Mizuho analyst Nitin Kumar downgraded Hess Corp. to Neutral from Buy with a price target of $164, up from $150, after assuming coverage of the name. The company’s almost exclusive focus on the Guyana development does not fit the current mold of short-cycle investments in oil and gas, Kumar tells investors in a research note. The analyst sees Hess offering lower upside versus peers, while trading at premium multiples driven by its strategy.
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Published first on TheFly
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