Hess Corp. shares rose 1.6% Wednesday, after the company announced an eighth oil discovery offshore Guyana. The company said its Longtail-1 exploration well found about 256 feet of high-quality, oil-bearing sandstone reservoir. "Longtail drilling results are under evaluation; however, the combined gross recoverable resources of Turbot and Longtail are estimated to exceed 500 million barrels of oil equivalent." the company said in a statement. Cowen analysts said the news was positive for the oil company. "Total recoverable resource estimate update expected by end of July," they wrote in a note. "We would expect additional phases to be added to develop the increased recoverable resources in the future." Cowen rates the stock market perform with a price target of $65, or about 4.5% above its current level. Shares have gained 31% in 2018, while the S&P 500 has gained 1.8%.