UPDATE: Global Hunter Securities Upgrades Hess to Buy on Divestment of Underperforming Assets
Global Hunter Securities raised its rating on Hess (NYSE: HES) from Neutral to Buy and increased its price target from $53 to $65.
Global Hunter Securities noted, "We are upgrading our rating on HES to Buy (from Neutral) and increasing our price target to $65 (from $53), representing 71% of our pretax NAV estimate (HES is trading at a P/NAV of 58% vs. a 72% median for peers) and a 3.5x EV/EBITDA multiple using our 2013 estimates. After some bumps in the road through Q2, including a not so well received capex boost, we believe HES's plan to scale back and refocus is taking shape. HES appears to be shedding those assets that don't add a lot of value, and outperforming with the assets it's retaining."
Hess closed at $53.39 on Friday.
Latest Ratings for HES
|May 2016||Tigress Financial||Downgrades||Buy||Neutral|
|Apr 2016||Credit Suisse||Downgrades||Outperform||Neutral|
© 2016 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.