UPDATE: Wunderlich Reiterates Buy Rating, Lowers PT on Oasis Petroleum
In a report published Wednesday, Wunderlich Securities reiterated its Buy rating on Oasis Petroleum (NYSE: OAS), but slightly lowered its price target from $41.00 to $40.00.
Wunderlich noted, “Oasis turned in a very strong quarter. While the weather was great for drilling in the Williston Basin, the company turned in differential results. This is a function of careful planning and strategic investments in critical parts of the operation. This team is known for great execution and the efforts are producing results. OAS has been able to ramp up production while reducing drilling completion costs and operating costs, quarter after quarter. OAS improved its top line by optimizing its marketing efforts; this combined with cost improvement enables OAS to defend and grow its profit margins, a hard thing to pull off in the Williston. We reiterate Buy our on OAS.”
Oasis Petroleum closed on Tuesday at $28.51.
© 2014 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.