boosted its holdings in Hess by 1.1% during the second quarter. Barrow Hanley Mewhinney & Strauss LLC now owns 9,447,455 shares of the oil and gas producer’s stock worth $600,575,000 after buying an additional 99,168 shares in the last quarter. Finally, Primecap Management Co. CA boosted its holdings in Hess by 0.5% during the first quarter. Primecap Management Co. CA now owns 8,332,535 shares of the oil and gas producer’s stock worth $501,869,000 after buying an additional 39,500 shares in the last quarter. 96.84% of the stock is owned by institutional investors and hedge funds.

Hess Company Profile

Hess Corporation, an exploration and production company, explores for, develops, produces, purchases, transports, and sells crude oil, natural gas liquids (NGLs), and natural gas. It operates through two segments, Exploration and Production, and Midstream. The company conducts production operations primarily in the United States, Denmark, the Malaysia/Thailand Joint Development Area, and Malaysia; and exploration activities primarily offshore Guyana, Suriname, Canada, and in the Gulf of Mexico.

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