Hess (HES) Gets a Buy Rating from Morgan Stanley

By Jason Carr

In a report released today, Devin McDermott from Morgan Stanley maintained a Buy rating on Hess (NYSE: HES), with a price target of $92. The company’s shares closed yesterday at $65.50.

According to TipRanks.com, McDermott is a 2-star analyst with an average return of 1.7% and a 31.8% success rate. McDermott covers the Basic Materials sector, focusing on stocks such as Range Resources Corp, Gulfport Energy Corp, and Occidental Petroleum.

Currently, the analyst consensus on Hess is a Moderate Buy with an average price target of $75.29.

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Based on Hess’ latest earnings release for the quarter ending June 30, the company reported a quarterly revenue of $1.58 billion and GAAP net loss of $130 million. In comparison, last year the company earned revenue of $1.36 billion and had a GAAP net loss of $624 million.

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Hess Corp is a global exploration and production company which engages in exploration, development, production, transportation, purchase and sale of crude oil, natural gas liquids, and natural gas with production operations. It operates through the following segments: Exploration and Production; Midstream; and Corporate, Interest, and Other.