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Is a Beat in Store for Hess (HES) This Earnings Season?
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Hess Corporation (HES - Free Report) is set to report second-quarter 2024 results on Jul 31, before market open.
In the last reported quarter, Hess’ earnings of $3.16 per share beat the Zacks Consensus Estimate of $1.73, driven by higher oil equivalent production volumes and increased oil and gas prices.
The company beat on earnings in each of the trailing four quarters, delivering an average surprise of 35.7%. This is depicted in the graph below:
The Zacks Consensus Estimate for second-quarter earnings per share of $2.44 has witnessed two downward revisions and one upward revision in the past 30 days. The estimated figure suggests an improvement of 275.4% from the prior-year reported number.
The Zacks Consensus Estimate for revenues of $3.20 billion indicates a 37.9% improvement from the year-ago reported figure.
Factors to Consider
Hess is anticipated to have sustained a stable performance in the second quarter, supported by its numerous premium untapped drilling locations in the productive Bakken shale play. The Stabroek Block offshore Guyana continues to be a major growth driver for the company, with recent production ramp-ups from the Liza Phase 2 project and the start-up of the Payara development.
According to data from the U.S. Energy Information Administration, the price of West Texas Intermediate crude oil surged 11.3% year over year and 5.55% sequentially. This increase in commodity prices enhances the profitability of U.S.-based producers, such as Hess, whose operations in the Bakken Shale contribute to better financial results.
These factors are anticipated to have aided demand and pricing dynamics, positively impacting HES' financial performance for the quarter.
Earnings Whispers
Our proven model indicates an earnings beat for Hess this time around. The combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy), or 3 (Hold) increases the chances of an earnings beat. That is just the case here, as you will see below.
Earnings ESP: Hess has an Earnings ESP of +2.38%. You can uncover the best stocks to buy or sell before they’re reported with our Earnings ESP Filter.
Zacks Rank: The company currently carries a Zacks Rank #2.
Other Stocks to Consider
Here are some other stocks that you may want to consider, as these, too, have the right combination of elements to post an earnings beat this reporting cycle.
Sunoco is scheduled to release second-quarter earnings on Aug 7. The Zacks Consensus Estimate for earnings is pegged at $1.79 per share, suggesting a 129.5% increase from the prior-year reported figure.
Murphy USA Inc. (MUSA - Free Report) currently has an Earnings ESP of +0.13% and a Zacks Rank #3.
MUSA is scheduled to release second-quarter earnings on Jul 31. The Zacks Consensus Estimate for earnings is pegged at $6.91 per share, suggesting an almost 15% increase from the prior-year reported figure.
Enterprise Products Partners L.P. (EPD - Free Report) currently has an Earnings ESP of +4.25% and a Zacks Rank #3.
Enterprise is scheduled to release second-quarter earnings on Jul 30. The Zacks Consensus Estimate for earnings is pegged at 65 cents per share, indicating a 14.04% increase from the prior-year reported figure.
Image: Bigstock
Is a Beat in Store for Hess (HES) This Earnings Season?
Hess Corporation (HES - Free Report) is set to report second-quarter 2024 results on Jul 31, before market open.
In the last reported quarter, Hess’ earnings of $3.16 per share beat the Zacks Consensus Estimate of $1.73, driven by higher oil equivalent production volumes and increased oil and gas prices.
The company beat on earnings in each of the trailing four quarters, delivering an average surprise of 35.7%. This is depicted in the graph below:
Hess Corporation Price and EPS Surprise
Hess Corporation price-eps-surprise | Hess Corporation Quote
Estimate Trend
The Zacks Consensus Estimate for second-quarter earnings per share of $2.44 has witnessed two downward revisions and one upward revision in the past 30 days. The estimated figure suggests an improvement of 275.4% from the prior-year reported number.
The Zacks Consensus Estimate for revenues of $3.20 billion indicates a 37.9% improvement from the year-ago reported figure.
Factors to Consider
Hess is anticipated to have sustained a stable performance in the second quarter, supported by its numerous premium untapped drilling locations in the productive Bakken shale play. The Stabroek Block offshore Guyana continues to be a major growth driver for the company, with recent production ramp-ups from the Liza Phase 2 project and the start-up of the Payara development.
According to data from the U.S. Energy Information Administration, the price of West Texas Intermediate crude oil surged 11.3% year over year and 5.55% sequentially. This increase in commodity prices enhances the profitability of U.S.-based producers, such as Hess, whose operations in the Bakken Shale contribute to better financial results.
These factors are anticipated to have aided demand and pricing dynamics, positively impacting HES' financial performance for the quarter.
Earnings Whispers
Our proven model indicates an earnings beat for Hess this time around. The combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy), or 3 (Hold) increases the chances of an earnings beat. That is just the case here, as you will see below.
Earnings ESP: Hess has an Earnings ESP of +2.38%. You can uncover the best stocks to buy or sell before they’re reported with our Earnings ESP Filter.
Zacks Rank: The company currently carries a Zacks Rank #2.
Other Stocks to Consider
Here are some other stocks that you may want to consider, as these, too, have the right combination of elements to post an earnings beat this reporting cycle.
Sunoco LP (SUN - Free Report) currently has an Earnings ESP of +1.96% and a Zacks Rank #1. You can see the complete list of today’s Zacks #1 Rank stocks here.
Sunoco is scheduled to release second-quarter earnings on Aug 7. The Zacks Consensus Estimate for earnings is pegged at $1.79 per share, suggesting a 129.5% increase from the prior-year reported figure.
Murphy USA Inc. (MUSA - Free Report) currently has an Earnings ESP of +0.13% and a Zacks Rank #3.
MUSA is scheduled to release second-quarter earnings on Jul 31. The Zacks Consensus Estimate for earnings is pegged at $6.91 per share, suggesting an almost 15% increase from the prior-year reported figure.
Enterprise Products Partners L.P. (EPD - Free Report) currently has an Earnings ESP of +4.25% and a Zacks Rank #3.
Enterprise is scheduled to release second-quarter earnings on Jul 30. The Zacks Consensus Estimate for earnings is pegged at 65 cents per share, indicating a 14.04% increase from the prior-year reported figure.
Stay on top of upcoming earnings announcements with the Zacks Earnings Calendar.