UPDATE: UBS Upgrades Oasis Petroleum (OAS) to Buy; Pullback Offers Attractive Opportunity

(Updated - June 18, 2012 10:58 AM EDT)

UBS upgraded Oasis Petroleum (NYSE: OAS) from Neutral to Buy. PT unchanged at $34.

Analyst, Betty Jiang, said, "We believe OAS can exceed its 2Q production target and raise its FY’12 production guidance from 18-22 MBoed to ~22 MBoed (above consensus’ 21.3 MBoed) along with 2Q results in mid- August. We believe the increase in production will outweigh the estimated $115 MM increase in capex to ~$1.0 billion from a capital efficiency standpoint. In addition, de-risking of Three Forks resource upside, declining well costs, and improving cost metrics should continue to boost NAV and cash margins."

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 $24.86 yesterday.

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