Monday, September 13, 2010

Wells Fargo (NYSE:WFC) Initiates Coverage on Oasis Petroleum (NYSE:OAS)

Oasis Petroleum (NYSE:OAS) is now being covered by banking giant Wells Fargo (NYSE:WFC), where they were started off with an "Outperform."

"Following its recent IPO, Oasis is uniquely positioned among small-cap E&Ps as being a well-funded, high-growth, oil-dominated company. We believe its shares will continue to fare well as long-term oil fundamentals remain widely preferred with E&P investors. Our NAV estimate for OAS is $22.11/share, offering roughly 23 percent potential upside from current market levels," said the Wells analyst.

They also have a valuation range on Oasis from $21 to $23.

Through its subsidiary, Oasis Petroleum LLC, Oasis Petroleum participates in the acquisition and development of oil and natural gas resources primarily in the Williston Basin.

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