Susquehanna analyst Biju Perincheril downgraded Hess Corp. (HES) to Neutral from Positive with a price target of $160, down from $197, citing the takeover announcement by Chevron (CVX) in an all-stock transaction. The analyst believes the likelihood for a competing offer is low.
Elevate Your Investing Strategy:
- Take advantage of TipRanks Premium at 55% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
See today’s best-performing stocks on TipRanks >>
Read More on HES:
- Hess Corp. reports Q3 EPS $1.64, consensus $1.17
- Chevron price target lowered to $169 from $175 at Truist
- Chevron’s Hess acquisition is ‘right deal for the long term’, says RBC Capital
- Hess Corp. downgraded to Market Perform from Outperform at Raymond James
- Hess Corp. downgraded to Equal Weight from Overweight at Wells Fargo