Energy company, Hess Corp. (HES
) reported a boost in first quarter earnings on Wednesday, which beat analysts estimates.
The New York, NY based company reported first quarter earnings of $1.28 billion, or $3.72 per share, up from $545 million, or $1.62 per share last year. Earnings from continuing operations rose to $3.43 per share, from $1.57 per share last year. Excluding special items, earnings were $1.95 per share, which beat the average Wall Street projection of $1.59. The company’s earnings were primarily improved as a result of asset sales.
Total revenue for the quarter increased 39% to $4.12 billion, from $2.96 billion last year.Although the average daily production declined by -2% during the quarter, sales were offset by a 5% increase in the company’s selling price of oil.
Hess shares were up $1.84, or 2.70% during Wednesday morning trading. The stock has increased 27% in the past year.
The Bottom Line
Shares of Hess Corp. (HES) have a 0.57% yield, based on Wednesday morning’s price of $69.95.
Hess Corp. (HES) is not recommended at this time, holding a Dividend.com DARS™ Rating of 3.3 out of 5 stars.
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