In a report published Monday, Bank of America analyst Doug Leggate reiterated a Buy rating on Hess Corp. HES, and raised the price target from $128.00 to $130.00.
In the report, Bank of America noted, “A week on the road with Hess provided another opportunity to hear first-hand progress on Hess' transition to a ‘pure play' E&P. At the simplest level, we believe Hess is hitting its stride on execution with production growth set to accelerate in 2H14. In our view, this will set a new pace for outdated production targets and drive an inflection point in free cash flow. Hess is nearing the end of its transition to a pure play E&P. Critically we believe 2H14 marks the start of a multi-year period of execution that can address any lingering market concerns over the production outlook while its transition to a ‘pure play' likely attracts additional sponsorship from the market as Hess is more appropriately compared to peers.”
Hess Corp. closed on Friday at $98.29.
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