Hess Midstream price target raised to $48 from $45 at Raymond James

Raymond James analyst J.R. Weston raised the firm’s price target on Hess Corp. (HESM) to $48 from $45 and keeps an Outperform rating on the shares. Hess Midstream’s story is fairly simple, in that it is uniquely midstream-friendly and still possesses a differentiated combination of operating leverage, contractual support, valuation, and financial optionality, the analyst tells investors in a research note. While these characteristics haven’t changed, the firm says Hess Midstream’s fate remains unclear as Chevron (CVX) seeks to buy sponsor-partner Hess (HES).