Raymond James analyst John Freeman downgraded Hess Corp. (HES) to Market Perform from Outperform after the company entered into a definitive agreement to be acquired by Chevron (CVX) in an all-stock transaction valued at $53B, or $171 per share based on Chevron’s closing price on October 20.
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Read More on HES:
- Hess Corp. downgraded to Equal Weight from Overweight at Wells Fargo
- Chevron (NYSE:CVX) to Acquire Hess (NYSE:HES) for $53B
- Chevron to acquire Hess Corp. for $171 per share in all-stock transaction
- HES Earnings Report this Week: Is It a Buy, Ahead of Earnings?
- Hess Corp. price target raised to $197 from $187 at Susquehanna