KLR Group Raises Price Target on Oasis Petroleum (OAS) Following Williston Basin Acquisition
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KLR Group reiterated a Buy rating on Oasis Petroleum (NYSE: OAS), and raised the price target to $18.00 (from $17.00), following the company's announced Williston Basin acquisition. The acquisition includes ~12.4 Mboepd of production and ~226 gross operated locations. To partly fund the acquisition, OAS priced ~55.2 mm shares, representing ~30% of shares outstanding, at $10.80 for total gross proceeds of ~$596 mm.
Analyst Gail Nicholson commented, "We are increasing our target price $1 to $18 per share following a ~5% improvement in our organic capital productivity assumption due to Wild Basin well outperformance and the integration of the company's recent Williston Basin acquisition partly offset by the equity issuance. Following our model adjustments, OAS generates a '18 capital yield (cash recycle ratio) of 135%+, up from ~130% previously, vs. the group median of ~125%."
Shares of Oasis Petroleum closed at $10.57 yesterday.
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