Jefferies Upgrades Oasis Petroleum (OAS) to Buy

Jefferies upgraded Oasis Petroleum (NYSE: OAS) to Buy with a price target of $42 (up from $31).

The firm comments, "Upgrade is predicated on OAS's sizable and scalable unbooked opportunity set coupled with higher oil pricing. Relative to some of its Bakken peers, OAS share price is discounting far fewer years of unbooked development. NAV accretion appears achievable through drilling acceleration or improved efficiencies. Our $11/share PT increase to $42 is driven by a higher long-term oil deck of $95/bbl."

FY12 EPS goes up from $1.49 to $1.53 and FY13 from $2.65 to $2.89.

For an analyst ratings summary and ratings history on Oasis Petroleum click here. For more ratings news on Oasis Petroleum click here.

Shares of Oasis Petroleum closed at $30.76 yesterday.

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