Hess Corp. (NYSE:HES)‘s stock had its “neutral” rating reaffirmed by Zacks in a research note issued on Wednesday, ARN reports. They currently have a $85.00 target price on the stock. Zacks‘ target price suggests a potential upside of 4.74% from the company’s current price.
Zacks‘ analyst wrote, “We are maintaining our Neutral recommendation on Hess shares following its third quarter 2013 results. Strong growth throughout the Bakken oil shale play, along with robust holdings in the Utica Shale, is expected to lift Hess’ earnings, cash flow and valuation in the foreseeable future. Going forward, we find the company’s strong exploration upside in Ghana and continued improvement in Bakken productivity as holding a lot of promise. This would help the company to consistently deliver 5-8% year-over-year production growth in the near future. The company’s asset divestiture program, along with its significant progress in multi-year transformation, is also likely to reduce its financing needs. However, we believe that potential asset sales will likely hamper the company’s production and bring down its profitability levels. Considering these aspects, we expect the stock to perform in line with other industry players and the broader market.”
HES has been the subject of a number of other recent research reports. Analysts at Atlantic Securities initiated coverage on shares of Hess Corp. in a research note to investors on Monday, November 18th. They set an “overweight” rating and a $95.00 price target on the stock. Separately, analysts at Credit Suisse upgraded shares of Hess Corp. from a “neutral” rating to an “outperform” rating in a research note to investors on Thursday, October 31st. They now have a $100.00 price target on the stock, up previously from $80.32. Finally, analysts at Global Hunter Securities raised their price target on shares of Hess Corp. from $80.00 to $85.00 in a research note to investors on Thursday, October 10th. They now have an “accumulate” rating on the stock. Fourteen investment analysts have rated the stock with a hold rating and ten have issued a buy rating to the stock. Hess Corp. currently has a consensus rating of “Hold” and a consensus target price of $83.39.
Shares of Hess Corp. (NYSE:HES) traded up 1.28% on Wednesday, hitting $82.19. 821,458 shares of the company’s stock traded hands. Hess Corp. has a 52-week low of $48.30 and a 52-week high of $85.15. The stock has a 50-day moving average of $81.84 and a 200-day moving average of $75.21. The company has a market cap of $27.862 billion and a P/E ratio of 7.94.
Hess Corp. (NYSE:HES) last posted its quarterly earnings results on Wednesday, October 30th. The company reported $1.23 earnings per share for the quarter, missing the analysts’ consensus estimate of $1.49 by $0.26. The company had revenue of $2.70 billion for the quarter, compared to the consensus estimate of $2.63 billion. During the same quarter last year, the company posted $1.64 earnings per share. Hess Corp.’s revenue was down 22.8% compared to the same quarter last year. On average, analysts predict that Hess Corp. will post $6.04 earnings per share for the current fiscal year.
Hess Corporation (NYSE:HES) is a global integrated energy company that operates in two segments: Exploration and Production (E&P) and Marketing and Refining (M&R).
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