Mizuho Securities Starts Oasis Petroleum (OAS) at Buy
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Mizuho Securities initiates coverage on Oasis Petroleum (NYSE: OAS) with a Buy rating and a price target of $15.00.
Analyst Timothy Rezvan commented, "Our Buy rating on OAS shares is driven by our bullish outlook on the impact Wild Basin production could have on capital efficiency and growth into '17. Oasis was unable to fund infrastructure spend on its core Wild Basin acreage until now. But the system has now been built and should have a game-changing improvement in capital efficiency in '17 as Oasis turns 1.2+ mmboe EUR wells to sales, works down its uncompleted well backlog and returns to production growth. Given this imminent improvement and depth of Wild Basin inventory, OAS shares appear undervalued."
Shares of Oasis Petroleum closed at $11.29 yesterday.
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