Price to Earnings (P/E)
since 2005
Calculation
Hess Corp., P/E, long-term trends, calculation
| P/E | = | Share price1, 2, 3 | ÷ | Earnings per share1 (EPS) | EPS1 | = | Net income (loss) attributable to Hess Corporation common stockholders1 (in millions) | ÷ | No. shares of common stock outstanding2 | ||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Feb 24, 2023 | 20.30 | = | 138.95 | ÷ | 6.85 | 6.85 | = | 2,096 | ÷ | 306,180,424 | |
| Mar 1, 2022 | 56.19 | = | 101.40 | ÷ | 1.80 | 1.80 | = | 559 | ÷ | 309,745,523 | |
| Mar 1, 2021 | — | = | 65.53 | ÷ | -10.08 | -10.08 | = | -3,093 | ÷ | 306,986,553 | |
| Feb 20, 2020 | — | = | 64.72 | ÷ | -1.35 | -1.35 | = | -412 | ÷ | 305,214,587 | |
| Feb 21, 2019 | — | = | 57.68 | ÷ | -1.08 | -1.08 | = | -328 | ÷ | 303,034,262 | |
| Feb 21, 2018 | — | = | 45.23 | ÷ | -13.08 | -13.08 | = | -4,120 | ÷ | 315,053,615 | |
| Feb 23, 2017 | — | = | 52.52 | ÷ | -19.50 | -19.50 | = | -6,173 | ÷ | 316,523,200 | |
| Feb 26, 2016 | — | = | 43.07 | ÷ | -9.69 | -9.69 | = | -3,056 | ÷ | 315,240,299 | |
| Feb 27, 2015 | 9.26 | = | 75.08 | ÷ | 8.11 | 8.11 | = | 2,317 | ÷ | 285,834,964 | |
| Feb 28, 2014 | 5.15 | = | 80.03 | ÷ | 15.53 | 15.53 | = | 5,052 | ÷ | 325,314,177 | |
| Feb 28, 2013 | 11.22 | = | 66.50 | ÷ | 5.93 | 5.93 | = | 2,025 | ÷ | 341,527,617 | |
| Feb 27, 2012 | 13.38 | = | 67.00 | ÷ | 5.01 | 5.01 | = | 1,703 | ÷ | 339,975,610 | |
| Feb 25, 2011 | 13.48 | = | 84.80 | ÷ | 6.29 | 6.29 | = | 2,125 | ÷ | 337,680,780 | |
| Feb 26, 2010 | 26.00 | = | 58.80 | ÷ | 2.26 | 2.26 | = | 740 | ÷ | 327,229,488 | |
| Feb 27, 2009 | 7.56 | = | 54.69 | ÷ | 7.24 | 7.24 | = | 2,360 | ÷ | 326,132,740 | |
| Feb 27, 2008 | 16.71 | = | 95.49 | ÷ | 5.71 | 5.71 | = | 1,832 | ÷ | 320,599,585 | |
| Mar 1, 2007 | 8.95 | = | 53.19 | ÷ | 5.94 | 5.94 | = | 1,872 | ÷ | 315,017,951 | |
| Mar 9, 2006 | 10.63 | = | 45.48 | ÷ | 4.28 | 4.28 | = | 1,194 | ÷ | 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 financial trajectory of the entity over the analyzed period is characterized by three distinct phases: a period of fluctuating profitability, a prolonged era of negative earnings, and a subsequent recovery. The price-to-earnings (P/E) ratio exhibits extreme volatility, reflecting significant shifts in both market valuation and operational performance.
- Initial Profitability and Valuation Volatility (2006–2015)
- During this interval, the P/E ratio fluctuated between a low of 5.15 in 2014 and a peak of 26.00 in 2010. The peak in 2010 coincided with a sharp decline in earnings per share (EPS) to 2.26, while the share price remained relatively stable. Conversely, the lowest P/E ratio occurred in 2014, driven by a peak EPS of 15.53, suggesting that earnings growth significantly outpaced share price appreciation during that specific year.
- Earnings Contraction and Metric Inapplicability (2016–2021)
- A severe downturn in profitability is observed starting in 2016, with EPS remaining negative for six consecutive years. The most significant losses occurred between 2017 and 2018, with EPS reaching a nadir of -19.50 in 2017. Because the P/E ratio is not typically calculated for negative earnings, no valuation multiples are recorded for this period, reflecting a phase of fundamental financial distress despite share prices remaining between 43.07 and 65.53.
