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Fly News Breaks for January 25, 2016
HES
Jan 25, 2016 | 07:59 EDT
JPMorgan analyst Arun Jayaram lowered his price target for Hess Corp. to $38 ahead of the company's Q4 earnings report on Wednesday. Based on his firm's analysis of break-even costs in the Bakken and the "sharp deterioration" in cash flows at the strip, the analyst expects Hess to "meaningfully reduce" its capex and production outlook in order to preserve its financial strength. Jayaram is cautious on Hess into the earnings report and keeps a Neutral rating on the name.
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