Hess Corp. valuation range raised to $61-$67 from $52-$58 at Wells Fargo Wells Fargo increased its valuation range on Hess after the company announced that it would pursue sales of its terminal network and exit its refining business. The firm thinks the moves will leave the company's focus clearer and its balance sheet a little cleaner. Wells maintains a Market Perform rating on the stock.
Hess Corp. downgraded to Equal Weight from Overweight at Morgan Stanley Morgan Stanley downgraded Hess to Equal Weight citing relative outperformance vs. Bakken names and another reduction in oil price forecasts and capex reductions. Price target lowered to $73 from $101.