Oasis Petroleum: Adapting To The Downcycle
Bakken Update: Oasis Is Our Top Oil Short Of 2016
Michael Filloon • 80 Comments
Michael Filloon • 80 Comments
Fri, Aug. 5, 2:09 PM
Thu, Aug. 4, 2:02 PM
Wed, Aug. 3, 4:49 PM
Tue, Jun. 28, 9:18 AM| Tue, Jun. 28, 9:18 AM | 1 Comment
Tue, Jun. 7, 3:44 PM
- Seaport Global Securities upgrades a half-dozen energy E&P stocks - and downgrades two others - even after the group has rallied YTD, saying it is "willing to overlook higher leverage as long as the operational trajectory is notably improving."
- Noble Energy (NBL +4.2%) and Eclipse Resources (ECR +5.5%) are upgraded to Buy from Neutral, as NBL boasts "strong growth and cheap valuation relative to peers" and ERC is "among the cheapest NE gas names while offering good compression in out-year multiples."
- Seaport hikes Synergy Resources (SYRG +2.4%) to Buy from Accumulate thanks to "top-tier growth potential at >$50 oil."
- Upgraded to Accumulate from Neutral are Carrizo Oil & Gas (CRZO +4.3%), as “strong Eagle Ford returns justify return to growth,” and Concho Resources (CXO +4.6%), with “high-quality exposure to the Delaware Basin poised to garner further credit."
- The firm raises WPX Energy (WPX +0.2%) to Neutral from Sell, citing “leverage burden eased with equity, higher commodity price deck assumptions, recent operational progress."
- However, Oasis Petroleum (OAS +0.7%) is downgraded to Neutral from Buy as “NAV valuation gap has closed after a 54% move since our March 30 report," and Petroquest Energy (PQ +1.3%) is cut to Accumulate from Buy as “risk/reward upside has tempered" following a 67% move since March 30.
Mon, May 23, 5:37 PM
Tue, May 10, 10:59 AM
- Oasis Petroleum (OAS +4.9%) is higher despite reporting a slightly larger than expected Q1 loss on below consensus revenues.
- But Jefferies upgrades shares to Buy from Hold with a $12 price target, raised from $9, believing OAS's inventory looks strong in light of the improvement in world oil markets, and the firm sees narrower inland basis differentials helping per well values.
- OAS reported its sixth straight quarter of flat volumes and demonstrated sharp cost reductions despite a 70% drop year-over-year in investment, Jefferies says.
- OAS management delivered "outsized capital efficiency results" in Q1 and anticipates further gains through the balance of the year, the firm says.
Thu, May 5, 9:12 AM
- Gainers: SYNC +143%. LGCY +31%. AAWW +27%. EPE +21%. FCEL +19%. WTW +15%. DNR +14%. ZNGA +14%. CHK +13%. BCEI +12%. UNXL +12%. ARRS +10%. CRC +10%. CLMT +9%. ORIG +9%. QRVO +8%. GSV +8%. HMY +8%. VNR +7%. MEET +7%. SDRL 7%. CLR 6%. SGYP 6%. OAS 5%. REGN 5%. BABA 5%. AUY 5%.
- Losers: PTX -37%. FRSH -27%. SQNM -19%. FIT -13%. EBIO -11%. LB -10%. WFT -9%. SEAS -8%. ABC -8%. CTL -5%.
Tue, Apr. 26, 2:47 PM
- Whiting Petroleum (WLL +3.1%), Bill Barrett (BBG +1.9%) and Oasis Petroleum (OAS +3.3%) are all downgraded to Hold from Buy at Cantor Fitzgerald on valuation, noting that much of the recent rally in E&P stocks is explained by short covering.
- WLL shares are up 217% since Feb. 25, so while maintaining a positive view on the company's prospects in the Williston and DJ basins with the potential for additional liquidity through non-core asset sales, Cantor feels valuation is now full.
- The firm says it has positive view on BBG’s liquidity and portfolio optionality but would not be surprised to see the company come to market with an equity follow-on after the rapid rise in shares, and sees limited upside in OAS after rising 123% since Feb. 11.
- The firm's respective stock price targets for WLL, BBG and OAS are $11, $7.50 and $9.
- Now read Whiting Petroleum valued at $7 to $12 based on $55 to $60 long-term oil
Mon, Apr. 18, 9:20 AM
Fri, Apr. 8, 9:20 AM
Fri, Apr. 1, 9:17 AM
Wed, Mar. 30, 3:30 PM
- Analysts at Seaport Global upgrade seven oil and gas producers, advocating for increased exposure to select names they say should protect investors in the event of a move back toward $50/bbl, while downgrading 11 others.
- Seaport upgrades seven companies to Buy: Continental Resources (CLR +3.4%), Callon Petroleum (CPE +1.4%), Marathon Oil (MRO +1.9%), Oasis Petroleum (OAS +2.8%), Rice Energy (RICE +1.7%), Petroquest Energy (PQ +9.1%) and Lonestar Resources (OTCQX:LNREF +6.6%).
- Downgraded to Sell are Whiting Petroleum (WLL +4.1%), Southwestern Energy (SWN -2.5%), WPX Energy (WPX +0.6%), Laredo Petroleum (LPI -1.1%), Jones Energy (JONE +0.9%), Northern Oil & Gas (NOG +1%), Carrizo Oil & Gas (CRZO +1.6%), Memorial Resource (MRD +2.5%), Matador Resources (MTDR -0.3%), Sanchez Energy (SN +1.6%) and PDC Energy (PDCE -0.9%).
- The firm also favors gaining leverage to the Oklahoma STACK play, thus CLR and Newfield Exploration (NFX +1.9%) have "taken the pole position away" from Permian producers Parsley Energy (PE +1.3%) and Pioneer Natural Resources (PXD +1%).
Thu, Mar. 24, 9:18 AM
Fri, Mar. 18, 9:15 AM
Tue, Mar. 15, 12:28 PM
- Oasis Petroleum (OAS -5.1%) is upgraded to Overweight with a $9 price target, raised from $6, at J.P. Morgan, which believes OAS is well positioned operationally vs. peers and that the company’s enhanced completions in the Bakken generate top-tier returns.
- The firm also downgrades Whiting Petroleum (WLL -10.7%) to Neutral from Overweight with an $8 price target, primarily to reflect valuation after shares have surged 140% from their late-February low.
- J.P. Morgan favors companies that can sustain or quickly re-establish positive operating momentum as the industry begins fighting the decline curve; its top picks are Callon Petroleum (CPE -2.7%), Diamondback Energy (FANG -1%), Newfield Exploration (NFX -2.9%), Parsley Energy (PE -0.4%) and PDC Energy (PDCE -0.9%).
Oasis Petroleum, Inc. operates as an exploration and production company, which focuses on the acquisition and development of unconventional oil and natural gas resources in the Montana and North Dakota. Currently, it exploits significant resource potential from the Bakken and Three Forks... More
Sector: Basic Materials
Industry: Oil & Gas Drilling & Exploration
Country: United States