Oasis Petroleum (OAS) PT Raised to $64 at Topeka Capital

Topeka Capital maintained a Buy rating on Oasis Petroleum (NYSE: OAS) and raised its price target to $64.00 (from $56.00).

Analyst Gabriele Sorbara said, "We are revisiting our production, earnings and cash flow estimates, as well as our RNAV model for improved early results from the Company’s slickwater completion methods. Taking into consideration the improved recoveries at Forman Butte, Indian Hills and Red Bank, we are raising our RNAV to $73 from $64. With WTI crude oil prices on track to average $103/bbl for the quarter, we are now projecting 2Q14 earnings and cash flow of $0.81 and $2.30, well above the Consensus of $0.73 and $2.15, respectively. More importantly, we have conservatively raised our 2015 and 2016 production outlook by 1.6% and 3.9% for the improved well performance."

"We reaffirm our Buy rating and are raising our PT to $64 from $56. While OAS remains a great way to play elevated oil prices, we also believe the positive rate of change in its well economics should drive further outperformance," he added.

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 $54.84 yesterday.

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