Big Oil Company Set to Release Earnings Today
Hess Corp. (NYSE:HES) is expected to report Q4 earnings before the open on Wednesday, January 25, with a conference call scheduled for 10:00 am ET. Analysts are looking for EPS of $1.27 on revenue of $8.60B.
The consensus range is $1.03-$1.51 for EPS, and revenue of $5.67B-$10.76B, according to First Call. The company has already warned that it will take a $525M after-tax charge against Q4 earnings as a result of the shutdown of its joint-venture refinery in St. Croix.
In the announcement, the low price of natural gas in the United States was specifically noted as a factor, so it will interesting to hear Hess’ commentary on Chesapeake’s (NYSE:CHK) decision to significantly cut its production. Shares of Hess are down $1.40, or about 2.25%, in late morning trading, though the S&P energy sector was only lower by about 0.25%.
However, analysts have recently been positive on the stock, with Howard Weil upgrading it to Outperform a week ago. Also in January, Raymond James downgraded Hess to an Outperform from a Strong Buy rating.
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