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In a report published Thursday, J.P. Morgan analyst Katherine Lucas Minyard upgraded the rating on Hess (NYSE: HES) from Neutral to Overweight, and raised the price target from $73.00 to $84.00.
In the report, J.P. Morgan noted, “We are upgrading HES to Overweight from Neutral and increasing our year-end 2013 price target to $84/share from $73/share. In our view, the current asset divestiture program is likely to provide a slate of catalysts over 2H13 and, on our estimates, could unlock around $3.5-4 bn in value not carried in our prior DCF-based valuation. With HES likely to use the proceeds to support its $4 bn share repurchase program, we believe the stock may gain momentum as asset sales are announced. Although we believe production growth objectives may be lofty and free cash flow generation elusive in the absence of $100/bbl oil for the remaining pure-play E&P portfolio, we believe the near-term opportunity is attractive as the divestiture program serves as the primary investor focus.”
Hess closed on Wednesday at $68.73.
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.
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