Hess Corp. (HES) PT Lowered to $151 at Susquehanna

Susquehanna analyst Biju Perincheril lowered the price target on Hess Corp. (NYSE: HES) to $151.00 (from $166.00) while maintaining a Neutral rating.

The analyst commented: "2Q production of 493.8 Mboe/d exceeded our forecast for 470.1 Mboe/d. Adjusted EPS of $2.46 missed our estimate by $0.08. We are now forecasting 2024/25 production and adjusted EPS of 486.9/502.4 Mboe/d and $10.44/$10.41, respectively. We maintain our Neutral rating and lower our price target to $151 to reflect the acquisition conversion ratio of CVX to HES shares."

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