Despite stock’s sluggishness, Hess remains a buy
Friday, November 6th, 2009Filed under: Stocks to Buy So far, institutional investors (IIs) have not noticed that Hess Corp.’s (NYSE: HES ) upstream operations (exploration and production) should benefit from high oil prices in the $80 per barrel range. But the argument here is that eventually they will, preferably starting in early 2010, which is why I’m reiterating my Buy rating for the company, first recommended on April 22, 2009 at a price of $50.41. Right now, IIs are fixated on the lower margins of downstream operations, which Hess and other refiners are coping with, as a result of recession-induced sluggish U.S.











