Hess Corp. upgraded to Buy at Argus ahead of Chevron merger after stock fall

Argus analyst Bill Selesky upgraded Hess Corp. (HES) to Buy from Hold with a $171 price target. Following the announcement of its merger with Chevron (CVX), the value of the stock has fallen sharply as Hess faced pressure from weaker crude oil prices and recession concerns, the analyst tells investors in a research note. Hess remains a logical acquisition for Chevron, and its shares are expected to rise in tandem with Chevron shares ahead of the merger the firm added.