Price to Book Value (P/BV)
since 2005
Calculation
Hess Corp., P/BV, long-term trends, calculation
| P/BV | = | Share price1, 2, 3 | ÷ | Book value per share1 (BVPS) | BVPS1 | = | Total Hess Corporation stockholders’ equity1 (in millions) |
÷ | No. shares of common stock outstanding2 | ||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Feb 24, 2023 | 5.42 | = | 138.95 | ÷ | 25.65 | 25.65 | = | 7,855 | ÷ | 306,180,424 | |
| Mar 1, 2022 | 4.99 | = | 101.40 | ÷ | 20.34 | 20.34 | = | 6,300 | ÷ | 309,745,523 | |
| Mar 1, 2021 | 3.75 | = | 65.53 | ÷ | 17.48 | 17.48 | = | 5,366 | ÷ | 306,986,553 | |
| Feb 20, 2020 | 2.26 | = | 64.72 | ÷ | 28.61 | 28.61 | = | 8,732 | ÷ | 305,214,587 | |
| Feb 21, 2019 | 1.82 | = | 57.68 | ÷ | 31.78 | 31.78 | = | 9,629 | ÷ | 303,034,262 | |
| Feb 21, 2018 | 1.29 | = | 45.23 | ÷ | 35.08 | 35.08 | = | 11,051 | ÷ | 315,053,615 | |
| Feb 23, 2017 | 1.14 | = | 52.52 | ÷ | 45.92 | 45.92 | = | 14,534 | ÷ | 316,523,200 | |
| Feb 26, 2016 | 0.70 | = | 43.07 | ÷ | 61.50 | 61.50 | = | 19,386 | ÷ | 315,240,299 | |
| Feb 27, 2015 | 0.97 | = | 75.08 | ÷ | 77.68 | 77.68 | = | 22,205 | ÷ | 285,834,964 | |
| Feb 28, 2014 | 1.05 | = | 80.03 | ÷ | 75.99 | 75.99 | = | 24,720 | ÷ | 325,314,177 | |
| Feb 28, 2013 | 1.08 | = | 66.50 | ÷ | 61.75 | 61.75 | = | 21,090 | ÷ | 341,527,617 | |
| Feb 27, 2012 | 1.23 | = | 67.00 | ÷ | 54.46 | 54.46 | = | 18,516 | ÷ | 339,975,610 | |
| Feb 25, 2011 | 1.72 | = | 84.80 | ÷ | 49.42 | 49.42 | = | 16,689 | ÷ | 337,680,780 | |
| Feb 26, 2010 | 1.44 | = | 58.80 | ÷ | 40.90 | 40.90 | = | 13,384 | ÷ | 327,229,488 | |
| Feb 27, 2009 | 1.45 | = | 54.69 | ÷ | 37.74 | 37.74 | = | 12,307 | ÷ | 326,132,740 | |
| Feb 27, 2008 | 3.13 | = | 95.49 | ÷ | 30.49 | 30.49 | = | 9,774 | ÷ | 320,599,585 | |
| Mar 1, 2007 | 2.07 | = | 53.19 | ÷ | 25.75 | 25.75 | = | 8,111 | ÷ | 315,017,951 | |
| Mar 9, 2006 | 2.02 | = | 45.48 | ÷ | 22.51 | 22.51 | = | 6,286 | ÷ | 279,196,857 |
Based on: 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
1 US$
2 Data adjusted for splits and stock dividends.
3 Closing price as at the filing date of Hess Corp. Annual Report.
The Price to Book Value (P/BV) ratio exhibited significant volatility from 2006 to 2023, characterized by an initial peak, a prolonged period of contraction and undervaluation, and a subsequent sharp escalation in market valuation relative to net assets.
- Initial Valuation Growth (2006–2008)
- A period of increasing market premium is observed, with the P/BV ratio rising from 2.02 in 2006 to 3.13 in 2008. This trend was driven by a substantial increase in the share price, which grew from US$ 45.48 to US$ 95.49, outpacing the growth in Book Value per Share (BVPS).
- Contraction and Market Undervaluation (2009–2016)
- A sustained downward trend occurred between 2009 and 2016, during which the P/BV ratio declined from 1.45 to a low of 0.70. A notable divergence is evident between 2009 and 2015, where BVPS steadily increased to a peak of US$ 77.68, while the P/BV ratio continued to fall. By 2016, the ratio dropped below 1.0, indicating that the market valued the company at less than its accounting book value.
- Rapid Revaluation and Divergence (2017–2023)
- From 2017 to 2023, a strong upward trajectory in the P/BV ratio is observed, escalating from 1.14 to a historical high of 5.42. This period is characterized by a significant expansion in the market premium despite a general decline in BVPS from previous peaks. The share price surged from US$ 52.52 in 2017 to US$ 138.95 in 2023, while the BVPS ended the period at US$ 25.65, resulting in a high P/BV multiple that suggests the market is pricing in significant intangible value or future growth expectations beyond the recorded book value.
