UPDATE: Societe Generale Upgrades Hess Corporation to Buy on Corporate Restructuring

In a report published Monday, Societe Generale upgraded Hess Corporation

from Hold to Buy and raised the price target from $68 to $80. Societe Generale reported that, “This morning, HES announced a restructuring well beyond what we thought management would find palatable in response to activist shareholders. The sale of retail, energy marketing and trading, divesting of Indonesia and Thailand, a likely midstream MLP and a 150% increase of the common stock dividend to $1/share are well beyond what we thought likely in terms of a corporate restructuring. On a pro forma basis, HES is looking for 5%-8% output growth vs. 2012 over the next five years. Lastly, six new independent directors were announced, many of whom have relevant energy industry experience and who would be replacing longer term members, who would be retiring." Hess Corporation's shares closed at $66.54 on Monday.