Zacks: Analysts Expect Hess Corp. (NYSE:HES) Will Post Earnings of -$1.18 Per Share

Brokerages forecast that Hess Corp. (NYSE:HES) will announce earnings per share (EPS) of ($1.18) for the current quarter, Zacks Investment Research reports. Three analysts have issued estimates for Hess’ earnings, with the lowest EPS estimate coming in at ($1.27) and the highest estimate coming in at ($1.11). Hess posted earnings of ($0.32) per share in the same quarter last year, which suggests a negative year-over-year growth rate of 268.8%. The business is scheduled to announce its next quarterly earnings report on Wednesday, November 4th.

According to Zacks, analysts expect that Hess will report full year earnings of ($1.68) per share for the current year, with EPS estimates ranging from ($2.52) to ($0.82). For the next fiscal year, analysts anticipate that the firm will report earnings of ($1.76) per share, with EPS estimates ranging from ($2.49) to ($0.70). Zacks’ earnings per share averages are an average based on a survey of research firms that follow Hess.

Hess (NYSE:HES) last posted its quarterly earnings results on Wednesday, July 29th. The oil and gas producer reported ($1.05) EPS for the quarter, topping the consensus estimate of ($1.14) by $0.09. Hess had a negative return on equity of 8.81% and a negative net margin of 58.62%. The business had revenue of $842.00 million for the quarter, compared to analyst estimates of $996.22 million. During the same quarter in the previous year, the firm earned ($0.09) EPS. The company’s quarterly revenue was down 50.4% compared to the same quarter last year.

Several research analysts have recently commented on HES shares. UBS Group lifted their price target on Hess from $37.00 to $49.00 and gave the stock a “neutral” rating in a report on Monday, June 29th. Mizuho lifted their price target on Hess from $45.00 to $53.00 in a report on Friday, June 19th. Zacks Investment Research lowered Hess from a “buy” rating to a “hold” rating and set a $50.00 price target on the stock. in a report on Friday, July 31st. Scotiabank lowered Hess from a “sector outperform” rating to a “sector perform” rating and set a $55.00 price target on the stock. in a report on Wednesday, September 23rd. Finally, Wolfe Research upgraded shares of Hess from a “peer perform” rating to an “outperform” rating and boosted their price objective for the company from $53.00 to $59.00 in a report on Wednesday, July 15th. Two analysts have rated the stock with a sell rating, six have assigned a hold rating and fourteen have assigned a buy rating to the company’s stock. Hess has an average rating of “Buy” and a consensus target price of $56.84.

Shares of NYSE HES traded down $1.95 during trading on Friday, hitting $38.98. 3,050,063 shares of the company were exchanged, compared to its average volume of 3,169,938. Hess has a 12-month low of $26.06 and a 12-month high of $74.11. The company has a debt-to-equity ratio of 1.14, a quick ratio of 1.76 and a current ratio of 1.99. The company has a fifty day moving average price of $46.05 and a 200-day moving average price of $45.16. The firm has a market capitalization of $11.97 billion, a PE ratio of -3.73 and a beta of 2.20.

The company also recently announced a quarterly dividend, which was paid on Wednesday, September 30th. Shareholders of record on Tuesday, September 15th were given a $0.25 dividend. This represents a $1.00 annualized dividend and a yield of 2.57%. The ex-dividend date was Monday, September 14th. Hess’s dividend payout ratio is currently -105.26%.

In other Hess news, SVP Geurt G. Schoonman sold 4,686 shares of Hess stock in a transaction dated Wednesday, August 12th. The stock was sold at an average price of $54.08, for a total value of $253,418.88. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Insiders own 11.39% of the company’s stock.

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. State Street Corp lifted its holdings in Hess by 9.2% during the 1st quarter. State Street Corp now owns 14,736,107 shares of the oil and gas producer’s stock worth $490,712,000 after buying an additional 1,247,329 shares in the last quarter. Capital International Investors lifted its stake in shares of Hess by 457.1% in the 1st quarter. Capital International Investors now owns 10,311,544 shares of the oil and gas producer’s stock valued at $343,374,000 after purchasing an additional 8,460,554 shares during the period. Primecap Management Co. CA lifted its stake in shares of Hess by 14.5% in the 1st quarter. Primecap Management Co. CA now owns 9,326,955 shares of the oil and gas producer’s stock valued at $310,588,000 after purchasing an additional 1,177,640 shares during the period. Invesco Ltd. lifted its stake in shares of Hess by 3.3% in the 1st quarter. Invesco Ltd. now owns 5,888,093 shares of the oil and gas producer’s stock valued at $196,073,000 after purchasing an additional 187,360 shares during the period. Finally, Geode Capital Management LLC lifted its stake in shares of Hess by 2.1% in the 1st quarter. Geode Capital Management LLC now owns 4,079,603 shares of the oil and gas producer’s stock valued at $135,583,000 after purchasing an additional 83,752 shares during the period. 83.95% of the stock is owned by institutional investors.

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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