Benchmark Reiterates Sell and PT of $64 on Hess Corporation

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.