UPDATE: Credit Suisse Reiterates Underperform Rating, Raises PT on Hess Corp.
In a report published Monday, Credit Suisse reiterated its Underperform rating on Hess Corp. (NYSE: HES), and raised its price target from $60.00 to $62.00.
Credit Suisse noted, “HES delivered a good quarter in its European operations, despite Valhall downtime. Costs in the Bakken are falling as HES finish drilling to hold production and shift into pad drilling. HES reiterated confidence in (1) declining capex and (2) asset disposals to fill the gap until cashflow balances capex in 2014. Success in Ghana continues and industry Utica wells are encouraging for parts of HES acreage. HES shares have absolute upside and growth/financial performance should inflect in 2H13.”
Hess Corp. closed on Friday at $53.39.
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