Oasis Petroleum Inc. (OAS) Shares Up 7.9% on Analyst Upgrade
Shares of Oasis Petroleum Inc. (NYSE:OAS) traded up 7.9% during trading on Wednesday after Simmons upgraded the stock from a neutral rating to an overweight rating. The stock traded as high as $11.41 and last traded at $11.40, with a volume of 27,378,067 shares traded. The stock had previously closed at $10.57.
Other analysts have also issued research reports about the stock. Piper Jaffray Cos. raised shares of Oasis Petroleum from a “neutral” rating to an “overweight” rating in a research report on Wednesday. Wunderlich lifted their price objective on shares of Oasis Petroleum from $10.00 to $12.00 and gave the stock a “hold” rating in a research report on Wednesday. Capital One Financial Corp. raised shares of Oasis Petroleum from an “equal weight” rating to an “overweight” rating in a research report on Wednesday. Williams Capital lifted their price objective on shares of Oasis Petroleum from $13.00 to $14.00 and gave the stock a “buy” rating in a research report on Wednesday. Finally, Canaccord Genuity reaffirmed a “hold” rating and issued a $9.50 price objective on shares of Oasis Petroleum in a research report on Tuesday. Two investment analysts have rated the stock with a sell rating, thirteen have assigned a hold rating, fifteen have assigned a buy rating and two have issued a strong buy rating to the company. The stock has an average rating of “Buy” and an average target price of $12.11.
In other news, COO Taylor L. Reid sold 25,000 shares of the company’s stock in a transaction dated Monday, September 26th. The shares were sold at an average price of $9.42, for a total value of $235,500.00. Following the sale, the chief operating officer now directly owns 1,199,341 shares of the company’s stock, valued at approximately $11,297,792.22. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Chairman Thomas B. Nusz sold 200,000 shares of the company’s stock in a transaction dated Wednesday, August 10th. The stock was sold at an average price of $8.92, for a total transaction of $1,784,000.00. Following the completion of the sale, the chairman now directly owns 1,590,772 shares in the company, valued at $14,189,686.24. The disclosure for this sale can be found here. 2.50% of the stock is currently owned by company insiders.
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Hedge funds have recently added to or reduced their stakes in the company. IFP Advisors Inc increased its stake in Oasis Petroleum by 0.9% in the second quarter. IFP Advisors Inc now owns 10,800 shares of the company’s stock worth $101,000 after buying an additional 100 shares in the last quarter. Seven Eight Capital LLC acquired a new stake in Oasis Petroleum during the first quarter worth $126,000. Advisory Services Network LLC increased its stake in Oasis Petroleum by 10.5% in the second quarter. Advisory Services Network LLC now owns 13,700 shares of the company’s stock worth $128,000 after buying an additional 1,300 shares in the last quarter. Sanders Morris Harris Inc. increased its stake in Oasis Petroleum by 50.0% in the second quarter. Sanders Morris Harris Inc. now owns 15,000 shares of the company’s stock worth $140,000 after buying an additional 5,000 shares in the last quarter. Finally, Atria Investments LLC acquired a new stake in Oasis Petroleum during the second quarter worth $143,000. 89.80% of the stock is currently owned by hedge funds and other institutional investors.
The firm has a 50 day moving average price of $10.36 and a 200-day moving average price of $9.50. The firm’s market cap is $2.06 billion.
Oasis Petroleum (NYSE:OAS) last posted its earnings results on Wednesday, August 3rd. The company reported ($0.11) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.15) by $0.04. Oasis Petroleum had a negative net margin of 17.91% and a negative return on equity of 1.22%. The firm earned $179 million during the quarter, compared to analyst estimates of $184.47 million. During the same period last year, the firm posted $0.38 earnings per share. Oasis Petroleum’s revenue for the quarter was down 22.2% compared to the same quarter last year. On average, analysts anticipate that Oasis Petroleum Inc. will post ($0.62) earnings per share for the current fiscal year.
About Oasis Petroleum
Oasis Petroleum Inc is an independent exploration and production company. The Company is focused on the acquisition and development of unconventional oil and natural gas resources in the North Dakota and Montana regions of the Williston Basin. Its segments include Exploration and Production, which is engaged in the acquisition and development of oil and natural gas properties; Well Services, which performs completion services for the Company’s oil and natural gas wells operated by Oasis Petroleum North America LLC (OPNA), and Midstream Services, which performs salt water gathering and disposal and other midstream services for the Company’s oil and natural gas wells operated by OPNA.
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