MUFG analyst Michael McAllister raised his price target on Hess Corp. to $78 and kept his Overweight rating, saying the higher oil price has contributed to the 46% rise in its stock price over the past 12 months, but investors are also increasingly focused on the 2020 start of production in Guyana. McAllister adds that his recent price deck update "improves this oil-linked company's outlook, estimating a 20% increase in revenue per barrel of oil equivalent to ~$44.50 for 2018 versus 2017." The analyst also cites the production growth outlook driven by Williston Basin and Guyana barrels and only a slight valuation premium for Hess at 8.0-times enterprise value to expected two-year forward EBITDAX vs. 7.5-times peer group average.