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UPDATE: Goldman Sachs Downgrades Oasis Petroleum as Recent News Negatively Impacts Forecasts

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In a report published Wednesday, Goldman Sachs analyst Joseph B. Stewart downgraded the rating on Oasis Petroleum (NYSE: OAS) from CL-Buy to Buy, and lowered the price target from $63.00 to $53.00.

In the report, Goldman Sachs noted, “We remove OAS from the Conviction List. Since adding OAS to the CL on September 23, 2013, shares are down 13%, vs. onshore SMID E&Ps -6% and the Russell 2000 +3%. OAS began underperforming in mid-October, possibly due to the deterioration of US oil sentiment followed by weather and regulatory concerns in the Bakken. On February 4, OAS announced a disappointing initial 2014 outlook with worse than expected capex, production and cost guidance, in addition to lower EUR estimates for the Three Forks. This latest news negatively impacted our forecasts for growth/returns and lowered the return potential to our price target.”

Oasis Petroleum closed on Tuesday at $39.09.

Latest Ratings for OAS

DateFirmActionFromTo
Mar 2015Guggenheim SecuritiesDowngradesBuyNeutral
Feb 2015Canaccord GenuityMaintainsBuy
Jan 2015SunTrust Robinson HumphreyDowngradesNeutralReduce

View More Analyst Ratings for OAS
View the Latest Analyst Ratings

Posted-In: Goldman Sachs Joseph B. StewartAnalyst Color Downgrades Analyst Ratings

 

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