Susquehanna analyst Biju Perincheril lowered the firm’s price target on Hess Corp. to $166 from $167 and keeps a Neutral rating on the shares. The firm updated its model for its E&P coverage ahead of Q2 results. They noted operators continue their maintenance capital programs, while focusing on driving improving well productivity and also noted M&A activity has ramped up this year as companies look to shore up their inventory positions and improve operating efficiencies.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Read More on HES:
- Hess, Occidental execs probed by FTC over OPEC communications, Bloomberg says
- Hess Corp. put volume heavy and directionally bearish
- Exxon-Chevron dispute rests on change of control of Guyana asset, Reuters says
- Exxon Mobil (NYSE:XOM) Challenges CVX’s $53B Hess Deal Over Guyana Control
- Hess Corp. reinstated with a Peer Perform at Wolfe Research