Fly News Breaks for January 30, 2020
Jan 30, 2020 | 08:13 EDT
Morgan Stanley analyst Devin McDermott noted that Hess Corp.'s stock price declined 7% in response to the Q4 earnings report, which he attributes to its soft Q1 production guidance, below consensus realizations, and the cash flow impact of hedging costs. However, he view yesterday's selloff as overdone, telling investors that Hess' break-even oil price is set to fall as Guyana ramps and that the structural shift toward the lower end of the cost curve will support resilient free cash flow. McDermott raised his price target on Hess shares to $82 from $79, primarily reflecting additional Guyana resources, and keeps an Overweight rating on the stock.
News For HES From the Last 2 Days