Hess Corp. (HES) PT Raised to $205 at Mizuho

Mizuho analyst Nitin Kumar raised the price target on Hess Corp. (NYSE: HES) to $205.00 (from $200.00) while maintaining a Neutral rating.

The analyst comments "We are updating our NAV model for HES to reflect YE23 reserves. Our stand-alone NAV increases slightly to $172/share (from $170). We raise our PT to $205/share (from $200), based on our updated NAV-based PT for CVX ($200) and the 1.025 exchange ratio. Closing the deal will rely on the outcome of the arbitration process underway between CVX and the other partners in Guyana (namely XOM). Our base case is the deal ultimately goes through but is likely delayed from the original mid-year 2024 target (we assume a 9/30 close)."

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