Wolfe Research reinstated coverage of Hess Corp. with a Peer Perform rating as part of a broader research note. The firm is “leaning defensive” as oil price is expected to remain rangebound around $85, exacerbated by paper markets testing OPEC+ policy, though the opposite is true for U.S. gas where a contango curve is signaling a structural shift that can reverse a decade of declines in the marginal cost of supply, the analyst tells investors in a research note. Wolfe adds that it sees E&Ps with collectively the best risk / reward in the sector – eventually.
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>>
Read More on HES:
- Hess Corp. price target lowered to $157 from $165 at Scotiabank
- FTC delays decision on Hess takeover by Chevron, Bloomberg reports
- FTC delays Chevron-Hess decision after Exxon arbitration, Bloomberg says
- Hess Corp. call volume above normal and directionally bullish
- Goldman Sachs names John Hess to board