(RTTNews) - Hess Corp. gapped up Wednesday and climbed during the first 90 minutes of trade. The stock leveled off into a range for the remainder of the session and closed higher by $5.45 at $82.13 on strong volume.
NEW YORK (MarketWatch) -- Hess Corp.'s third-quarter net income climbed 33%, although a downturn in the oil company's marketing and refining business cut into strength in its exploration and production profits, financial results showed Wednesday.
NEW YORK (Associated Press) - Shares of integrated oil companies Exxon Mobil Corp. and Hess Corp. rose Tuesday after a UBS analyst boosted his ratings on both companies' stocks.
William A. Featherston raised the companies' ratings to "Buy" from "Neutral" and increased his price targets for each, citing a preference for companies more heavily weighted toward oil than those focused on natural gas.
The stocks also benefited from an increase in crude prices, which resumed their trek toward the $100 a barrel mark. Light, sweet crude for January delivery rose $2.68 to $97.32 a barrel on the New York Mercantile Exchange. Other oil stocks also rose.
Featherston raised his price target for Exxon Mobil, the biggest U.S. oil company, to $96 from $92. The stock has fallen 10 percent in the past month even as oil prices have risen, he noted.
"We believe the market sell-off has provided an attractive opportunity to buy arguably the world's best oil company," he wrote in a note to investors.
Meanwhile, he hiked his target for Hess to $84 from $73. He said the company's reserves should be able to grow by at least 3 percent to 5 percent through the end of the decade.
"While our upgrade is premised on Hess's discount valuation, leverage to oil prices, and attractive growth profile, it also has an active exploration calendar over the next several months that could serve as a catalyst for its stock price," he added.
Hess shares rose $3.32, or 4.9 percent, to $71.25. Exxon shares added $3.71, or 4.4 percent, to $87.82.