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What's in the Offing for Hess Corp's (HES) Q3 Earnings?
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Hess Corporation (HES - Free Report) is set to report earnings for third-quarter 2022 on Oct 26, before the opening bell.
In the last reported quarter, Hess’ earnings per share of $2.15 beat the Zacks Consensus Estimate of $2.07, thanks to higher realizations of commodity prices. Its earnings per share beat the Zacks Consensus Estimate in three of the past four quarters, with the average surprise being 7.1%. This is depicted in the graph below:
The Zacks Consensus Estimate for third-quarter earnings per share of $2.04 has witnessed one upward and three downward revisions over the past 30 days. The estimated figure suggests a 628.6% improvement from the prior-year reported number.
The consensus estimate for third-quarter revenues of $2.97 billion indicates a 64% increase from the year-ago reported figure.
Factors to Consider
Per data provided by the U.S. Energy Information Administration (“EIA”), the average West Texas Intermediate crude prices in July, August and September were recorded at $101.62 per barrel, $93.67 per barrel and $84.26 per barrel, respectively. In comparison, in the year-ago respective months, average oil prices were reported at $72.49 per barrel, $67.73 per barrel and $71.65 per barrel, per the EIA’s data. The pricing scenario of natural gas was also healthy, depicting that the upstream business was lucrative in the third quarter.
Being a leading shale oil and gas producer, HES is likely to have benefited from the favorable commodity pricing scenario. Higher commodity prices are expected to have aided production. The Zacks Consensus Estimate for Hess’ net production per day is pegged at 347 thousand barrels of oil equivalent (MBoE/D), suggesting an improvement from 284 MBoE/D in third-quarter 2021. Our estimate for the metric is 394.7 MBoE/D, also suggesting a significant year-over-year improvement.
Earnings Whispers
Our proven model does not indicate 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 not the case here, as you will see below.
Earnings ESP: Hess’ Earnings ESP is -7.08%. 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 #3.
Stocks to Consider
Here are some firms that you may want to consider, as these have the right combination of elements to post an earnings beat in the upcoming quarterly reports:
Viper Energy is scheduled to release third-quarter results on Nov 7. The Zacks Consensus Estimate for its earnings is pegged at 40 cents per share, suggesting an increase of 90.5% from the prior-year reported figure.
Diamondback Energy, Inc. (FANG - Free Report) has an Earnings ESP of +0.75% and a Zacks Rank of 3.
Diamondback is scheduled to report third-quarter results on Nov 7. The Zacks Consensus Estimate for its earnings is pegged at $6.47 per share, suggesting a significant increase from the prior-year reported figure.
Halliburton Company (HAL - Free Report) has an Earnings ESP of +1.13% and a Zacks Rank #2.
Halliburton is scheduled to release third-quarter earnings on Oct 25. The Zacks Consensus Estimate for its earnings is pegged at 56 cents per share, suggesting a massive increase from the prior-year reported figure.
Image: Bigstock
What's in the Offing for Hess Corp's (HES) Q3 Earnings?
Hess Corporation (HES - Free Report) is set to report earnings for third-quarter 2022 on Oct 26, before the opening bell.
In the last reported quarter, Hess’ earnings per share of $2.15 beat the Zacks Consensus Estimate of $2.07, thanks to higher realizations of commodity prices. Its earnings per share beat the Zacks Consensus Estimate in three of the past four quarters, with the average surprise being 7.1%. This is depicted in the graph below:
Hess Corporation Price and EPS Surprise
Hess Corporation price-eps-surprise | Hess Corporation Quote
Trend in Estimate Revision
The Zacks Consensus Estimate for third-quarter earnings per share of $2.04 has witnessed one upward and three downward revisions over the past 30 days. The estimated figure suggests a 628.6% improvement from the prior-year reported number.
The consensus estimate for third-quarter revenues of $2.97 billion indicates a 64% increase from the year-ago reported figure.
Factors to Consider
Per data provided by the U.S. Energy Information Administration (“EIA”), the average West Texas Intermediate crude prices in July, August and September were recorded at $101.62 per barrel, $93.67 per barrel and $84.26 per barrel, respectively. In comparison, in the year-ago respective months, average oil prices were reported at $72.49 per barrel, $67.73 per barrel and $71.65 per barrel, per the EIA’s data. The pricing scenario of natural gas was also healthy, depicting that the upstream business was lucrative in the third quarter.
Being a leading shale oil and gas producer, HES is likely to have benefited from the favorable commodity pricing scenario. Higher commodity prices are expected to have aided production. The Zacks Consensus Estimate for Hess’ net production per day is pegged at 347 thousand barrels of oil equivalent (MBoE/D), suggesting an improvement from 284 MBoE/D in third-quarter 2021. Our estimate for the metric is 394.7 MBoE/D, also suggesting a significant year-over-year improvement.
Earnings Whispers
Our proven model does not indicate 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 not the case here, as you will see below.
Earnings ESP: Hess’ Earnings ESP is -7.08%. 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 #3.
Stocks to Consider
Here are some firms that you may want to consider, as these have the right combination of elements to post an earnings beat in the upcoming quarterly reports:
Viper Energy Partners LP (VNOM - Free Report) has an Earnings ESP of +20.24% and is a Zacks #3 Ranked player. You can see the complete list of today’s Zacks #1 Rank stocks here.
Viper Energy is scheduled to release third-quarter results on Nov 7. The Zacks Consensus Estimate for its earnings is pegged at 40 cents per share, suggesting an increase of 90.5% from the prior-year reported figure.
Diamondback Energy, Inc. (FANG - Free Report) has an Earnings ESP of +0.75% and a Zacks Rank of 3.
Diamondback is scheduled to report third-quarter results on Nov 7. The Zacks Consensus Estimate for its earnings is pegged at $6.47 per share, suggesting a significant increase from the prior-year reported figure.
Halliburton Company (HAL - Free Report) has an Earnings ESP of +1.13% and a Zacks Rank #2.
Halliburton is scheduled to release third-quarter earnings on Oct 25. The Zacks Consensus Estimate for its earnings is pegged at 56 cents per share, suggesting a massive increase from the prior-year reported figure.
Stay on top of upcoming earnings announcements with the Zacks Earnings Calendar.