Morgan Stanley Believes Hess (HES) Still Has Room to Grow

In a report released today, Devin McDermott from Morgan Stanley maintained a Buy rating on Hess (HESResearch Report), with a price target of $121.00. The company’s shares closed last Tuesday at $89.00, close to its 52-week high of $94.51.

According to TipRanks.com, McDermott is a 4-star analyst with an average return of 4.5% and a 55.9% success rate. McDermott covers the Utilities sector, focusing on stocks such as Continental Resources, Occidental Petroleum, and Southwestern Energy.

The word on The Street in general, suggests a Strong Buy analyst consensus rating for Hess with a $109.70 average price target, implying a 23.4% upside from current levels. In a report issued on January 10, Bank of America Securities also maintained a Buy rating on the stock with a $131.00 price target.

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The company has a one-year high of $94.51 and a one-year low of $53.43. Currently, Hess has an average volume of 2.05M.

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Hess Corp is an exploration and production company, which engages in exploration, development, production, transportation, purchase & sale of crude oil, natural gas liquids and natural gas with production operations. It operates through the following segments: Exploration and Production and Midstream. The Exploration and Production segment explores for, develops, produces, purchases and sells crude oil, natural gas liquids and natural gas. The Midstream segment provides fee-based services including crude oil and natural gas gathering, processing of natural gas and the fractionation of natural gas liquids, transportation of crude oil by rail car, terminaling and loading crude oil and natural gas liquids, and the storage and terminaling of propane, primarily in the Bakken shale play of North Dakota. The company was founded by Leon Hess in 1920 and is headquartered in New York, NY.

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