Oasis Petroleum Stock Rating Upgraded by Topeka Capital Markets (OAS)
Oasis Petroleum (NYSE:OAS) was upgraded by stock analysts at Topeka Capital Markets from a “hold” rating to a “buy” rating in a report issued on Thursday, TheFlyOnTheWall.com reports. The firm currently has a $56.00 target price on the stock, up from their previous target price of $44.00. Topeka Capital Markets’ price target indicates a potential upside of 33.72% from the stock’s previous close.
The analysts wrote, “We are upgrading OAS to Buy from Hold and raising our price target to $56 from $44 on this morning’s bolt-on acquisitions. OAS announced that it has signed four separate acquisitions in the Williston Basin totaling 161,000 net acres for $1,515 million. With this transaction, OAS increases its acreage by nearly 50% to 492,000 net acres in the Williston Basin and current production increases by approximately 28% to 43.0 Mboe/d. The transaction augments OAS’ drilling inventory by ~42% in the core. We now believe there is a compelling opportunity to build a position in this high quality Bakken operator with a long life inventory and significant RNAV upside. With the scale OAS is building with these acquisitions, we believe shares warrant a valuation more in line with its large scale peers, thus shares should get re-rated higher.”
Shares of Oasis Petroleum (NYSE:OAS) opened at 41.88 on Thursday. Oasis Petroleum has a 1-year low of $27.86 and a 1-year high of $44.17. The stock has a 50-day moving average of $40.71 and a 200-day moving average of $38.39. The company has a market cap of $3.917 billion and a price-to-earnings ratio of 21.58.
Oasis Petroleum (NYSE:OAS) last announced its earnings results on Tuesday, August 6th. The company reported $0.65 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.60 by $0.05. The company had revenue of $254.60 million for the quarter, compared to the consensus estimate of $246.47 million. The company’s quarterly revenue was up 70.8% on a year-over-year basis. On average, analysts predict that Oasis Petroleum will post $2.81 earnings per share for the current fiscal year.
A number of other firms have also recently commented on OAS. Analysts at Global Hunter Securities raised their price target on shares of Oasis Petroleum (NYSE:OAS) from $41.00 to $44.00 in a research note to investors on Thursday, August 8th. They now have an “accumulate” rating on the stock. Separately, analysts at Deutsche Bank raised their price target on shares of Oasis Petroleum (NYSE:OAS) from $38.00 to $45.00 in a research note to investors on Thursday, August 8th. Finally, analysts at Canaccord Genuity downgraded shares of Oasis Petroleum (NYSE:OAS) from a “buy” rating to a “hold” rating in a research note to investors on Thursday, August 8th. They now have a $45.00 price target on the stock.
Five equities research analysts have rated the stock with a hold rating and eleven have given a buy rating to the company. The company has a consensus rating of “Buy” and a consensus price target of $48.78.
Oasis Petroleum Inc is an exploration and production company focused on the acquisition and development of unconventional oil and natural gas resources in the Montana and North Dakota regions of the Williston Basin.
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