UPDATE: Global Hunter Securities Initiates Oasis Petroleum at Buy on Bakken Outlook
Global Hunter Securities initiated coverage on Oasis Petroleum (NYSE: OAS) with a Buy rating and a $43 price target.
Global Hunter Securities said, "Oasis Petroleum (OAS) is a Houston-based small-cap E&P focused on developing the unconventional Bakken Shale in the Williston Basin of North Dakota and Montana. The company IPO'd in 2010 at $14 per share, raising $588MM by selling 42MM shares. Oasis significantly grew production from the Bakken and, now, Three Forks, on its significant acreage position and benefited from improving economics due to narrowing pricing differentials and decreasing well costs. We are initiating coverage of OAS with a Buy rating and a $43 price target, based on our DCF model."
Oasis Petroleum closed at $30.45 on Tuesday.
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Tags: Global Hunter Securities