Jefferies Raises Price Target as Oasis Petroleum (OAS) Announces Williston Basin Acquisition
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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.
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Create E-mail Alert Related CategoriesAnalyst Comments, Analyst EPS Change, Analyst PT Change, Mergers and Acquisitions
Related EntitiesJefferies & Co, Definitive Agreement
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