Select Oil, Gas Names Boosted By Goldman's Hess Call

Shares of Hess Corp. (NYSE: HES) were trading higher by nearly 2 percent ahead of Wednesday's market open after analysts at Goldman Sachs upgraded their stock rating to Buy from Neutral.

Hess was also added to Goldman Sach's Americas Conviction List given an estimated 52 percent total upside to their $59 price target.

"We believe HES offers some of the most significant potential resource expansion opportunities among E&Ps over the next year from multiple exploration and appraisal drilling in Guyana and the Gulf of Mexico," Goldman Sach's Brian Singer wrote in the research note. "At the same time, HES screens well on our $35/bbl 3-year stress test with attractive liquidity, relative growth and upside if oil prices recover. We see key negative company-specific news – guidance for 2016 production declines and equity issuance –as now in the rear view mirror."

Singer's upgrade helped boost Oil & Gas names on Wednesday.

Energy Transfer Equity LP (NYSE: ETE) was trading higher by nearly 5 percent ahead of Wednesday's open as were shares of Penn West Petroleum Ltd (NYSE: PWE).

Shares of Oasis Petroleum Inc. (NYSE: OAS) were also trading higher by 1 percent.