Jefferies Raises Price Target as Oasis Petroleum (OAS) Announces Williston Basin Acquisition
- Top 10 News for 12/2: Crude Rips on OPEC Cut; Starbucks' Schultz Steps Down; Nonfarm Payrolls Flat in Nov.
- Unemployment Rate Drops to 4.6%
- Bond yields slip on U.S. jobs data, euro steady before Italy vote
- Alibaba (BABA) Founder Jack Ma Discuss Plans to Retire; 'I Don't Want to Die at the Office'
- Starbucks Coffee (SBUX) CEO Howard Schultz to Step Down, Appointed Executive Chairman; Kevin Johnson New CEO
Get inside Wall Street with StreetInsider Premium. Claim your 2-week free trial here.
Jefferies reiterated a Buy rating on Oasis Petroleum (NYSE: OAS), and raised the price target to $16.00 (from $15.00), following the company's announced acquisition of producing properties and acreage in the Williston Basin. OAS has agreed to purchase 55k net acres with 12.4 Mboe/d of current production for $785 MM. The company pre-funded the acquisition through a ~$575 Mm equity raise and a small addition to bank debt.
Analyst Jonathan Wolff commented, "OAS announced a $785 Mm acquisition of producing properties and acreage in the Williston Basin. We view the deal favorably as it adds contingent acreage, provides for a 25% increase in OAS’ quality drilling inventory and gives an opportunity to further improve capital productivity. We are raising our price target to $16 from $15 to reflect deal accretion and better ‘Wild Basin’ capital productivity."
Shares of Oasis Petroleum closed at $10.57 yesterday.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Jefferies Raises Price Target on US Physical Therapy (USPH) to $63 Following 12-Clinic Acquisition
- Jefferies Raises Price Target on Pure Storage, Inc. (PSTG) Following 3Q; Reiterates Hold
- BTIG Cuts PT on Workday (WDAY) to $88 Following Q3 Results; Affirms at 'Buy'
Create E-mail Alert Related CategoriesAnalyst Comments, Analyst EPS Change, Analyst PT Change, Mergers and Acquisitions
Related EntitiesJefferies & Co, Definitive Agreement
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!