Bank Of America Just Predicted This Stock Will Move 60% Next Year

According to Bank of America Merrill Lynch, investors should be looking at HESS shares to purchase.

The bank says the company’s energy production levels will improve later this year and have reiterated their buy rating on the company.

The bank even added Hess to the firm’s US1 best ideas list.

“We believe the inflection point in Hess’ investment case is just around the corner, with the broader sector pullback positioning the shares with among the highest upside in the sector as implied by our price objectives,” analyst Doug Leggate wrote in a note to clients Tuesday.

“We expect oil and gas production to trough in 2Q17 … This is likely to kickstart an extended period of growth in 2018/19.”

Hess has energy exploration and production operations in the U.S., North Sea, West Africa and Asia.

In its last reported earnings the company earned -$1.01 a piece versus the consensus-estimated -$1.09. The company’s revenue totaled $1.22 billion up 2.28% from the previous quarter. The company’s year-on-year revenue growth is expected to be at 40.99% during the period. Last year, it had about $993 million of revenue.

Disclaimer: We have no position in Hess Corp. (NYSE: HES) and have not been compensated for this article.