Hess Corporation (HES
) received a downgrade from Societe Generale earlier today.
Societe Generale moved the stock from a “Buy” to a “Hold” while simultaneously raising its price target on the stock – a seemingly contradictory move. The downgrade on the stock was spawned by fears that The Street has unrealistic expectations for the company’s third quarter that it may not be able to hit.
At the same time, the firm was quick to note that improvements in some of the key elements of the company have allowed the firm to raise its price target from $80 to $86, displaying a kind of cautious optimism for the stock.
Hess Corporation shares were up $1.35, or 1.72%, at Tuesday’s close. The stock is up a massive 48% this year and is sitting near its five-year high.
The Bottom Line
Shares of Hess Corporation (HESS) are currently yielding 1.27% based on Tuesday’s closing price of $78.69.
Hess Corporation (HESS) is not recommended at this time, holding a Dividend.com DARS™ Rating of 3.3 out of 5 stars.
Be sure to visit our complete recommended list of the Best Dividend Stocks, as well as a detailed explanation of our ratings system here.