UBS Maintains a 'Buy' on Hess Corp. (HES); Q3 Results Disappoint; Awaiting 4Q11-1H12 Catalysts

UBS maintains a 'Buy' on Hess Corp. (NYSE: HES) price target lowered from $83 to $79.

UBS analyst says, "Key conference call takeaways: 1) maintained ‘11-12 production/capex guidance of 375-385 MBoed and $7.2bn; 2) 4Q exploration results on track for Andalan, Brunei’s Block CA-1 and will begin 3 well exploration program in Ghana in 1Q12; 3) expects Bakken production to nearly double to 60 MBoed in ‘12; 4) IP rates & liquids % in Eagle Ford weaker than expected; & 5) disclose Australia gas monetization plans by mid -12."

"HES reiterated 2011 production guidance of the low end of 375-385 MBoed and capex of $7.2 billion, in-line with expectations including the recent Utica acquisitions. However, we are reducing our 2011-12 EPS to $6.30 and $5.65 from $6.65 and $6.14 on slightly higher production expenses and forecasted DD&A."

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 $60.38 yesterday.

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