Hess (HES) Stock Price Target Increased at Credit Suisse

NEW YORK (TheStreet) -- Hess Corp. (HES) had its price target raised to $88 from $82 at Credit Suisse with a "neutral" rating.

"There is growth in the contributed assets of the Tioga gas plant and an expansion of the gathering system in the core of the Bakken, Williston Basin of central North America," analysts at Credit Suisse said.

Hess also owns logistics assets outside the Bakken in the Gulf of Mexico and West Texas and will need infrastructure for its Utica holdings, which could provide drop down proceeds to the company, Credit Suisse added.

Hess announced yesterday that it will sell half of its Bakken midstream assets to Global Infrastructure Partners for $2.68 billion in a joint venture valued at $5.35 billion.

Hess is a global exploration and production company that develops, produces, purchases, transports and sells crude oil and natural gas.

Shares of Hess are down 0.92% to $67.95 in morning trading Friday.

Separately, TheStreet Ratings team rates HESS CORP as a Hold with a ratings score of C. TheStreet Ratings Team has this to say about their recommendation:

"We rate HESS CORP (HES) a HOLD. The primary factors that have impacted our rating are mixed some indicating strength, some showing weaknesses, with little evidence to justify the expectation of either a positive or negative performance for this stock relative to most other stocks. The company's strengths can be seen in multiple areas, such as its reasonable valuation levels, largely solid financial position with reasonable debt levels by most measures and expanding profit margins. However, as a counter to these strengths, we also find weaknesses including feeble growth in the company's earnings per share, deteriorating net income and disappointing return on equity."

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