Oasis Petroleum downgraded as cost reduction likely has maxed out

Oasis Petroleum (OAS -3.5%) is downgraded to Hold from Buy at Canaccord, with shares near its $45 price target and seeing choppy production growth for the foreseeable future.

With ~335K net Bakken/Three Forks acres (305K considered core), OAS is viewed by the firm as a premier operator and one of the most levered companies to the oil-focused Williston Basin.

Costs have declined dramatically, but the firm thinks much of the low-hanging fruit in cost reduction has been picked.

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