Capital One Financial has revised its Q3 2024 earnings forecast for Hess Corporation, lowering its estimate from US$2.45 per share to US$1.80. This adjustment was shared in a report to investors on October 3rd.
Analyst P. Johnston also provided updated forecasts for Hess’ future earnings, predicting Q4 2024 earnings at US$1.59 per share and full-year 2024 earnings at US$9.16 per share. Projections for 2025 and 2026 earnings were also cut, with expected earnings of US$6.75 and US$8.84 per share, respectively, according to Capital One.
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Hess showed strong performance in Q2 2024. On July 31st, the company reported earnings of US$2.62 per share, exceeding the US$2.48 consensus estimate.
Quarterly revenue reached US$3.26 billion, surpassing projections of US$3.24 billion, and marking a 40.3% increase from the same period last year. Hess’ net margin was 21.22%, with a return on equity of 27.43%, according to Capital One.
Hess Corporation operates in exploration, development, and production of oil and gas, with key projects in the U.S., Guyana, and Southeast Asia. On October 30, Hess will issue its Q3 earnings press release and post supplemental earnings information on its website.
