S&P Reiterates its BUY Rating on Hess, Target Price Reduced

October 28 00:00 2011

New York, October 28 (RainbowNewsLine.com) – Analyst Stewart Glickman of S&P Capital IQ maintains his BUY rating on the shares of Hess Corporation (NYSE: HES), while reducing his estimates for the company. The 12-month target price has been reduced from $86 to $76.

Analyst Stewart Glickman, in a research note published yesterday mentions that the company has reported its Q3 EPS substantially short of the estimates, due to losses associated with conflicts in Libya and downtime in Europe. Despite the above mentioned reasons, the analyst expects solid growth opportunities for Hess in 2012. The company’s entry into Utica Shale and Bakken Play will be fruitful, the analyst adds. The EPS estimates for 2011 and 2012 have been reduced from $7.25 to $6.67 and from $8.20 to $6.81, respectively.