Hess Corp. price target lowered to $164 from $168 at Piper Sandler

Piper Sandler lowered the firm’s price target on Hess Corp. to $164 from $168 and keeps an Overweight rating on the shares. While global oil demand remains “relatively supportive,” stronger than expected oil supply and a growing Saudi spare capacity “buffer”” are likely to keep oil price at more moderate levels for the foreseeable future, the analyst tells investors in a research note. As a result, Piper reduced its outlook for crude oil prices over the next 18 months, lowering estimates from $110/$105 Brent in 2023 and 2024 to $83 and $90 per barrel, respectively. The firm also reduced estimates and price targets across integrated oils.