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.
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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
