UPDATE - Barclays Downgraded Hess Corp. (HES) to Equalweight; Prefers SU & IMO
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Price: $148.97 --0%
Rating Summary:
19 Buy, 21 Hold, 0 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 12 | Down: 23 | New: 22
Rating Summary:
19 Buy, 21 Hold, 0 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 12 | Down: 23 | New: 22
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UPDATE - Barclays downgraded Hess Corp. (NYSE: HES) from Overweight to Equalweight, price target cut from $90 to $60.
Analyst, Paul Y. Cheng, said, "Although we think the company's underlying asset value is worth significantly higher than our near-term price target, we now believe the shares will likely continue to struggle throughout this year and will trade substantially below our estimate of its fair asset value due to the lack of visible catalysts as well as increased investors skepticism over management's execution record." (FY12 EPS estimate cut from $6.25 to $6.05 and FY13 from $6.45 to $6.05)
Cheng sees HES's valuation in-line with other problem E&P stocks like Apache (NYSE: APA), Canadian Natural (NYSE: CNQ), Nexen (NYSE: NXY), Marathon Oil (NYSE: MRO) and Murphy (NYSE: MUR). Cheng thinks the stock is range bound until Bakken is back on track and Utica's is producing stronger results. Preferred stocks in the sector include Suncor (NYSE: SU) and Imperial Oil (NYSE: IMO).
To see more ratings on HES, Click Here
Analyst, Paul Y. Cheng, said, "Although we think the company's underlying asset value is worth significantly higher than our near-term price target, we now believe the shares will likely continue to struggle throughout this year and will trade substantially below our estimate of its fair asset value due to the lack of visible catalysts as well as increased investors skepticism over management's execution record." (FY12 EPS estimate cut from $6.25 to $6.05 and FY13 from $6.45 to $6.05)
Cheng sees HES's valuation in-line with other problem E&P stocks like Apache (NYSE: APA), Canadian Natural (NYSE: CNQ), Nexen (NYSE: NXY), Marathon Oil (NYSE: MRO) and Murphy (NYSE: MUR). Cheng thinks the stock is range bound until Bakken is back on track and Utica's is producing stronger results. Preferred stocks in the sector include Suncor (NYSE: SU) and Imperial Oil (NYSE: IMO).
To see more ratings on HES, Click Here
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