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 share price exhibited considerable volatility over the analyzed period. Beginning at $45.48, it rose significantly to a peak of $95.49 in early 2008, followed by a sharp decline to $54.69 in early 2009. Subsequently, the price fluctuated with moderate increases and decreases until 2015, when it dropped substantially to its lowest point of $43.07. Afterwards, a gradual recovery occurred, with notable accelerated growth commencing post-2020, reaching $138.95 by early 2023, marking the highest level across the timeline.
Book value per share (BVPS) demonstrated a generally upward trend from 2006 through 2010, increasing from $22.51 to $40.9. This was followed by continued growth reaching a peak of $77.68 in 2014. However, from 2014 onward, BVPS declined steadily, dropping to $17.48 in early 2021. Post-2021, a modest recovery in BVPS is observed, reaching $25.65 by early 2023.
The price-to-book value ratio (P/BV) showed substantial variation, reflecting the relationship between market valuation and book equity per share. Initially, the ratio hovered around 2.0 before surging to a peak of 3.13 in early 2008, concurrent with the peak in share price. It then declined sharply to a trough of 0.7 in 2016, indicating the market price fell below the book value per share during that period. From 2016 onwards, the ratio increased markedly, surpassing 5.0 by early 2023, suggesting the market price greatly exceeded the book value by the end of the period.
The divergence between share price and book value trends in the latter years suggests a strengthening market sentiment or external factors driving share valuation beyond fundamental book equity measures. The sustained increase in P/BV during the last few years highlights a potential premium placed on the company’s shares relative to its net asset value.
- Share Price Trends
- High volatility with peaks in 2008 and 2023, interim declines, a low in 2016, followed by strong growth from 2020 onward.
- Book Value Per Share
- Steady early growth until 2014, followed by a marked decline until 2021, with slight recovery thereafter.
- Price-to-Book Ratio
- Initial high values, significant dip reaching below 1.0 in 2016, then rapid increase leading to highs above 5.0 by 2023.
- Interpretation
- The recent premium in share price relative to book value indicates favorable investor expectations or market factors outweighing underlying net asset values.
Comparison to Competitors
Hess Corp., P/BV, long-term trends, comparison to competitors
| Hess Corp. | Chevron Corp. | ConocoPhillips | Exxon Mobil Corp. | Occidental Petroleum Corp. | |
|---|---|---|---|---|---|
| Feb 24, 2023 | 5.42 | 1.94 | 2.75 | 2.29 | 1.76 |
| Mar 1, 2022 | 4.99 | 1.89 | 2.61 | 1.93 | 1.79 |
| Mar 1, 2021 | 3.75 | 1.50 | 2.22 | 1.53 | 1.33 |
| Feb 20, 2020 | 2.26 | 1.42 | 1.80 | 1.17 | 0.86 |
| Feb 21, 2019 | 1.82 | 1.47 | 2.47 | 1.75 | 2.34 |
| Feb 21, 2018 | 1.29 | 1.42 | 2.10 | 1.71 | 2.54 |
| Feb 23, 2017 | 1.14 | 1.44 | 1.70 | 2.01 | 2.32 |
| Feb 26, 2016 | 0.70 | 1.05 | 1.02 | 1.98 | 2.19 |
| Feb 27, 2015 | 0.97 | 1.32 | 1.59 | 2.16 | 1.76 |
| Feb 28, 2014 | 1.05 | 1.44 | 1.57 | 2.38 | 1.77 |
| Feb 28, 2013 | 1.08 | 1.65 | 1.49 | 2.42 | 1.65 |
| Feb 27, 2012 | 1.23 | 1.76 | 1.45 | 2.67 | 2.26 |
| Feb 25, 2011 | 1.72 | 1.95 | 1.64 | 2.88 | 2.55 |
| Feb 26, 2010 | 1.44 | 1.58 | 1.15 | 2.78 | 2.21 |
| Feb 27, 2009 | 1.45 | 1.46 | 1.03 | 2.97 | 1.50 |
| Feb 27, 2008 | 3.13 | 2.40 | 1.41 | 3.93 | 2.65 |
| Mar 1, 2007 | 2.07 | 2.14 | 1.33 | 3.58 | 2.02 |
| Mar 9, 2006 | 2.02 | 2.03 | 1.62 | 3.26 | 2.48 |
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 | 2.18 |
| Mar 1, 2022 | 4.99 | 1.99 |
| Mar 1, 2021 | 3.75 | 1.57 |
| Feb 20, 2020 | 2.26 | 1.29 |
| Feb 21, 2019 | 1.82 | 1.73 |
| Feb 21, 2018 | 1.29 | 1.67 |
| Feb 23, 2017 | 1.14 | 1.77 |
| Feb 26, 2016 | 0.70 | 1.53 |
| Feb 27, 2015 | 0.97 | 1.74 |
| Feb 28, 2014 | 1.05 | 1.88 |
| Feb 28, 2013 | 1.08 | 1.96 |
| Feb 27, 2012 | 1.23 | 2.13 |
| Feb 25, 2011 | 1.72 | 2.33 |
| Feb 26, 2010 | 1.44 | 2.00 |
| Feb 27, 2009 | 1.45 | 1.98 |
| Feb 27, 2008 | 3.13 | 2.73 |
| Mar 1, 2007 | 2.07 | 2.48 |
| 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 | 2.27 |
| Mar 1, 2022 | 4.99 | 2.06 |
| Mar 1, 2021 | 3.75 | 1.60 |
| Feb 20, 2020 | 2.26 | 1.33 |
| Feb 21, 2019 | 1.82 | 1.73 |
| Feb 21, 2018 | 1.29 | 1.78 |
| Feb 23, 2017 | 1.14 | 1.89 |
| Feb 26, 2016 | 0.70 | 1.60 |
| Feb 27, 2015 | 0.97 | 1.82 |
| Feb 28, 2014 | 1.05 | 1.97 |
| Feb 28, 2013 | 1.08 | 2.04 |
| Feb 27, 2012 | 1.23 | 2.21 |
| Feb 25, 2011 | 1.72 | 2.46 |
| Feb 26, 2010 | 1.44 | 2.11 |
| Feb 27, 2009 | 1.45 | 2.04 |
| Feb 27, 2008 | 3.13 | 2.92 |
| Mar 1, 2007 | 2.07 | 2.64 |
| Mar 9, 2006 | 2.02 | 2.74 |
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).