The Fly

Hess Corp. downgraded to Neutral from Buy at Goldman Sachs

Goldman Sachs analyst Neil Mehta downgraded Hess Corp. (HES) to Neutral from Buy with a higher price target of $170, up from $161. The analyst has a "highly positive" view on Guyana and the unique cash flow growth potential for the company, but the stock has been a multi-year winner since being added to the firm’s Buy List on March 16, 2020, returning +417% vs. the S&P +70% and the XLE +235%, the firm tells investors in a research note. Goldman Sachs prefers Exxon Mobil (XOM) for its international exposure, ConocoPhillips (COP) given the stock’s relative valuation, and Canadian oils/select E&Ps such as Canadian Natural Resources (CNQ), EOG (EOG) and Suncor (SU) for higher through-cycle free cash flow generation.

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