Jefferies Raises Price Target as Oasis Petroleum (OAS) Announces Williston Basin Acquisition
- Wall Street surges to new highs; transports set record
- lululemon athletica (LULU) Tops Q3 EPS by 4c; Adj.-Comps Outpaced Views
- Abbott (ABT) Files Complaint to Terminate Alere (ALR) Acquisition
- Costco Wholesale (COST) Tops Q1 EPS by 5c; Comps Up 1%, 2% Ex-Gas
- After-Hours Stock Movers 12/07: (VYGR) (LULU) (HRB( Higher; (OHRP) (VRNT) (CMTL) Lower (more...)
News and research before you hear about it on CNBC and others. Claim your 2-week free trial to StreetInsider Premium 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
- KLR Group Raise Price Target on Oasis Petroleum (OAS) to $22; Reiterates Buy
- Guggenheim Cuts Price Target on Michaels Cos. (MIK) to $30; Reiterates Buy
- BWS Financial Cuts Price Target on Sigma Designs (SIGM) to $5.00
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!