Heather Jones Research


Heather Jones Research offers in-depth fundamentals-based research of domestic equities in the Agribusiness and Protein sectors, as well as more broad-based industry research.

Latest Research

June 30, 2025

SFD: Updating Estimates

By Heather Jones

The fundamental backdrop has improved for Smithfield’s consolidated business and we have raised our full-year 2025 and 2026 estimates accordingly. The primary driver of our more bullish outlook is the improved setup for hog production….

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June 30, 2025

CALM: Updating Estimates; Strategic Shift

By Heather Jones

We have updated our Q4’25 and 2026 estimates. Our Q4 goes to $6.25 ($5.72) and 2026 to $9.71 ($10.34). Our PT goes to $101. Although moderated somewhat given pullback in wholesale egg pricing, there has…

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June 30, 2025

DAR: Help on the Way

By Heather Jones

We are reducing our Q2, 2025 and 2026 estimates for DAR driven by weaker-than-expected DGD margins, as well as less robust assumptions for the Food business. Core Feed should show nice improvement from Q1 given…

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June 24, 2025

HJR Ag Brief: Biofuels Update

By Heather Jones

The recent RVO proposal laid out far more bullish targets than we had anticipated, and also put forward potential modifications to RIN values for imported fuels/feedstocks. That, combined with potential changes to 45Z rules, results…

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June 9, 2025

HRL: Inflection Point

By Heather Jones

With the exception of Q1’24, Hormel’s EBIT has declined on a yr/yr basis for the past 10 quarters, while the consolidated drop in volumes goes back even further. Q2’25 volumes fell ~4% on an organic…

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OUR COVERED COMPANIES

Heather Jones Research provides expert coverage on the following companies:

Our Mission

We are committed to generating and distributing insightful, proprietary and highly unique research analysis to help create alpha for institutional equity investors and private equity funds. Our goal is to enable the buyside in both the public and private spheres make better investing decisions with an eye toward both current trends, as well as the future.

OUR LEADERSHIP

Heather L. Jones founded Heather Jones Research, LLC in May 2019.  She has worked in equity research for over 20 years including stints on both the buy- and sell-side. She has worked at Bear Stearns, BB&T and most recently, Candlestick Capital, LLC. In StarMine’s 2013 Analyst Awards for Excellence, she was ranked #1 stock picker in the Food Products category. She was also named top stock picker for 2012 in the Food and Tobacco industry in The Wall Street Journal’s annual “Best on the Street” analyst survey. In 2007, Jones placed third in her industry. She was also ranked #1 in the food industry by Forbes.com in its 2009 “Blue Chip Analyst” awards survey.

CONTACT US

Email Address: [email protected]

Phone Number: 1 (804) 314-2373