Benchmark Upgrades Hess Corp. (HES) to Buy; Potential Continuation of Favorable Early Drilling Results

Benchmark upgraded Hess Corp. (NYSE: HES) from Sell to Buy, price target raised from $64 to $70.

Benchmark analyst says, "Increase in NAV is driven primarily by upward revised assessment of risked probable resources associated with the Company’s Bakken shale interests...
NAV estimate has additional upside potential associated with Hess’ Eagle Ford shale acreage as well as the Paradise oil discovery, offshore Ghana...Hess’ intermediate to longer-term earnings outlook is enhanced by our expectation of improved financial performance at the joint venture, Hovensa refinery and by rising Bakken crude oil production projected to reach 100 – 110 kboe/d by 2015."

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 $60.21 yesterday.

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