Monday, August 2, 2010

Barclays (NYSE:BCS) Maintains "Overweight" on Hess (NYSE:HES)

Barclays (NYSE:BCS) reiterated its "Overweight" rating on Hess Corp.
(NYSE:HES), while increasing its price target on the company from $74 to $75 a share.

"Although HES may lack visible catalysts in the next 6 months, we are buyers of the shares here. We think that the current risk/reward ratio is compelling, following the shares' recent poor performance...We raise our 2010 and 2011 EPS estimates for HES to $4.60 and $6.35, from $4.55 and $6.00, respectively," said a Barclays analyst.

The energy company closed Friday at $53.59, dropping $0.26, or 0.48 percent. Volume traded was almost the exact of the three-month average.

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