Credit Suisse Makes Bullish Trading Call On Hess Corp (HES) Ahead of Large Exploration Catalysts
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Price: $148.97 --0%
Rating Summary:
19 Buy, 21 Hold, 0 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 8 | Down: 5 | New: 26
Rating Summary:
19 Buy, 21 Hold, 0 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 8 | Down: 5 | New: 26
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Credit Suisse made a bullish trading call on Hess Corporation (NYSE: HES) Thursday, although the firm left an overall Neutral rating on the stock.
Credit Suisse raised its price target on Hess shares from $95 to $105 and told clients to go long ahead of "imminent exploration catalysts."
Analysts noted shares are trading at a 25% discount to Net Asset Value and offer 35% upside if upcoming exploration wells are successful.
The firm said Hess is drilling wildcats wells into 3 blocks, each with billions in barrel potential, with results expected in April or May.
"Wildcat exploration is risky, but success could drive value towards $113/sh (with additional upside potential) and the shares are supported by the growth prospects of the existing HES portfolio," the firm pointed out.
Shares of Hess are up 1.8 percent to $85.32 Thursday.
Credit Suisse raised its price target on Hess shares from $95 to $105 and told clients to go long ahead of "imminent exploration catalysts."
Analysts noted shares are trading at a 25% discount to Net Asset Value and offer 35% upside if upcoming exploration wells are successful.
The firm said Hess is drilling wildcats wells into 3 blocks, each with billions in barrel potential, with results expected in April or May.
"Wildcat exploration is risky, but success could drive value towards $113/sh (with additional upside potential) and the shares are supported by the growth prospects of the existing HES portfolio," the firm pointed out.
Shares of Hess are up 1.8 percent to $85.32 Thursday.
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