Cramer Quick Take: Hess Could See $70
NEW YORK (TheStreet) -- Business have been good at Hess (HES) , Jim Cramer told Debra Borchardt at TheStreet.com Monday, but that hasn't stopped shares from being chronically undervalued.
Cramer said Hess, like many of the big oil names, has been making a lot of changes in itsbusiness in response to America's oil boom, and that includes shedding low-margin businesses as well as assets that are simply in the wrong areas of the country.He said with so much oil coming out of America's oil shale regions, refineries that are based on the higher prices of Brent crude just aren't as desirable as they once were.
What is a fair valuation for Hess? Cramer said he thinks shares are easily worth $70.
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-- Written by Scott Rutt in Washington.
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