What is Scotiabank's Forecast for Hess FY2024 Earnings?

Hess Co. (NYSE:HES - Free Report) - Analysts at Scotiabank issued their FY2024 earnings per share (EPS) estimates for Hess in a research note issued on Wednesday, January 8th. Scotiabank analyst P. Cheng forecasts that the oil and gas producer will earn $10.05 per share for the year. Scotiabank currently has a "Sector Perform" rating and a $167.00 target price on the stock. The consensus estimate for Hess' current full-year earnings is $9.74 per share. Scotiabank also issued estimates for Hess' FY2025 earnings at $7.65 EPS.

A number of other brokerages have also issued reports on HES. Wells Fargo & Company upgraded shares of Hess from an "equal weight" rating to an "overweight" rating and upped their price target for the company from $151.00 to $193.00 in a research note on Monday, December 9th. Citigroup raised their target price on Hess from $145.00 to $163.00 and gave the stock a "neutral" rating in a research note on Friday, December 6th. StockNews.com assumed coverage on Hess in a research note on Monday. They set a "hold" rating on the stock. BMO Capital Markets raised their price objective on Hess from $155.00 to $160.00 and gave the stock an "outperform" rating in a research note on Friday, October 4th. Finally, Pickering Energy Partners upgraded shares of Hess to a "hold" rating in a report on Friday, January 3rd. Six research analysts have rated the stock with a hold rating and six have given a buy rating to the company. Based on data from MarketBeat.com, Hess presently has an average rating of "Moderate Buy" and a consensus price target of $170.50.

Hess Stock Performance

Shares of Hess stock opened at $142.52 on Monday. The company has a 50 day moving average price of $139.95 and a 200 day moving average price of $139.44. The firm has a market capitalization of $43.91 billion, a P/E ratio of 16.61 and a beta of 1.18. The company has a quick ratio of 1.13, a current ratio of 1.26 and a debt-to-equity ratio of 0.75. Hess has a 52 week low of $123.79 and a 52 week high of $163.98.

Hess (NYSE:HES - Get Free Report) last released its quarterly earnings results on Wednesday, October 30th. The oil and gas producer reported $2.14 EPS for the quarter, beating analysts' consensus estimates of $1.88 by $0.26. Hess had a return on equity of 27.41% and a net margin of 20.58%. The company had revenue of $3.20 billion during the quarter, compared to analysts' expectations of $2.96 billion. During the same period last year, the business posted $1.64 earnings per share. The firm's revenue was up 12.7% compared to the same quarter last year.

Hess Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, December 31st. Investors of record on Monday, December 16th were paid a $0.50 dividend. This represents a $2.00 annualized dividend and a dividend yield of 1.40%. The ex-dividend date was Monday, December 16th. Hess's dividend payout ratio is currently 23.31%.

Insider Buying and Selling

In related news, SVP Geurt G. Schoonman sold 6,000 shares of Hess stock in a transaction dated Thursday, November 7th. The stock was sold at an average price of $141.91, for a total value of $851,460.00. Following the completion of the transaction, the senior vice president now owns 27,581 shares in the company, valued at $3,914,019.71. The trade was a 17.87 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO John B. Hess sold 92,894 shares of the company's stock in a transaction that occurred on Friday, November 22nd. The stock was sold at an average price of $147.80, for a total value of $13,729,733.20. Following the transaction, the chief executive officer now directly owns 229,465 shares of the company's stock, valued at approximately $33,914,927. The trade was a 28.82 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 314,370 shares of company stock valued at $45,856,309. Corporate insiders own 9.76% of the company's stock.

Institutional Investors Weigh In On Hess

Institutional investors have recently bought and sold shares of the company. Graypoint LLC boosted its stake in shares of Hess by 21.6% in the fourth quarter. Graypoint LLC now owns 2,368 shares of the oil and gas producer's stock worth $315,000 after acquiring an additional 420 shares during the last quarter. Wealth Enhancement Advisory Services LLC boosted its stake in Hess by 5.1% during the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 6,246 shares of the oil and gas producer's stock worth $848,000 after purchasing an additional 305 shares during the last quarter. Versant Capital Management Inc grew its holdings in shares of Hess by 64.0% during the fourth quarter. Versant Capital Management Inc now owns 774 shares of the oil and gas producer's stock worth $103,000 after buying an additional 302 shares in the last quarter. Confluence Investment Management LLC raised its position in shares of Hess by 6.6% in the fourth quarter. Confluence Investment Management LLC now owns 4,117 shares of the oil and gas producer's stock valued at $548,000 after buying an additional 255 shares during the last quarter. Finally, Principal Financial Group Inc. lifted its stake in shares of Hess by 3.4% in the third quarter. Principal Financial Group Inc. now owns 326,921 shares of the oil and gas producer's stock worth $44,396,000 after buying an additional 10,738 shares in the last quarter. 88.51% of the stock is currently owned by institutional investors and hedge funds.

About Hess

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