Oil & Gas Stock Flashing Surefire Bull Signal

HES has run into its 260-day trendline 6 times in the past 3 years

Deputy Editor
Jun 26, 2023 at 3:07 PM
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Exploration and production (E&P) stock Hess Corp (NYSE:HESS) is on the rise today, as oil-related stocks get a boost from political turmoil in Russia. HESS is up 2% at $134.21 at last glance, starting the week off on a high note after two-straight weeks of losses. The stock could trek higher, too, according to a historically bullish trendline. 

Per data from Schaeffer's Senior Quantitative Analyst Rocky White, HESS is trading within one standard deviation of its 260-day moving average for the seventh time in the past three years. The stock was higher one month later 100% of the time following these signals, averaging an 11.4% gain. 

HES June26

An increase in optimism amongst analysts could provide tailwinds as well. Of the 15 analysts in coverage, seven carry a "hold" rating on HESS. 

 

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