Oasis Petroleum Lower After Goldman Sachs Downgrade And 40 Million Share Offering
Oasis Petroleum Inc. (NYSE: OAS) shares are trading lower by $0.23 (2.6 percent) at $11.00 in Tuesday's session. Two factors are contributing to the slight decline.
First of all, Goldman Sachs downgraded the issue from Neutral to Sell and lowered its price target from $8.75 to $8.50. Also contributing to the decline is the announcement of 40 million share offering.
Despite the double dose of bad news, the issue still managed a higher open that fell shy of Monday's high ($11.42), only reaching $11.39, before reversing course.
The ensuing decline took the issue to $10.57 before rebounding back to the $11 area. That low coincides with its September 29 low of $10.46.
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