Hess Corp. price target raised to $163 from $145 at Citi

Citi raised the firm’s price target on Hess Corp. (HES) to $163 from $145 and keeps a Neutral rating on the shares. The firm says midstream performance in 2024 suggests that energy is investable again. However, for exploration and production companies, the challenge is that crude markets still appear well-supplied, the analyst tells investors in a research note. Thus, Citi feel it “appears premature” to be bullish crude leverage, but notes the business climate and buybacks “should act as shock absorbers if crude deflates.”