UPDATE: Benchmark Upgrades Hess Corporation from Sell to Buy and Raises PT from $64 to $70

Benchmark has published a research report on Hess Corporation HES raising the rating and price target for the global energy company. In the report, Benchmark wrote, "Based primarily upon the favorable drilling results being achieved on the additional Bakken Shale acreage (approximately 250k net acres) acquired in the latter part of 2010, we are raising our normalized NAV per share assessment on HES to $70.10. The enhanced valuation reflects the assignment of approximately 250 million boe of incremental, risked probable resources to this acreage which raises our overall estimate of risked resources to 835 million boe." Benchmark upgraded Hess Corporation from Sell to Buy with a price target raised from $64.00 to $70.00. Hess Corporation closed Monday at $60.21.