Jefferies Raises Price Target as Oasis Petroleum (OAS) Announces Williston Basin Acquisition

October 19, 2016 8:05 AM EDT
Get Alerts OAS Hot Sheet
Price: $14.46 --0%

Rating Summary:
    27 Buy, 17 Hold, 1 Sell

Rating Trend: = Flat

Today's Overall Ratings:
    Up: 23 | Down: 31 | New: 34
Trade OAS Now!
Join SI Premium – FREE

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."

For an analyst ratings summary and ratings history on Oasis Petroleum click here. For more ratings news on Oasis Petroleum click here.

Shares of Oasis Petroleum closed at $10.57 yesterday.

Serious News for Serious Traders! Try Premium Free!

You May Also Be Interested In

Related Categories

Analyst Comments, Analyst EPS Change, Analyst PT Change, Mergers and Acquisitions

Related Entities

Jefferies & Co, Definitive Agreement

Add Your Comment