Standpoint Research Upgrades Hess Corp. (HES) to Buy
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Price: $160.09 +0.60%
Rating Summary:
18 Buy, 22 Hold, 0 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 11 | Down: 12 | New: 9
Rating Summary:
18 Buy, 22 Hold, 0 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 11 | Down: 12 | New: 9
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Earlier, Standpoint Research upgraded Hess Corp. (NYSE: HES) from Hold to Buy with a price target of $58.00.
Analyst Ronnie Moas comments, "On September 13 I downgraded HES from Buy to Hold. The shares have dropped by 13% since the downgrade and are once again undervalued. That being said, the shares are still trading 12% above where they were when the original recommendation was made on July 23, 2012. The HES share price moves are closely correlated with crude oil price moves. In fact, year-to-date, the crude oil price is down 13% and HES shares are down 13%. With crude oil prices more than 20% off the Q1 high -- and the overall market correction creating undervalued situations -- I am looking at this as an opportunity to add/reinstate a couple of names and eliminate our underweight in this sector while slightly increasing the beta on our list of total open recommendations (now at 75)."
For an analyst ratings summary and ratings history on Hess Corp. click here. For more ratings news on Hess Corp. click here.
Shares of Hess Corp. closed at $49.53 yesterday.
Analyst Ronnie Moas comments, "On September 13 I downgraded HES from Buy to Hold. The shares have dropped by 13% since the downgrade and are once again undervalued. That being said, the shares are still trading 12% above where they were when the original recommendation was made on July 23, 2012. The HES share price moves are closely correlated with crude oil price moves. In fact, year-to-date, the crude oil price is down 13% and HES shares are down 13%. With crude oil prices more than 20% off the Q1 high -- and the overall market correction creating undervalued situations -- I am looking at this as an opportunity to add/reinstate a couple of names and eliminate our underweight in this sector while slightly increasing the beta on our list of total open recommendations (now at 75)."
For an analyst ratings summary and ratings history on Hess Corp. click here. For more ratings news on Hess Corp. click here.
Shares of Hess Corp. closed at $49.53 yesterday.
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