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Hess (HES) Set to Report Q2 Earnings: Is a Beat in Store?
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Hess Corporation (HES - Free Report) is set to report second-quarter 2022 results on Jul 27, before the opening bell.
In the last reported quarter, the upstream energy player reported earnings per share of $1.30, beating the Zacks Consensus Estimate of $1.12, owing to higher commodity price realizations.
In the trailing four quarters, Hess beat the Zacks Consensus Estimate for earnings thrice and missed the same once, delivering an earnings surprise of 12.7%, 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 second-quarter earnings per share of $2.05 has witnessed no upward revision and three downward movements in the past 30 days. The consensus estimate suggests a year-over-year increase of 754.2%.
The Zacks Consensus Estimate for the to-be-reported quarter’s revenues of $2.5 billion indicates a 59.3% improvement from the year-ago reported figure.
Earnings Whispers
Our proven model conclusively 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 +3.73%. This is because the Most Accurate Estimate is currently pegged at earnings of $2.13 per share, whereas the Zacks Consensus Estimate is pinned at $2.05 per share. You can uncover the best stocks to buy or sell before they’re reported with our Earnings ESP Filter.
Zacks Rank: Hess currently carries a Zacks Rank #2.
Factors to Consider
The price of West Texas Intermediate crude oil was significantly higher in the second quarter. The sharp rise in oil price can be linked to the assumptions by many analysts that the Ukraine war may be prolonged. Higher oil price was favorable for the exploration and production activities of Hess in the second quarter.
The Zacks Consensus Estimate for Hess’ daily oil equivalent production volumes is pegged at 311 million barrels of oil equivalent per day (MBoe/d), suggesting a decline from 328 MBoe/d reported in the year-ago quarter. Also, the Zacks Consensus Estimate for Hess’ daily oil production volumes is pegged at 158 MBoe/d, suggesting a decline from 166 MBoe/d in the year-ago quarter.
Although production is likely to have declined, higher commodity price is expected to have more than offset the negative in the to-be-reported quarter.
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 too have the right combination of elements to post an earnings beat in the upcoming quarterly reports:
EQT is scheduled to release second-quarter results on Jul 27. The Zacks Consensus Estimate for EQT’s quarterly earnings is pegged at 62 cents per share, suggesting an increase of 785.7% from the prior-year reported figure.
Imperial Oil Limited (IMO - Free Report) has an Earnings ESP of +2.41% and is a Zacks #2 Ranked player at present.
Imperial Oil is scheduled to release second-quarter results on Jul 29. The Zacks Consensus Estimate for IMO’s quarterly earnings is pegged at $2.14 per share, suggesting an increase of 422% from the prior-year reported figure.
PBF Energy Inc. (PBF - Free Report) has an Earnings ESP of +20.67% and flaunts a Zacks Rank #1 at present.
PBF Energy is scheduled to release second-quarter earnings on Jul 28. The Zacks Consensus Estimate for PBF’s earnings is pegged at $6.57 per share, suggesting a massive increase from the prior-year reported figure.
Image: Bigstock
Hess (HES) Set to Report Q2 Earnings: Is a Beat in Store?
Hess Corporation (HES - Free Report) is set to report second-quarter 2022 results on Jul 27, before the opening bell.
In the last reported quarter, the upstream energy player reported earnings per share of $1.30, beating the Zacks Consensus Estimate of $1.12, owing to higher commodity price realizations.
In the trailing four quarters, Hess beat the Zacks Consensus Estimate for earnings thrice and missed the same once, delivering an earnings surprise of 12.7%, 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 second-quarter earnings per share of $2.05 has witnessed no upward revision and three downward movements in the past 30 days. The consensus estimate suggests a year-over-year increase of 754.2%.
The Zacks Consensus Estimate for the to-be-reported quarter’s revenues of $2.5 billion indicates a 59.3% improvement from the year-ago reported figure.
Earnings Whispers
Our proven model conclusively 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 +3.73%. This is because the Most Accurate Estimate is currently pegged at earnings of $2.13 per share, whereas the Zacks Consensus Estimate is pinned at $2.05 per share. You can uncover the best stocks to buy or sell before they’re reported with our Earnings ESP Filter.
Zacks Rank: Hess currently carries a Zacks Rank #2.
Factors to Consider
The price of West Texas Intermediate crude oil was significantly higher in the second quarter. The sharp rise in oil price can be linked to the assumptions by many analysts that the Ukraine war may be prolonged. Higher oil price was favorable for the exploration and production activities of Hess in the second quarter.
The Zacks Consensus Estimate for Hess’ daily oil equivalent production volumes is pegged at 311 million barrels of oil equivalent per day (MBoe/d), suggesting a decline from 328 MBoe/d reported in the year-ago quarter. Also, the Zacks Consensus Estimate for Hess’ daily oil production volumes is pegged at 158 MBoe/d, suggesting a decline from 166 MBoe/d in the year-ago quarter.
Although production is likely to have declined, higher commodity price is expected to have more than offset the negative in the to-be-reported quarter.
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 too have the right combination of elements to post an earnings beat in the upcoming quarterly reports:
EQT Corporation (EQT - Free Report) has an Earnings ESP of +4.15% and is a Zacks #2 Ranked player at present. You can see the complete list of today’s Zacks #1 Rank stocks here.
EQT is scheduled to release second-quarter results on Jul 27. The Zacks Consensus Estimate for EQT’s quarterly earnings is pegged at 62 cents per share, suggesting an increase of 785.7% from the prior-year reported figure.
Imperial Oil Limited (IMO - Free Report) has an Earnings ESP of +2.41% and is a Zacks #2 Ranked player at present.
Imperial Oil is scheduled to release second-quarter results on Jul 29. The Zacks Consensus Estimate for IMO’s quarterly earnings is pegged at $2.14 per share, suggesting an increase of 422% from the prior-year reported figure.
PBF Energy Inc. (PBF - Free Report) has an Earnings ESP of +20.67% and flaunts a Zacks Rank #1 at present.
PBF Energy is scheduled to release second-quarter earnings on Jul 28. The Zacks Consensus Estimate for PBF’s earnings is pegged at $6.57 per share, suggesting a massive increase from the prior-year reported figure.
Stay on top of upcoming earnings announcements with the Zacks Earnings Calendar.