Hess Corp. active call volume attributed to takeover speculation Hess Corp. February and March 70 calls are active on total call volume of 7,700 contracts (770 puts). February call option implied volatility is at 36, March and April is at 27; compared to its 26-week average of 33 according to Track Data. Active call volume suggests traders taking positions for larger price movement following takeover speculation.
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.