Zacks Investment Research downgraded shares of Hess Corporation (HES) from NEUTRAL to UNDERPERFORM on January 14, 2015, with a target price of $62.00.
We are downgrading our recommendation on Hess shares to Underperform from Neutral prior to its fourth-quarter 2014 results. Hess remains on track with its multi-year transformation program. However, to support its capital expenditures through 2015, the company remains highly dependent on major asset sales. Again, in 2014, Hess is most likely to have registered a downfall in both its parameters – production and reserves. Hence, the company's growth and returns picture will likely be hindered by the asset sale programs in the near term. The potential asset sales will likely hamper the company's production and lower its profitability level.
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