UPDATE: Oasis Petroleum Downgraded by KLR Group

KLR Group analyst Gail Nicholson released a note Friday, downgrading Oasis Petroleum

from Buy to Accumulate and lowering price target to $54. The report notes, "Oasis is currently operating 14 rigs and anticipates adding two additional rigs in '14. The company has allocated ~$1,250 million towards drilling and completion this year and plans to complete ~205 gross wells (~155.5 net, ~60% during 2H/14). We are currently modeling OAS will grow production ~40% in '14." KLR valuation is based of of a calculated 15% discount rate, projecting an appreciation of 21% from the Thursday's closing price of $44.46 to the price target of $54.