UPDATE: Deutsche Bank Reiterates Hold Rating, Raises PT on Oasis Petroleum
In a report published Friday, Deutsche Bank reiterated its Hold rating on Oasis Petroleum (NYSE: OAS), and raised its price target from $35.00 to $37.00.
Deutsche Bank noted, “A conservative tint to an otherwise sunny report - Oasis' Q412 operations update is a reminder of the momentum that built in the basin over the second half of 2012. A shift from short to long infrastructure and service capacity are rapidly improving differentials, well costs, capital efficiencies, and execution. The only hiccup in an otherwise stellar report? 2013 production guidance, where the Street is already at the high end of the range (33.8 mboepd vs. OAS guidance of 30-34 Mboepd). The market is likely to be somewhat disappointed, particularly given strong performance into the print, but given OAS' record of beats and raises in 2012, we expect production will catch up to expectations over the year.”
Oasis Petroleum closed on Thursday at $35.88.
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