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Hess Corp. (NYSE: HES) has seen a significant jump in share price over the last 24 hours, bounding off a low on Tuesday around the $37.40 handle, up 3 percent on the day Wednesday.
This rebound follows an upgrade by Goldman Sachs from a previous Neutral rating to the current Buy rating.
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Additionally, the stock may be experiencing positive movement based upon its inclusion to Goldman Sachs' "Conviction Buy" list, also announced in the upgrade note.
Goldman Sachs: Buy, Return Potential 52%
In the research note out Wednesday, Goldman Sachs reaffirmed its confidence in Hess, stating, "We upgrade HES to Buy from Neutral and add the shares to the Americas Conviction List. We see 52 percent total upside to our unchanged $59/share 12-month DCF-based target price."
Related Link: Select Oil, Gas Names Boosted By Goldman's Hess Call
The firm supported its thesis by highlighting the following catalysts:
- Upside Potential To Exploration: "The key unique catalysts for HES are exploration and appraisal wells in Guyanan […] and the Gulf of Mexico."
- Possible Consolidation: "We also believe success in Guyana could drive a greater likelihood of consolidation."
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.