Company Update (NYSE:HES): Hess Corporation Announces Concurrent Offerings of Common Stock and Depositary Shares Representing an Interest in Mandatory Convertible Preferred Stock

[Business Wire] – Hess Corporation today announced the commencement of concurrent underwritten public offerings of 25,000,000 shares of its common stock and 10,000,000 depositary shares, each of which represents a 1/20th interest in a share of its Series A Mandatory Convertible Preferred Stock , $1.00 par value per share, with a liquidation preference of $1,000 per share of Convertible Preferred Stock . Read more on this. Hess Corporation (HES) , valued at $12.44B, opened at $43.38. Looking at the equity, the company’s one day range is $42.53 to $45.16 and has traded between $32.41 and $79.00 over the past 12 months. HES shares are currently priced at -7.12x this year’s forecasted earnings, which makes them relatively inexpensive compared to the industry ’s 15.97x earnings multiple. The company pays shareholders $1.00 per share annually in dividends, yielding 2.39%. In a review of the consensus earnings estimate this quarter, 18 sell-side analysts are looking at $-1.86 per share, which would be $0.00 better than the year-ago quarter and a $0.00 sequential increase. What we find to be interesting is that the full-year EPS estimate of $-6.04 is a $2.11 setback when compared to the previous year’s annual results. The quarterly earnings estimate is based on a consensus revenue forecast of the current quarter of $1.19 Billion. If realized, that would be a 23.23% decrease over the year-ago quarter. In terms of ratings, Citigroup downgraded HES from Buy to Neutral (Jan 5, 2016). Previously, Oppenheimer downgraded HES from Outperform to Perform. With the above information in mind, readers should note that the average price target is $56.04, which is 29.18% above where the stock opened this morning. See more in (NYSE:HES) Similar Articles: Market Update: Hess Corporation (NYSE:HES) – Hess Reports Estimated Results for the Fourth Quarter of 2015 Market Update: Hess Corporation (NYSE:HES) – Hess Reports Estimated Results for the Third Quarter of 2015 Stock Update: Hess Corporation (NYSE:HES) – Hess Schedules Earnings Release Conference Call