Mizuho Securities Upgrades Hess Corp. (HES) to Buy
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Mizuho Securities analyst Paul Sankey upgraded Hess Corp. (NYSE: HES) from Neutral to Buy with a price target of $94.00.
The analyst comments "We believe sustaining capital requirements, excluding exploration and non-producing project spending, are lower for E&Ps with an offshore presence than capital budgets imply. This means higher sustaining free cash flow yield and likely higher capacity for cash return as projects come online and balance sheets normalize. We are upgrading our rating on HES, the most significant beneficiary from this analysis considering the 9BBoe+ resource opportunity at Stabroek, to Buy from Neutral. We believe that start-up at Liza-2 next year and leverage dropping to sub-2.0x pave the way for cash return growth and re-rating of shares closer to NAV value. Other offshore operators (APA and MUR in our coverage) should also benefit, but not as significantly as HES."
Shares of Hess Corp. closed at $71.04 yesterday.
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