Jefferies Upgrades Oasis Petroleum (OAS) to Buy

Jefferies upgraded Oasis Petroleum (NYSE: OAS) from Hold to Buy with a price target of $12.00 (from $9.00).

Analyst Jonathan Wolff commented, "Upgrade to Buy from Hold. OAS again showed sharp cost reductions and its 6th straight quarter of flat volumes despite plunging investment (capex down 70% YoY). To be sure, OAS is a higher-risk investment given high financial leverage (5.0x). But world oil markets are showing improvement (JEF: $57/B in 2017) and OAS’ inventory looks ‘strong’ at $55/b+ given the greater efficiencies. We also see narrower inland basis differentials helping per well values."

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 $8.68 yesterday.

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