Wells Fargo Upgrades Oasis Petroleum (OAS) to Outperform

January 11, 2013 8:21 AM EST
Get Alerts OAS Hot Sheet
Price: $14.39 --0%

Rating Summary:
    27 Buy, 17 Hold, 1 Sell

Rating Trend: = Flat

Today's Overall Ratings:
    Up: 14 | Down: 24 | New: 12
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Wells Fargo upgraded Oasis Petroleum (NYSE: OAS) from Market Perform to Outperform and raises their valuation range form $30-$35 to $40-$45.

The firm comments, "Upgrading shares on back of operational momentum. Pad drilling, operational efficiencies, OWS (its service business), and acreage delineation among other reasons, should result in increased capital efficiency in 2013 vs. 2012. We do not believe the lower well costs or better differentials have been rolled into many sell-side models, and combined with upside potential from de-risking West Williston and the Three Forks, numbers should move higher. Better company specifics with improving Williston Basin fundamentals (better differentials), and a longer-term takeout which puts a floor on shares, and we believe OAS will outperform peers over the next 6-12 months."

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 $34.25 yesterday.

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