Benchmark reiterated its Sell rating on Hess Corporation HES. At the same time, Benchmark left its price target on the company's stock unchanged at $64.
In a research report published today, Benchmark states, "We reaffirm our cautious posture on HES shares as the $9.00 per share premium to
our unchanged $64.10 per share normalized NAV estimate appears excessive
relative to the resource potential of acreage/licenses excluded from our NAV
assessment."
On Tuesday, Hess closed the day at $73.36. Its shares lost 0.8% in today's pre-market trading, however, to trade around $72.77.
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