Hess Corp

HES: XNYS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	$737.00	Ttsmx	Cqjjclpnk

Hess: Near-Term Commodity Outlook Drags Down Our Fair Value to $84 Per Share

Dave Meats

May 16, 2023

We're lowering our fair value estimate for Hess to $84 per share from $93 after incorporating its first-quarter results. As we previously commented, the firm is ostensibly off to a terrific start to 2023, with both production and cash costs significantly beating quarterly guidance and putting the firm in a strong position to exceed its annual goals. But the execution, while solid, was not as spectacular as the headline numbers suggest.

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