This quarterly report represents an earnings surprise of 5.65%. A quarter ago, it was expected that this oil and gas producer would post earnings of $1.73 per share when it actually produced earnings of $3.16, delivering a surprise of 82.66%. Hess, which belongs to the Zacks Oil and Gas - Integrated - United States industry, posted revenues of $3.26 billion for the quarter ended June 2024, surpassing the Zacks Consensus Estimate by 1.06%. This compares to year-ago revenues of $2.32 billion. The company has ...

(a) Other in 2023 includes capital and exploratory expenditures mainly associated with Canada. | --- | --- | --- | --- | --- | --- | --- | |----------------------------------------------------------------|-------|---------------|-------|------------------------------------------------|-------|-------| | Income Statement \nTotal revenues and non-operating income | | United States | | Six Months Ended June 30, 2024 \nInternational | | Total | | Sales and other operating revenues | $ | 3,063 | $ | 3,435 | $ | ...

Core Viewpoint - Hess Corporation is expected to report strong second-quarter 2024 results, with significant earnings growth anticipated compared to the previous year [1][2]. Earnings Performance - Hess has consistently beaten earnings estimates in the last four quarters, with an average surprise of 35.7% [2]. - The Zacks Consensus Estimate for second-quarter earnings per share is $2.44, reflecting a 275.4% increase from the prior year's reported figure [2]. Production and Growth Drivers - The company is expected to maintain stable performance due to its premium untapped drilling locations in the Bakken shale play [3]. - The Stabroek Block offshore Guyana is a key growth driver, with production increases from the Liza Phase 2 project and the commencement of the Payara development [3]. Revenue Expectations - The Zacks Consensus Estimate for revenues is $3.20 billion, indicating a 37.9% improvement from the year-ago reported figure [17]. Commodity Price Impact - The price of West Texas Intermediate crude oil has increased by 11.3% year over year and 5.55% sequentially, enhancing the profitability of U.S.-based producers like Hess [18]. Earnings ESP and Zacks Rank - Hess has an Earnings ESP of +2.38%, indicating a favorable outlook for earnings performance [13]. - The company currently holds a Zacks Rank of 2, suggesting a strong buy recommendation [5].

Core Viewpoint - The rising trend in earnings estimate revisions for Hess indicates growing analyst optimism, which is expected to positively impact the stock price [1] Current-Quarter Estimate Revisions - The earnings estimate for the current quarter is $2.44 per share, reflecting a significant increase of +275.38% compared to the same period last year [3] Current-Year Estimate Revisions - For the full year, the earnings estimate stands at $10.98 per share, representing a change of +117.43% from the previous year [13] Analyst Consensus and Stock Performance - There is strong agreement among analysts in raising earnings estimates for Hess, leading to a considerable increase in consensus estimates for both the next quarter and the full year [2] - Over the last 30 days, the Zacks Consensus Estimate for Hess has increased by 7.3%, with one estimate moving higher and two going lower [9] - The trend for the current year shows two estimates moving higher against two negative revisions, resulting in a consensus estimate increase of 6.88% [10] Zacks Rank and Investment Potential - Hess has earned a Zacks Rank 2 (Buy), indicating a favorable outlook based on the estimate revisions [12] - Stocks with Zacks Rank 1 (Strong Buy) and 2 (Buy) have historically outperformed the S&P 500, suggesting potential for further upside in Hess's stock [11] - The stock has gained 5.6% over the past four weeks, driven by strong estimate revisions, and may still have room for growth [11]

The Oils-Energy group has plenty of great stocks, but investors should always be looking for companies that are outperforming their peers. Is Hess (HES) one of those stocks right now? A quick glance at the company's yearto-date performance in comparison to the rest of the Oils-Energy sector should help us answer this question. Hess is a member of our Oils-Energy group, which includes 249 different companies and currently sits at #12 in the Zacks Sector Rank. The Zacks Sector Rank considers 16 different sect ...

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Hess Corporation (HES) , entangled in a high-stakes merger with Chevron Corporation (CVX) , finds itself navigating regulatory uncertainties that threaten to prolong the completion of a pivotal $53-billion deal, per recent reports by Reuters and Bloomberg News. Originally slated for closure in the first half of 2024, the merger has encountered significant setbacks chiefly due to an arbitration initiated by Exxon Mobil Corporation (XOM) . ExxonMobil's claim of a right of first refusal over Hess' prized asset ...

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Core Viewpoint - The recent upgrade of Hess to a Zacks Rank 1 indicates a positive earnings outlook, which is likely to influence its stock price favorably [2][10]. Earnings Estimate Revisions - The Zacks Consensus Estimate for Hess has increased by 38.4% over the past three months, reflecting a significant upward trend in earnings estimates [12]. - For the fiscal year ending December 2024, Hess is expected to earn $9.99 per share, representing a 97.8% increase from the previous year's reported earnings [14]. Zacks Rating System - The Zacks Rank system classifies stocks into five groups based on earnings estimates, with only the top 5% receiving a 'Strong Buy' rating, indicating superior earnings estimate revisions [11][15]. - Stocks rated Zacks Rank 1 have historically generated an average annual return of +25% since 1988, showcasing the effectiveness of the rating system [11]. Institutional Investor Influence - Changes in earnings estimates are strongly correlated with near-term stock price movements, as institutional investors adjust their valuations based on these estimates [3][8].

Core Viewpoint - Hess (HES) stock has experienced a downtrend with a 7.9% decline over the past four weeks, but it is now in oversold territory, suggesting a potential turnaround due to analysts' positive earnings outlook [1] Group 1: Technical Indicators - The Relative Strength Index (RSI) is a key technical indicator used to identify oversold stocks, with a reading below 30 indicating oversold conditions [2] - HES has an RSI reading of 29.81, suggesting that the heavy selling pressure may be exhausting itself and a trend reversal could be imminent [5] Group 2: Fundamental Indicators - Analysts have raised earnings estimates for HES by 4.7% over the last 30 days, indicating a strong consensus among sell-side analysts that could lead to price appreciation [6] - HES holds a Zacks Rank 1 (Strong Buy), placing it in the top 5% of over 4,000 ranked stocks, further supporting the potential for a near-term turnaround [7]