UPDATE: Deutsche Bank Upgrades Oasis Petroleum Following Bakken Acquisition Announcement
In a report published Friday, Deutsche Bank analyst Ryan Todd upgraded the rating on Oasis Petroleum (NYSE: OAS) from Hold to Buy, and raised the price target from $45.00 to $55.00.
In the report, Deutsche Bank noted, “We see OAS' announced acquisition in the Bakken as a double victory for the company as it, 1) significantly increases the core acreage/inventory position available to one of the basin's best operators for a reasonable price, and 2) reduces/removes the two primary market concerns: core (non-MT) inventory and risk of an expansion outside the basin. Despite some near-term dilution on cash flow metrics, we view OAS as one of the more attractively valued debt-adjusted CF growers, with additional upside from rig acceleration and downspacing/lower benches. Target price from $45 to $55 and upgrade to BUY.”
Oasis Petroleum closed on Thursday at $41.88.
Latest Ratings for OAS
|Apr 2016||Cantor Fitzgerald||Downgrades||Buy||Hold|
© 2016 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.