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Comparison to Competitors
Hess Corp., P/BV, long-term trends, comparison to competitors
| Hess Corp. | Chevron Corp. | ConocoPhillips | Exxon Mobil Corp. | |
|---|---|---|---|---|
| Feb 24, 2023 | 5.42 | 1.94 | 2.75 | 2.29 |
| Mar 1, 2022 | 4.99 | 1.89 | 2.61 | 1.93 |
| Mar 1, 2021 | 3.75 | 1.50 | 2.22 | 1.53 |
| Feb 20, 2020 | 2.26 | 1.42 | 1.80 | 1.17 |
| Feb 21, 2019 | 1.82 | 1.47 | 2.47 | 1.75 |
| Feb 21, 2018 | 1.29 | 1.42 | 2.10 | 1.71 |
| Feb 23, 2017 | 1.14 | 1.44 | 1.70 | 2.01 |
| Feb 26, 2016 | 0.70 | 1.05 | 1.02 | 1.98 |
| Feb 27, 2015 | 0.97 | 1.32 | 1.59 | 2.16 |
| Feb 28, 2014 | 1.05 | 1.44 | 1.57 | 2.38 |
| Feb 28, 2013 | 1.08 | 1.65 | 1.49 | 2.42 |
| Feb 27, 2012 | 1.23 | 1.76 | 1.45 | 2.67 |
| Feb 25, 2011 | 1.72 | 1.95 | 1.64 | 2.88 |
| Feb 26, 2010 | 1.44 | 1.58 | 1.15 | 2.78 |
| Feb 27, 2009 | 1.45 | 1.46 | 1.03 | 2.97 |
| Feb 27, 2008 | 3.13 | 2.40 | 1.41 | 3.93 |
| Mar 1, 2007 | 2.07 | 2.14 | 1.33 | 3.58 |
| Mar 9, 2006 | 2.02 | 2.03 | 1.62 | 3.26 |
Based on: 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
Comparison to Sector (Oil, Gas & Consumable Fuels)
Hess Corp., P/BV, long-term trends, comparison to sector (oil, gas & consumable fuels)
| Hess Corp. | Oil, Gas & Consumable Fuels | |
|---|---|---|
| Feb 24, 2023 | 5.42 | 2.21 |
| Mar 1, 2022 | 4.99 | 2.00 |
| Mar 1, 2021 | 3.75 | 1.58 |
| Feb 20, 2020 | 2.26 | 1.33 |
| Feb 21, 2019 | 1.82 | 1.70 |
| Feb 21, 2018 | 1.29 | 1.62 |
| Feb 23, 2017 | 1.14 | 1.74 |
| Feb 26, 2016 | 0.70 | 1.49 |
| Feb 27, 2015 | 0.97 | 1.74 |
| Feb 28, 2014 | 1.05 | 1.89 |
| Feb 28, 2013 | 1.08 | 1.99 |
| Feb 27, 2012 | 1.23 | 2.11 |
| Feb 25, 2011 | 1.72 | 2.31 |
| Feb 26, 2010 | 1.44 | 1.98 |
| Feb 27, 2009 | 1.45 | 2.04 |
| Feb 27, 2008 | 3.13 | 2.74 |
| Mar 1, 2007 | 2.07 | 2.51 |
| Mar 9, 2006 | 2.02 | 2.54 |
Based on: 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
Comparison to Industry (Energy)
Hess Corp., P/BV, long-term trends, comparison to industry (energy)
| Hess Corp. | Energy | |
|---|---|---|
| Feb 24, 2023 | 5.42 | 2.30 |
| Mar 1, 2022 | 4.99 | 2.07 |
| Mar 1, 2021 | 3.75 | 1.61 |
| Feb 20, 2020 | 2.26 | 1.38 |
| Feb 21, 2019 | 1.82 | 1.69 |
| Feb 21, 2018 | 1.29 | 1.74 |
| Feb 23, 2017 | 1.14 | 1.86 |
| Feb 26, 2016 | 0.70 | 1.56 |
| Feb 27, 2015 | 0.97 | 1.83 |
| Feb 28, 2014 | 1.05 | 1.99 |
| Feb 28, 2013 | 1.08 | 2.08 |
| Feb 27, 2012 | 1.23 | 2.21 |
| Feb 25, 2011 | 1.72 | 2.45 |
| Feb 26, 2010 | 1.44 | 2.10 |
| Feb 27, 2009 | 1.45 | 2.10 |
| Feb 27, 2008 | 3.13 | 2.94 |
| Mar 1, 2007 | 2.07 | 2.69 |
| Mar 9, 2006 | 2.02 | 2.76 |
Based on: 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).