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Hess (HES) Stock Price Target Increased at Credit Suisse

NEW YORK (TheStreet) -- Hess Corp.'s (HES - Get Report) price target was lifted to $70 from $69 by analysts at Credit Suisse on Thursday morning. The firm maintained its "outperform" rating on the stock.

Shares of Hess are advancing by 0.49% to $50.31 in Thursday's late morning trading session.

"Hess management will take the necessary steps to maintain balance sheet strength," Credit Suisse analysts said.

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Additionally, the New York-based oil and gas company has been working diligently to be a leader in shale and deep water efficiency, according to the firm's note.

Hess shares are also being helped by higher oil prices due to concerns about the possible hurricane coming to the U.S. East Coast damaging oil installations, noted.

Crude oil (WTI) is jumping 2.08% to $46.03 per barrel and Brent crude is gaining 0.99% to $48.85 per barrel, according to the index.

Separately, TheStreet Ratings team rates HESS CORP as a Hold with a...