Hess Corporation  is set to report third-quarter 2024 results on Oct. 30, before the opening bell.

In the last reported quarter, Hess’ earnings of $2.62 per share beat the Zacks Consensus Estimate of $2.48, driven by higher oil equivalent production volumes and increased realized commodity prices.

Find the latest EPS estimates and surprises on Zacks Earnings Calendar.

The company beat on earnings in each of the trailing four quarters, delivering an average surprise of 33.6%. This is depicted in the graph below: 

Estimate Trend

The Zacks Consensus Estimate for third-quarter earnings per share of $1.96 has witnessed no upward and two downward revisions in the past seven days. The estimated figure suggests an improvement of 19.5% from the prior-year reported number.

The Zacks Consensus Estimate for revenues of $3.10 billion indicates a 9.42% improvement from the year-ago reported figure.

Factors to Consider

Hess is anticipated to have sustained a stable performance in the third quarter, owing to a strong production outlook aided by its numerous premium untapped drilling locations in the productive Bakken shale and the Stabroek Block offshore Guyana.

However, challenges are likely to have loomed as the spot price of West Texas Intermediate crude oil dropped 7.1% year over year and 6.53% sequentially, per data from the U.S. Energy Information Administration. Furthermore, international oil prices witnessed a year-over-year and sequential decline in the quarter.

The fall in commodity prices is anticipated to have weighed on the profitability of exploration and production players like Hess. The company also expects an increase in unit costs per barrel of oil equivalent that might have led to a rise in input costs, affecting HES’ third-quarter earnings.

These factors are anticipated to have affected demand and pricing dynamics, negatively impacting HES' financial performance for the quarter.

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 has an Earnings ESP of -0.79%. You can uncover the best stocks to buy or sell before they’re reported with our Earnings ESP Filter.

Zacks Rank: The company currently carries a Zacks Rank #4 (Sell).

Stocks to Consider

Here are some stocks that you might want to consider, as these have the right combination of elements to post an earnings beat this reporting cycle.

Exxon Mobil Corporation (XOM Quick QuoteXOM - Free Report) has an Earnings ESP of +0.02% and a Zacks Rank #3 at present. You can see the complete list of today’s Zacks #1 Rank stocks here.

ExxonMobil is scheduled to release earnings on Nov. 1. XOM’s earnings beat the Zacks Consensus Estimate in two of the trailing four quarters and missed in the other two, delivering an average surprise of 1.8%.

Cheniere Energy (LNG Quick QuoteLNG - Free Report) has an Earnings ESP of +12.21% and a Zacks Rank #3 at present. The firm is scheduled to release earnings on Oct. 31.

Cheniere Energy beat on earnings in two of the trailing four quarters and missed in the other two, delivering an average surprise of 55.9%.

Murphy USA (MUSA Quick QuoteMUSA - Free Report) has an Earnings ESP of +0.94% and a Zacks Rank #3 at present. The firm is scheduled to release earnings on Oct. 30.

Murphy USA beat on earnings in three of the trailing four quarters and missed in the other, delivering an average surprise of 3.5%.