UPDATE: Sterne Agee Upgrades Oasis Petroleum to Buy
Sterne Agee raises its rating on Oasis Petroleum (NYSE: OAS) to Buy and establishes a price target of $45 on shares to reflect improving fundamentals and valuation bolstering near-term growth potential.
Sterne Agee comments, "The company's ongoing infrastructure build-out is improving well economics, and it now appears more likely that the 2012 capital program will allow the company to secure all core acreage through drilling. With relative valuations looking more attractive due to relative underperformance in February, we believe the risk/reward outlook for Oasis has materially improved."
OAS closed at $34.82 a share yesterday.
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