Oasis Petroleum (OAS) PT Raised to $176 at Stifel

Stifel analyst Derrick Whitfield raised the price target on Oasis Petroleum (NASDAQ: OAS) to $176.00 (from $155.00) while maintaining a Buy rating.

The analyst commented, "Last week, we hosted Daniel Brown (Chief Executive Officer) and Bob Bakanauskas (Director of IR) for two days of in-person investor meetings. The reception was generally positive as management highlighted its recent Crestwood Equity Partners merger (CEQP-OMP), return of capital views, near-to-medium term operational focus, and long-term view on consolidation within the Williston Basin. Following our event, we are increasingly constructive on management's ability to narrow the valuation gap vs its Upstream peers through improved financial disclosure (post-OMP deconsolidation), thoughtful monetization of CEQP units, and operational execution in an increasingly capital-efficient manner. Of note, the company could mitigate near-term inflationary pressures and lower its base decline through 3-mile lateral development. We expect management to complete its first modern 3-mile laterals in the Indian Hills project area during the second half of 2022."

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