Hess expected to announce lower earnings despite higher revenues  

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OilNOW
OilNOW
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Hess Corporation is expected to report lower year-on-year earnings despite higher revenues for the first quarter of 2023 when it releases its financial results on April 26, according to the consensus estimate from analysts at Zack’s Equity Research.

This oil and gas producer is expected to post quarterly earnings of $1.10 per share in its upcoming report, which represents a year-on-year change of -15.4%.

Revenues are expected to be $2.48 billion, up 4.5% from the year-ago quarter.

Hess’ 2022 first quarter net income soars to US$417M | OilNOW

The stock price of Hess is likely to be impacted by how the actual results of the earnings report compare against Zack’s expectations. If the key numbers exceed expectations, the stock may move higher. Conversely, if the numbers fall short of expectations, the stock may experience a decline, Zack’s said.

The sustainability of any price change and future earnings expectations will be determined by the management’s discussion of business conditions on the earnings call, Zack’s said. However, it is worth noting that there is a possibility of a positive earnings per share (EPS) surprise.

Hess has remained committed to its long-term growth strategy of late and continues to invest in operations that drive revenue growth in Guyana and the Bakken.

Guyana, Bakken to eat up 80% of Hess US$3.7 billion 2023 budget | OilNOW

Overall, the upcoming earnings report from Hess will be closely watched by investors and analysts alike. The company’s focus on long-term growth and investment in its operations is expected to have a positive impact on its future performance, but the actual results of the earnings report will provide more insight into the company’s ability to navigate the current market conditions.

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