This story originally appeared on Zacks
Shares of Hess Corporation HES have jumped 9.6% year to date (YTD) compared with 3.2% gain of the composite stocks belonging to the industry. The Zacks Consensus Estimates for Hess’ earnings per share for 2021 and 2022 signify year-over-year growth of 170.3% and 166.5%, respectively.
Image Source: Zacks Investment Research
Let’s delve into the factors behind the stock’s price appreciation.
What’s Favoring the Stock?
The price of West Texas Intermediate crude has touched the $77-per-barrel mark again, showing an improvement of more than 51% over the past year. With coronavirus vaccines being rolled out on a massive scale and the announcements that booster doses and antiviral pills are effective against Omicron, the economy will possibly overcome the recent spike in coronavirus cases. This is making the fuel demand…