By: Dividend Daily
November 16, 2012 at 08:52 AM EST
Hess Corp. Upgraded by Standpoint Research (HES)
Standpoint Research analysts upgraded oil company Hess Corp. (HES) to a “Buy” rating on Thursday.
The analysts upgraded Hess from “Hold” to “Buy” with a price target of $58. The target is a +18.6% upside to Thursday’s closing price of $48.89.
Standpoint Research analyst Ronnie Moas commented, “On September 13 I downgraded HES from Buy to Hold. The shares have dropped by 13% since the downgrade and are once again undervalued. That being said, the shares are still trading 12% above where they were when the original recommendation was made on July 23, 2012. The HES share price moves are closely correlated with crude oil price moves. In fact, year-to-date, the crude oil price is down 13% and HES shares are down 13%. With crude oil prices more than 20% off the Q1 high — and the overall market correction creating undervalued situations — I am looking at this as an opportunity to add/reinstate a couple of names and eliminate our underweight in this sector while slightly increasing the beta on our list of total open recommendations (now at 75).”
Hess shares were flat in premarket trading on Friday. The stock is down $7.91, or -13.93%, year to date.
The Bottom Line
Hess Corp (HES) is not recommended at this time, holding a Dividend.com DARS™ Rating of 3.0 out of 5 stars.
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