Oil and gas producer Hess Corp. (NYSE:HES) has been a multi-year winner, delivering investors more than 228% returns in the last five years, against the S&P 500 (NYSE:SPY), which has delivered 47.56% in that same time frame.

That is why analysts at Goldman Sachs downgraded the stock on Friday.

The HES Analyst: Goldman's Neil Mehta downgraded Hess from a Buy to a Neutral rating, but raised the price target from $161 to $170.

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"We remain positive on Guyana resource base with potential for further additions to the resource base through exploration/appraisal, and attractive growth through additional developments," Mehta said in a note to investors Friday.

The note cites Liza Phases 1 and 2 as reasons for the company's strong performance over the past year, with shares returning +417% since Goldman added the stock to its Buy list on March 16, 2020.

The note also states that the Hess downgrade is a reflection of Goldman's valuation, as the stock's outperformance on a multi-year basis gives it a less-than-favorable upside potential from current levels.

"We emphasize the downgrade is more a reflection of valuation, with our constructive view on Guyana as very much intact and Hess still delivering the best growth story in global Energy on a multi-year basis," the analyst explained.

Goldman prefers other Buy rated energy stocks including Exxon Mobil Corp (NYSE:XOM), which has exposure to Guyana, ConocoPhillips (NYSE:COP) given a relative valuation, and Suncor Energy Inc. (NYSE:SU) for higher through-cycle free cash flow generation despite lower growth.

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