Hess (HES) Receives a Buy from Merrill Lynch

By Jason Carr

In a report released yesterday, Doug Leggate from Merrill Lynch maintained a Buy rating on Hess (HESResearch Report), with a price target of $85. The company’s shares closed yesterday at $53.10.

According to TipRanks.com, Leggate ‘s ranking currently consits of no stars on a 0-5 ranking scale, with an average return of -6.3% and a 38.2% success rate. Leggate covers the Basic Materials sector, focusing on stocks such as Southwestern Energy, Anadarko Petroleum, and Vermilion Energy.

Hess has an analyst consensus of Moderate Buy, with a price target consensus of $72.14, which is a 35.9% upside from current levels. In a report issued on November 20, Morgan Stanley also maintained a Buy rating on the stock with a $79 price target.

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Based on Hess’ latest earnings release for the quarter ending September 30, the company reported a quarterly revenue of $1.84 billion and GAAP net loss of $42 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.