Barclays Maintains an 'Overweight' on Hess Corp. (HES); Fire on Valhall Production Platform
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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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Barclays maintains an 'Overweight' on Hess Corp. (NYSE: HES), PT $108.
Barclays analyst says, "Yesterday (7/13), a fire was reported at BP's and Hess's Valhall production platform. According to BP (NYSE: BP), the fire originated in the compressor module and was extinguished within 30 minutes. There are no reports of injury and all personnel have been evacuated from the platform."
"Hess previously estimated net full year 2011 production of 30 mboe/d, up from 19 mboe/d in 2010. Planned production capacity for the field is 75 mboe/d with a plan to drill 30 wells over the next five years...Despite this negative headwind, we maintain our OW rating and $108 price target. However, we believe the company's 2Q11 result will likely come in below consensus, which could provide a good opportunity to add to positions."
For more ratings news on Hess Corp. click here and for the rating history of Hess Corp. click here.
Shares of Hess Corp. closed at $70.79 yesterday.
Barclays analyst says, "Yesterday (7/13), a fire was reported at BP's and Hess's Valhall production platform. According to BP (NYSE: BP), the fire originated in the compressor module and was extinguished within 30 minutes. There are no reports of injury and all personnel have been evacuated from the platform."
"Hess previously estimated net full year 2011 production of 30 mboe/d, up from 19 mboe/d in 2010. Planned production capacity for the field is 75 mboe/d with a plan to drill 30 wells over the next five years...Despite this negative headwind, we maintain our OW rating and $108 price target. However, we believe the company's 2Q11 result will likely come in below consensus, which could provide a good opportunity to add to positions."
For more ratings news on Hess Corp. click here and for the rating history of Hess Corp. click here.
Shares of Hess Corp. closed at $70.79 yesterday.
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