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Is a Beat in Store for Hess Corp. (HES) in Q1 Earnings?
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Hess Corporation (HES - Free Report) is set to report first-quarter 2022 results on Apr 27, before the opening bell.
In the last reported quarter, the upstream energy player reported earnings of 85 cents per share, beating the Zacks Consensus Estimate of 76 cents, owing to higher commodity price realizations and increased contributions from the midstream business.
In the trailing four quarters, Hess beat the Zacks Consensus Estimate for earnings thrice and missed once, delivering an earnings surprise of 30.3%, on average. This is depicted in the graph below:
Let’s see how things have shaped up prior to the announcement.
Estimate Trend
The Zacks Consensus Estimate for first-quarter earnings per share of $1.03 has witnessed three upward and no downward movements in the past 30 days. The consensus estimate suggests a year-over-year increase of 25.6%.
The Zacks Consensus Estimate for the to-be-reported quarter’s revenues of $1.9 billion indicates a 3% improvement from the year-ago reported figure.
Earnings Whispers
Our proven model predicts 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.
Earnings ESP: Hess has an Earnings ESP of +10.25%. You can uncover the best stocks to buy or sell before they’re reported with our Earnings ESP Filter.
Zacks Rank: Hess currently sports a Zacks Rank #1.
Factors Driving the Better-Than-Expected Earnings
In the March quarter of this year, the pricing of oil was much higher than the year-ago quarter. The significant improvement was owing to Russia’s violent and unprovoked invasion of Ukraine. Higher oil price was favorable for the exploration and production activities of Hess.
The Zacks Consensus Estimate for Hess’ daily oil equivalent production volumes is pegged at 273 (MBoe/d), suggesting a decline from 333 MBoe/d in the year-ago quarter.
Thus, although production is likely to have declined, higher commodity price is expected to have more than offset the negative.
Other Stocks That Warrant a Look
Here are some other companies from the Energy space that you may want to consider, as our model shows that these have the right combination of elements to post an earnings beat in the upcoming quarterly reports:
Matador is scheduled to release first-quarter results on Apr 26. The Zacks Consensus Estimate for Matador’s quarterly earnings is pegged at $2.02 per share, suggesting an increase of 184.5% from the prior-year reported figure.
EOG Resources (EOG - Free Report) has an Earnings ESP of +1.02% and is a Zacks #2 Ranked player at present.
EOG Resources is scheduled to release first-quarter results on May 5. The Zacks Consensus Estimate for EOG’s quarterly earnings is pegged at $3.57 per share, suggesting an increase of 120.4% from the prior-year figure.
ConocoPhillips (COP - Free Report) has an Earnings ESP of +6.47% and flaunts a Zacks Rank #1.
ConocoPhillips is scheduled to release first-quarter earnings on May 5. The Zacks Consensus Estimate for COP’s earnings is pegged at $3.04 per share, suggesting a massive increase from the prior-year reported figure.
Image: Bigstock
Is a Beat in Store for Hess Corp. (HES) in Q1 Earnings?
Hess Corporation (HES - Free Report) is set to report first-quarter 2022 results on Apr 27, before the opening bell.
In the last reported quarter, the upstream energy player reported earnings of 85 cents per share, beating the Zacks Consensus Estimate of 76 cents, owing to higher commodity price realizations and increased contributions from the midstream business.
In the trailing four quarters, Hess beat the Zacks Consensus Estimate for earnings thrice and missed once, delivering an earnings surprise of 30.3%, on average. This is depicted in the graph below:
Hess Corporation Price and EPS Surprise
Hess Corporation price-eps-surprise | Hess Corporation Quote
Let’s see how things have shaped up prior to the announcement.
Estimate Trend
The Zacks Consensus Estimate for first-quarter earnings per share of $1.03 has witnessed three upward and no downward movements in the past 30 days. The consensus estimate suggests a year-over-year increase of 25.6%.
The Zacks Consensus Estimate for the to-be-reported quarter’s revenues of $1.9 billion indicates a 3% improvement from the year-ago reported figure.
Earnings Whispers
Our proven model predicts 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.
Earnings ESP: Hess has an Earnings ESP of +10.25%. You can uncover the best stocks to buy or sell before they’re reported with our Earnings ESP Filter.
Zacks Rank: Hess currently sports a Zacks Rank #1.
Factors Driving the Better-Than-Expected Earnings
In the March quarter of this year, the pricing of oil was much higher than the year-ago quarter. The significant improvement was owing to Russia’s violent and unprovoked invasion of Ukraine. Higher oil price was favorable for the exploration and production activities of Hess.
The Zacks Consensus Estimate for Hess’ daily oil equivalent production volumes is pegged at 273 (MBoe/d), suggesting a decline from 333 MBoe/d in the year-ago quarter.
Thus, although production is likely to have declined, higher commodity price is expected to have more than offset the negative.
Other Stocks That Warrant a Look
Here are some other companies from the Energy space that you may want to consider, as our model shows that these have the right combination of elements to post an earnings beat in the upcoming quarterly reports:
Matador Resources Company (MTDR - Free Report) has an Earnings ESP of +3.30% and is a Zacks #1 Ranked player at present. You can see the complete list of today’s Zacks #1 Rank stocks here.
Matador is scheduled to release first-quarter results on Apr 26. The Zacks Consensus Estimate for Matador’s quarterly earnings is pegged at $2.02 per share, suggesting an increase of 184.5% from the prior-year reported figure.
EOG Resources (EOG - Free Report) has an Earnings ESP of +1.02% and is a Zacks #2 Ranked player at present.
EOG Resources is scheduled to release first-quarter results on May 5. The Zacks Consensus Estimate for EOG’s quarterly earnings is pegged at $3.57 per share, suggesting an increase of 120.4% from the prior-year figure.
ConocoPhillips (COP - Free Report) has an Earnings ESP of +6.47% and flaunts a Zacks Rank #1.
ConocoPhillips is scheduled to release first-quarter earnings on May 5. The Zacks Consensus Estimate for COP’s earnings is pegged at $3.04 per share, suggesting a massive increase from the prior-year reported figure.
Stay on top of upcoming earnings announcements with the Zacks Earnings Calendar.