$1.19 Billion in Sales Expected for Hess Corp. (HES) This Quarter
Brokerages predict that Hess Corp. (NYSE:HES) will announce sales of $1.19 billion for the current quarter, Zacks reports. Three analysts have provided estimates for Hess’ earnings, with the lowest sales estimate coming in at $1.06 billion and the highest estimate coming in at $1.31 billion. Hess reported sales of $1.28 billion during the same quarter last year, which indicates a negative year over year growth rate of 7%. The firm is expected to issue its next earnings results on Wednesday, April 25th.
According to Zacks, analysts expect that Hess will report full year sales of $1.19 billion for the current financial year, with estimates ranging from $4.60 billion to $6.06 billion. For the next year, analysts forecast that the firm will post sales of $6.05 billion per share, with estimates ranging from $5.27 billion to $6.83 billion. Zacks Investment Research’s sales averages are a mean average based on a survey of analysts that that provide coverage for Hess.
Hess (NYSE:HES) last issued its quarterly earnings results on Monday, February 5th. The oil and gas producer reported ($1.01) EPS for the quarter, missing the Zacks’ consensus estimate of ($0.91) by ($0.10). The business had revenue of $1.30 billion for the quarter, compared to the consensus estimate of $1.32 billion. Hess had a negative return on equity of 9.82% and a negative net margin of 74.55%. The business’s revenue was down 6.5% compared to the same quarter last year. During the same quarter last year, the business posted ($1.01) earnings per share.
In related news, SVP Timothy B. Goodell sold 3,627 shares of the business’s stock in a transaction on Thursday, February 8th. The stock was sold at an average price of $44.43, for a total transaction of $161,147.61. Following the sale, the senior vice president now directly owns 99,555 shares in the company, valued at approximately $4,423,228.65. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CEO John B. Hess sold 93,712 shares of the business’s stock in a transaction on Thursday, February 8th. The shares were sold at an average price of $44.29, for a total value of $4,150,504.48. Following the sale, the chief executive officer now owns 1,885,911 shares in the company, valued at $83,526,998.19. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 174,017 shares of company stock worth $7,981,459. 11.80% of the stock is currently owned by corporate insiders.
Several large investors have recently added to or reduced their stakes in HES. CoreCommodity Management LLC bought a new stake in shares of Hess during the 4th quarter valued at $108,000. Tower Research Capital LLC TRC raised its stake in shares of Hess by 453.4% during the 4th quarter. Tower Research Capital LLC TRC now owns 2,651 shares of the oil and gas producer’s stock valued at $126,000 after purchasing an additional 2,172 shares during the period. NuWave Investment Management LLC bought a new stake in shares of Hess during the 4th quarter valued at $141,000. Icon Wealth Partners LLC bought a new stake in shares of Hess during the 4th quarter valued at $145,000. Finally, Exane Derivatives raised its stake in shares of Hess by 65.2% during the 4th quarter. Exane Derivatives now owns 3,536 shares of the oil and gas producer’s stock valued at $168,000 after purchasing an additional 1,395 shares during the period. Institutional investors own 91.79% of the company’s stock.
Shares of Hess (NYSE HES) traded up $1.76 during trading on Thursday, reaching $48.46. The company had a trading volume of 4,412,875 shares, compared to its average volume of 4,846,555. The company has a market capitalization of $15,267.52, a price-to-earnings ratio of -3.69 and a beta of 1.60. Hess has a 1-year low of $37.25 and a 1-year high of $55.48. The company has a quick ratio of 2.43, a current ratio of 2.53 and a debt-to-equity ratio of 0.52.
Hess announced that its Board of Directors has initiated a stock buyback plan on Thursday, March 8th that permits the company to repurchase $1.00 billion in outstanding shares. This repurchase authorization permits the oil and gas producer to purchase shares of its stock through open market purchases. Stock repurchase plans are usually an indication that the company’s board of directors believes its stock is undervalued.
The company also recently announced a quarterly dividend, which will be paid on Thursday, March 29th. Shareholders of record on Monday, March 19th will be paid a $0.25 dividend. The ex-dividend date is Friday, March 16th. This represents a $1.00 annualized dividend and a dividend yield of 2.06%. Hess’s payout ratio is presently -7.62%.
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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, the Malaysia/Thailand Joint Development Area (JDA), Malaysia and Norway.
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