Hess Stock Forecast
Hess stock upgraded from Buy Candidate to Strong Buy Candidate after Wednesday trading session.
(Updated on Apr 24, 2024)
The Hess stock price gained 1.40% on the last trading day (Wednesday, 24th Apr 2024), rising from $156.94 to $159.13. It has now gained 6 days in a row. It is not often that stocks manage to gain so many days in a row, and falls for a day or two should be expected. During the last trading day the stock fluctuated 2.08% from a day low at $155.98 to a day high of $159.22. The price has risen in 6 of the last 10 days and is up by 0.72% over the past 2 weeks. Volume has increased on the last day along with the price, which is a positive technical sign, and, in total, 718 thousand more shares were traded than the day before. In total, 2 million shares were bought and sold for approximately $363.84 million.
The stock lies in the upper part of a weak rising trend in the short term, and this may normally pose a very good selling opportunity for the short-term trader as reaction back towards the lower part of the trend can be expected. A break-up at the top trend line at $160.23 will firstly indicate a stronger rate of rising. Given the current short-term trend, the stock is expected to rise 9.47% during the next 3 months and, with a 90% probability hold a price between $164.88 and $175.40 at the end of this 3-month period.
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HES Signals & Forecast
The Hess stock holds buy signals from both short and long-term Moving Averages giving a positive forecast for the stock. Also, there is a general buy signal from the relation between the two signals where the short-term average is above the long-term average. On corrections down, there will be some support from the lines at $154.21 and $152.09. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Tuesday, April 16, 2024, and so far it has risen 5.90%. Further rise is indicated until a new top pivot has been found. Volume is rising along with the price. This is considered to be a good technical signal. Some negative signals were issued as well, and these may have some influence on the near short-term development. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD).
Support, Risk & Stop-loss for Hess stock
On the downside, the stock finds support just below today's level from accumulated volume at $145.32 and $143.02. There is a natural risk involved when a stock is testing a support level, since if this is broken, the stock then may fall to the next support level. In this case, Hess finds support just below today's level at $145.32. If this is broken, then the next support from accumulated volume will be at $143.02 and $142.07.
In general the stock tends to have very controlled movements and with good liquidity the risk is considered very low in this stock. During the last day, the stock moved $3.24 between high and low, or 2.08%. For the last week the stock has had daily average volatility of 1.98%.
Since the Hess has been rising for 6 days in a row, the risk over the next couple of days has increased. We don't expect a major reaction as the stock is in very good shape technically, and therefore hold a positive evaluation despite the very short term risk.
Our recommended stop-loss: $152.44 (-4.21%) (This stock has low daily movements and this gives low risk. There is a buy signal from a pivot bottom found 6 days ago.)
Trading Expectations (HES) For The Upcoming Trading Day Of Thursday 25th
For the upcoming trading day on Thursday, 25th we expect Hess Corporation to open at $158.11, and during the day (based on 14 day Average True Range), to move between $156.16 and $162.10, which gives a possible trading interval of +/-$2.97 (+/-1.87%) up or down from last closing price. If Hess Corporation takes out the full calculated possible swing range there will be an estimated 3.73% move between the lowest and the highest trading price during the day.
With no resistance above and support from accumulated volume @ $145.32, some $13.81 (8.68%) from the current price of $159.13, our system finds the risk reward attractive.
Earnings coming up
Hess will release earnings BMO on Thursday, April 25, 2024.The consensus among the analysts for the expected earnings (EPS) is $1.75. We will update the financials statements for Hess, that can be found here as soon as the records are public. Our systems has calculated a possible swing of +/- 5.81% in the first trading day after earnings release.
Is Hess Corporation stock A Buy?
Hess holds several positive signals and is within a weak rising trend. As the old saying says, "Let the trend be your friend.'". We therefore consider it to be a good choice at these current levels and we are expecting further gains during the next 3 months. We have upgraded our analysis conclusion for this stock since the last evaluation from a Buy to a Strong Buy candidate.
Current score: 5.293 Strong Buy Candidate Upgraded
Predicted Opening Price for Hess Corporation of Thursday, April 25, 2024
Fair opening price April 25, 2024 | Current price |
---|---|
$158.11 ( 0.641%) | $159.13 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for HES
Fibonacci Support & Resistance Levels
Level | Price | |||
---|---|---|---|---|
Resistance | R3 | 161.35 | 1.40 % | |
R2 | 160.11 | 0.617 % | ||
R1 | 159.35 | 0.137 % | ||
Current price: | 159.13 | |||
Support | S1 | 156.87 | -1.42 % | |
S2 | 156.11 | -1.90 % | ||
S3 | 154.87 | -2.68 % |
Accumulated Volume Support & Resistance Levels
Level | Price | |||
---|---|---|---|---|
Resistance | R3 | 0 | . | |
R2 | 0 | . | ||
R1 | 0 | . | ||
Current price | 159.13 | |||
Support | S1 | 145.32 | -8.68% | |
S2 | 143.02 | -10.12% | ||
S3 | 142.07 | -10.72% |
HES Dividend Payout History
# | Ex-Date | Pay Date | Amount | Yield | |
---|---|---|---|---|---|
1 | Mar 06, 2024 | Mar 18, 2024 | Mar 28, 2024 | $0.438 | 0.287% |
2 | Mar 06, 2024 | Mar 15, 2024 | Mar 28, 2024 | $0.438 | 0.287% |
3 | Dec 06, 2023 | Dec 15, 2023 | Dec 29, 2023 | $0.438 | 0.303% |
4 | Sep 06, 2023 | Sep 15, 2023 | Sep 29, 2023 | $0.438 | 0.286% |
5 | May 17, 2023 | Jun 14, 2023 | Jun 30, 2023 | $0.438 | 0.322% |
FAQ
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