UPDATE: Dahlman Rose Initiates Hess Corporation at Hold on Near-Term Growth Outlook

Dahlman Rose initiated coverage on Hess Corporation

with a Hold rating. Dahlman Rose said, "We believe the companywide transition that began in 2009 is creating a more predictable/profitable growth model. Following restructuring of the R&M business (R&M is now 10% of overall business), Hess is expected to sell ~$3Bn in non-core assets, thereby sharpening focus on select growth areas in the US, Europe, Africa, and Asia. The company is making solid progress in building a focused portfolio of long-life, high-return assets by leveraging its global scale and capability. While we like this transition, successful execution is expected to continue to be the key area of investor focus." Hess Corporation closed at $50.02 on Monday.