Earnings Preview: Hess Corp.

Hess Corp. (HES) is expected to report Q3 earnings before market open Wednesday, Oct. 29, with a conference call scheduled for 10:00 am.

Guidance

Analysts are looking for EPS of $2.42 on revenue of $10.16B. The consensus is $2.26 to $2.76 for EPS, and revenue of $9.22B to $11.11B, according to First Call.

Analyst Views

Deutsche Bank downgraded the company's shares to Hold from Buy on October 20 after the company cut its oil price forecast for 2009 to $60/bbl, and for 2010 to $58/bbl.

Hess was upgraded to Outperform from Perform recently at Oppenheimer. Oppenheimer believes oil, gas and refining stocks have upside potential over the next 12 months that significantly exceeds downside risk from a further decline in oil and gas prices by a ratio of between 2 to 1 and 3 to 1.