Equities researchers at Topeka Capital Markets assumed coverage on shares of Oasis Petroleum (NYSE: OAS) in a report issued on Wednesday. The firm set a “hold” rating and a $40.00 price target on the stock.
The analysts wrote, “While we like the OAS story given its strong position in the Bakken oil play (>335,000 net acres), the experienced management team, and strong execution and growth profile, we see limited upside following the recent move up in shares based on our commodity price assumptions. We believe the market volatility may provide a better entry point, although, we believe the Company will continue to do a great job executing and acknowledge that further de-risking of its acreage in the Basin (specifically for downspacing potential and the deeper Three Forks benches) and increasing operational efficiencies present upside to our price target.”
Shares of Oasis Petroleum (NYSE: OAS) traded down 2.32% during mid-day trading on Wednesday, hitting $38.36. Oasis Petroleum has a one year low of $22.02 and a one year high of $39.78. The stock’s 50-day moving average is currently $37.63. The company has a market cap of $3.591 billion and a P/E ratio of 23.66.
Oasis Petroleum (NYSE: OAS) last released its earnings data on Monday, February 25th. The company reported $0.49 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.47 by $0.02. The company had revenue of $214.30 million for the quarter, compared to the consensus estimate of $210.53 million. During the same quarter in the prior year, the company posted ($0.15) earnings per share. The company’s quarterly revenue was up 83.3% on a year-over-year basis. On average, analysts predict that Oasis Petroleum will post $2.39 earnings per share for the current fiscal year.
Other equities research analysts have also recently issued reports about the stock. Analysts at Raymond James upgraded shares of Oasis Petroleum from a “market perform” rating to an “outperform” rating in a research note to investors on Wednesday, February 27th. They now have a $46.00 price target on the stock. Separately, analysts at SunTrust downgraded shares of Oasis Petroleum from a “buy” rating to a “neutral” rating in a research note to investors on Wednesday, February 27th. They now have a $35.00 price target on the stock, down previously from $44.00. Finally, analysts at Canaccord Genuity reiterated a “buy” rating on shares of Oasis Petroleum in a research note to investors on Monday, February 4th. They now have a $45.00 price target on the stock.
Six analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company’s stock. Oasis Petroleum currently has an average rating of “Buy” and an average target price of $41.73.
Oasis Petroleum Inc. is an independent exploration and production company focused on the development and acquisition of unconventional oil and natural gas resources in the Montana and North Dakota regions of the Williston Basin.