Relaunching Coverage of Hess, With Fair Value Estimate of $47 Per Share and No-Moat Rating
We are relaunching coverage of Hess, with a no-moat rating, stable trend, and fair value estimate of $47 per share (resulting in a 1.2 times price/fair value ratio). The firm is much improved since the 2013 proxy battle with Elliot Management, which forced a board reshuffle that resulted in John Hess stepping down from the chairman role (though he continues to serve as CEO). Most crucially, the company has gotten leaner after selling midstream and downstream assets and rationalizing its upstream...Hess is a global exploration and production company engaged in exploration, development, production, transportation, purchase and sale of crude oil, natural gas liquid (NGL), and natural gas with production operations located primarily in the United States, Guyana, the Malaysia/Thailand Joint Development Area, Malaysia and Denmark. The company's Midstream operating segment provides fee-based services, including gathering, compressing and processing natural gas and fractionating NGL; gathering, terminaling, loading and transporting crude oil and NGL; storing and terminaling propane, and water handling services primarily in the Bakken shale play in the Williston Basin area of North Dakota.
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.
Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
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