- Recovery and Valuation Normalization (2022–2023)
- A return to profitability began in 2022, coinciding with a sharp increase in share price to 101.40. This resulted in an initial P/E spike to 56.19, as the share price grew faster than the recovering EPS of 1.80. By 2023, the P/E ratio normalized to 20.30, driven by a substantial increase in EPS to 6.85 and a continued rise in share price to 138.95, indicating a realignment between market expectations and actual earnings growth.
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Comparison to Competitors
Hess Corp., P/E, long-term trends, comparison to competitors
| Hess Corp. | Chevron Corp. | ConocoPhillips | Exxon Mobil Corp. | |
|---|---|---|---|---|
| Feb 24, 2023 | 20.30 | 8.71 | 7.07 | 8.01 |
| Mar 1, 2022 | 56.19 | 16.81 | 14.66 | 14.11 |
| Mar 1, 2021 | — | — | — | — |
| Feb 20, 2020 | — | 70.06 | 8.77 | 15.64 |
| Feb 21, 2019 | — | 15.30 | 12.60 | 16.15 |
| Feb 21, 2018 | — | 22.83 | — | 16.28 |
| Feb 23, 2017 | — | — | — | 42.80 |
| Feb 26, 2016 | — | 35.02 | — | 20.96 |
| Feb 27, 2015 | 9.26 | 10.61 | 12.03 | 11.56 |
| Feb 28, 2014 | 5.15 | 10.04 | 8.91 | 12.71 |
| Feb 28, 2013 | 11.22 | 8.61 | 8.49 | 8.94 |
| Feb 27, 2012 | 13.38 | 7.96 | 7.60 | 10.03 |
| Feb 25, 2011 | 13.48 | 10.77 | 9.89 | 13.89 |
| Feb 26, 2010 | 26.00 | 13.81 | 14.78 | 15.92 |
| Feb 27, 2009 | 7.56 | 5.29 | — | 7.42 |
| Feb 27, 2008 | 16.71 | 9.89 | 10.59 | 11.78 |
| Mar 1, 2007 | 8.95 | 8.63 | 7.09 | 10.33 |
| Mar 9, 2006 | 10.63 | 9.04 | 6.31 | 10.03 |
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/E, long-term trends, comparison to sector (oil, gas & consumable fuels)
| Hess Corp. | Oil, Gas & Consumable Fuels | |
|---|---|---|
| Feb 24, 2023 | 20.30 | 8.08 |
| Mar 1, 2022 | 56.19 | 15.11 |
| Mar 1, 2021 | — | — |
| Feb 20, 2020 | — | 20.13 |
| Feb 21, 2019 | — | 15.32 |
| Feb 21, 2018 | — | 21.22 |
| Feb 23, 2017 | — | 162.35 |
| Feb 26, 2016 | — | 33.10 |
| Feb 27, 2015 | 9.26 | 11.30 |
| Feb 28, 2014 | 5.15 | 11.25 |
| Feb 28, 2013 | 11.22 | 8.78 |
| Feb 27, 2012 | 13.38 | 8.96 |
| Feb 25, 2011 | 13.48 | 12.17 |
| Feb 26, 2010 | 26.00 | 15.12 |
| Feb 27, 2009 | 7.56 | 9.95 |
| Feb 27, 2008 | 16.71 | 11.08 |
| Mar 1, 2007 | 8.95 | 9.23 |
| Mar 9, 2006 | 10.63 | 9.02 |
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/E, long-term trends, comparison to industry (energy)
| Hess Corp. | Energy | |
|---|---|---|
| Feb 24, 2023 | 20.30 | 8.54 |
| Mar 1, 2022 | 56.19 | 15.67 |
| Mar 1, 2021 | — | — |
| Feb 20, 2020 | — | 37.93 |
| Feb 21, 2019 | — | 15.94 |
| Feb 21, 2018 | — | 26.50 |
| Feb 23, 2017 | — | 354.83 |
| Feb 26, 2016 | — | 33.85 |
| Feb 27, 2015 | 9.26 | 11.97 |
| Feb 28, 2014 | 5.15 | 11.81 |
| Feb 28, 2013 | 11.22 | 9.43 |
| Feb 27, 2012 | 13.38 | 9.63 |
| Feb 25, 2011 | 13.48 | 13.24 |
| Feb 26, 2010 | 26.00 | 15.83 |
| Feb 27, 2009 | 7.56 | 9.90 |
| Feb 27, 2008 | 16.71 | 11.66 |
| Mar 1, 2007 | 8.95 | 9.76 |
| Mar 9, 2006 | 10.63 | 9.78 |
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).