Deutsche Bank Upgrades Oasis Petroleum (OAS) to Buy
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Deutsche Bank upgraded Oasis Petroleum (NYSE: OAS) from Hold to Buy with a price target of $16.
Analyst Josh Silverstein said, "Although we see some uncertainty in the s-t outlook, we remain positive the E&Ps with our preference remaining oil over the natural gas focused producers (though we are being mindful ahead of winter). The universal message of ramping activity just as the forward curves are declining was conflicting, though our read was that corporate cost structures are now largely set up for a $50/bbl environment with asset quality and balance sheet strength differentiating should crude oil remain below this level. PE, FANG, RSPP, CXO, ECA, NFX, CLR, QEP remain Buy rated while OAS moves to our favored crude oil levered equity. Although OAS has outperformed over three months, the outlook is now more sustainable at <$50/bbl pricing, the SM acquisition improved the core Williston position along with increasing the midstream value (with more acquisitions only further enhancing the asset base), and maturity risk has been pushed out to 2021."
Shares of Oasis Petroleum closed at $12.21 yesterday.
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Related EntitiesDeutsche Bank, Crude Oil, Definitive Agreement
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