Deutsche Bank Downgrades Hess Corp. (HES) to Hold; Cheap Is Not A Reason

Deutsche Bank downgraded Hess Corp. (NYSE: HES) from Buy to Hold with a price target of $75.00.

Deutsche analyst says, "We have learned from brutal experience that thesis drift is the slow death of a bullish stock call. Equally we have highlighted that the integrated oils need specific major catalysts to generate out-performance – cheap, alone, is not a reason. Our 2011 list of catalysts for Hess outlined in late 2010 has almost without exception either played out to muted response or been delayed into 2012. At the same time, the company is spending all its cashflow at $117/bbl Brent with declining volumes and a <1% yield, dividend unchanged since 2001."

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 $70.28 yesterday.

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