On October 2, 2023, several research analysts provided their assessments of Hess Corporation (NYSE:HES), a leading global independent energy company engaged in the exploration and production of crude oil and natural gas. Mizuho, in a research note on September 18th, increased their target price on Hess from $175.00 to $178.00 and maintained a “neutral” rating. Wells Fargo & Company also raised their price target on Hess from $161.00 to $169.00 in another report released on July 27th.
Another respected financial institution, Morgan Stanley, upgraded its price target for Hess from $154.00 to $158.00 and assigned an “overweight” rating on August 18th. Additionally, Susquehanna revised their target price upward from $183.00 to $187.00 on July 27th.
However, Evercore ISI took an opposite view and lowered its price objective for Hess from $155.00 to $153.00 in a research note on July 10th.
The consensus rating derived from Bloomberg.com’s data reveals that one analyst suggests selling the stock, while five rate it as a hold, and ten advise purchasing shares of the company.
Offering further insight into recent developments surrounding the corporation is news regarding COO Gregory P. Hill’s stock transaction. On July 31st, Hill sold 33,414 shares at an average price of $151.33 each; this resulted in a total transaction value of approximately $5,056,540.62. Following the sale, Hill held directly or indirectly around 82,932 shares worth approximately $12,550,099.
Furthermore, SVP Barbara J. Lowery-Yilmaz sold 24,319 shares of the firm’s stock on September 1st for an average price of $156.91 per share—making the total value of the transaction approximately $3,815,894.29. After the completion of the sale, Lowery-Yilmaz retained ownership of 113,670 shares valued at around $17,835,959.
Moving on to various financial indicators for Hess Corporation, on Monday, October 2nd, shares opened at $153.00 on the New York Stock Exchange (NYSE). The fifty-day moving average price for the stock stands at $154.50 and its two-hundred-day moving average price is $142.12.
The company maintains a debt-to-equity ratio of 0.97 and exhibits favorable liquidity ratios such as a quick ratio of 1.43 and a current ratio of 1.54.
With a market capitalization of $46.98 billion and a price-to-earnings ratio (P/E) of 29.31, Hess holds an important position in the industry. Furthermore, its beta coefficient signifies moderate volatility with a value of 1.58.
Over the past year, Hess has recorded a range between its low point of $106.66 and its high point of $165.43.
Given these factors and recent developments, investors should take note of the changing dynamics surrounding Hess Corporation and consider how it fits within their investment strategies.
Zacks Research Raises EPS Estimates for Hess Co. as Insiders Sell Stock
In a recent note issued to investors on September 29th, Zacks Research analysts have raised their earnings per share (EPS) estimates for Hess Co. (NYSE:HES) for the fiscal year 2023. The oil and gas producer is now anticipated to post EPS of $4.37, an increase from the previous estimate of $4.32. The consensus estimate for Hess’ full-year earnings in 2023 is currently at $4.71 per share.
Additionally, Zacks Research has provided estimates for Hess’ earnings in various quarters of 2023 and 2024. These estimates are as follows: $1.49 EPS for Q4 2023, $2.03 EPS for Q1 2024, $2.11 EPS for Q2 2024, $2.33 EPS for Q3 2024, and $2.23 EPS for Q4 2024. For the fiscal year 2024 as a whole, the estimated earnings per share stand at $8.70.
This boost in EPS estimates comes after COO Gregory P. Hill sold 33,414 shares of Hess stock in a transaction on July 31st at an average price of $151.33 per share, resulting in a total value of approximately $5,056,540.62. Following this sale, Hill now directly owns over 82,000 shares of the company’s stock with an approximate value of $12,550,099.
Another significant transaction involved SVP Barbara J. Lowery-Yilmaz selling 24,319 shares of Hess stock on September 1st at an average price of $156.91 per share, amounting to a total value of about $3,815,894.29.
According to disclosures filed with the SEC (Securities and Exchange Commission), these insider sales have resulted in company insiders owning approximately 9.93% of the stock.
Hess last reported its quarterly earnings results on July 26th, surpassing analysts’ consensus estimates with an EPS of $0.65 for the quarter, higher than the estimated $0.57 EPS by $0.08. The company’s revenue for the quarter amounted to $2.32 billion, in line with market expectations. However, there was a decline of 22.4% compared to the same quarter in the previous year.
On September 29th, Hess also announced a quarterly dividend payment to shareholders who were recorded as of September 18th. The dividend amounted to $0.4375 per share and represents an annualized yield of 1.14%. The ex-dividend date for this payout occurred on September 15th.
Currently, Hess has a dividend payout ratio (DPR) of 33.52%.