$1.27 Billion in Sales Expected for Hess Corporation (HES) This Quarter
Equities research analysts expect that Hess Corporation (NYSE:HES) will report sales of $1.27 billion for the current fiscal quarter, according to Zacks. Two analysts have provided estimates for Hess’ earnings. The highest sales estimate is $1.30 billion and the lowest is $1.25 billion. Hess posted sales of $1.39 billion in the same quarter last year, which would indicate a negative year over year growth rate of 8.6%. The firm is expected to announce its next earnings report on Wednesday, January 24th.
According to Zacks, analysts expect that Hess will report full-year sales of $1.27 billion for the current year, with estimates ranging from $5.11 billion to $5.47 billion. For the next fiscal year, analysts expect that the business will report sales of $5.07 billion per share, with estimates ranging from $4.91 billion to $5.22 billion. Zacks’ sales averages are a mean average based on a survey of sell-side analysts that follow Hess.
Hess (NYSE:HES) last issued its earnings results on Wednesday, October 25th. The oil and gas producer reported ($1.07) earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of ($1.29) by $0.22. Hess had a negative return on equity of 9.30% and a negative net margin of 113.21%. The business had revenue of $1.67 billion during the quarter, compared to analysts’ expectations of $1.27 billion. During the same period in the prior year, the firm posted ($1.12) EPS. Hess’s quarterly revenue was up 39.3% compared to the same quarter last year.
HES has been the subject of a number of recent research reports. Cowen reissued a “hold” rating and issued a $50.00 target price on shares of Hess in a report on Tuesday, August 22nd. Piper Jaffray Companies set a $47.00 price target on Hess and gave the company a “buy” rating in a report on Friday, August 25th. BMO Capital Markets reaffirmed a “hold” rating and set a $42.00 price target on shares of Hess in a report on Friday, September 1st. Zacks Investment Research raised Hess from a “sell” rating to a “hold” rating in a report on Tuesday, September 12th. Finally, J P Morgan Chase & Co cut Hess from an “overweight” rating to a “neutral” rating and dropped their price target for the company from $52.00 to $45.00 in a report on Thursday, September 14th. Four research analysts have rated the stock with a sell rating, nine have assigned a hold rating and seven have given a buy rating to the company. The stock currently has an average rating of “Hold” and an average target price of $50.93.
In other Hess news, COO Gregory P. Hill sold 7,400 shares of Hess stock in a transaction dated Thursday, December 7th. The stock was sold at an average price of $44.62, for a total transaction of $330,188.00. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, insider Brian D. Truelove sold 6,000 shares of Hess stock in a transaction dated Monday, September 18th. The shares were sold at an average price of $42.53, for a total value of $255,180.00. The disclosure for this sale can be found here. Insiders own 11.80% of the company’s stock.
Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Bank of New York Mellon Corp increased its position in shares of Hess by 84.7% in the second quarter. Bank of New York Mellon Corp now owns 4,615,399 shares of the oil and gas producer’s stock valued at $202,476,000 after buying an additional 2,117,131 shares in the last quarter. Hotchkis & Wiley Capital Management LLC lifted its holdings in shares of Hess by 13.9% during the third quarter. Hotchkis & Wiley Capital Management LLC now owns 9,206,402 shares of the oil and gas producer’s stock valued at $431,688,000 after purchasing an additional 1,123,000 shares during the last quarter. Hermes Investment Management Ltd. raised its position in Hess by 57.0% during the third quarter. Hermes Investment Management Ltd. now owns 1,730,153 shares of the oil and gas producer’s stock valued at $81,127,000 after buying an additional 627,795 shares during the period. Impala Asset Management LLC raised its position in Hess by 70.9% during the third quarter. Impala Asset Management LLC now owns 1,409,356 shares of the oil and gas producer’s stock valued at $66,085,000 after buying an additional 584,640 shares during the period. Finally, Bank of Nova Scotia increased its holdings in shares of Hess by 161.6% during the 2nd quarter. Bank of Nova Scotia now owns 945,876 shares of the oil and gas producer’s stock valued at $41,496,000 after acquiring an additional 584,247 shares during the last quarter. 89.73% of the stock is currently owned by hedge funds and other institutional investors.
Shares of Hess (NYSE HES) traded down $1.31 on Thursday, hitting $44.10. The stock had a trading volume of 4,309,000 shares, compared to its average volume of 4,128,195. Hess has a fifty-two week low of $37.25 and a fifty-two week high of $65.01. The company has a quick ratio of 1.68, a current ratio of 1.84 and a debt-to-equity ratio of 0.46.
The firm also recently announced a quarterly dividend, which will be paid on Friday, December 29th. Shareholders of record on Monday, December 18th will be issued a dividend of $0.25 per share. The ex-dividend date is Friday, December 15th. This represents a $1.00 annualized dividend and a yield of 2.27%. Hess’s dividend payout ratio is presently -4.95%.
Hess Company Profile
Hess Corporation is an exploration and production company. The Company is engaged in exploration, development, production, transportation, purchase and sale of crude oil, natural gas liquids (NGL) and natural gas. The Company’s segments include Exploration and Production, and Bakken Midstream. Its Exploration and Production segment explores for, develops, produces, purchases and sells crude oil, NGLs and natural gas with production operations primarily in the United States, Denmark, Equatorial Guinea, the Malaysia/Thailand Joint Development Area (JDA), Malaysia and Norway.
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