Oasis Petroleum (OAS) Stock Closes Up on Higher Oil Futures
NEW YORK (TheStreet) -- Oasis Petroleum (OAS) - Get Reportshares closed Monday's trading session up 2.33% to $9.65, boosted by rising oil as Goldman Sachs turned bullish on the overall oil market.
Initially, Goldman Sachs was bearish on the growing supply glut. However, the firm is now reversing its stance as it begins to see signs indicating the market is now in a supply shortfall.
Some factors contributing to analysts' optimism are recent outages from large producers including Canada and Nigeria.
"All of a sudden, in a major about face, Goldman Sachs is now saying that the global oil market has gone back to a supply deficit for the first time in two years," said Phil Flynn, senior market analyst at Price Futures Group, according to MarketWatch.
Flynn said this was noteworthy since Goldman Sachs has been one of the "biggest oil bears on the street."
Crude oil (WTI) is rallying 3.55% to $47.85 per barrel and Brent crude is jumping 2.51% to $49.03 per barrel.
Based in Houston, Oasis Petroleum is an independent exploration and production company that focuses on the acquisition and development of unconventional oil and natural gas resources in the North Dakota and Montana regions of the Williston Basin.
Separately, TheStreet Ratings currently has a "Sell" rating on the stock with a letter grade of D.
The company's weaknesses can be seen in multiple areas, such as its feeble growth in its earnings per share, deteriorating net income, weak operating cash flow, generally disappointing historical performance in the stock itself and disappointing return on equity.
Recently, TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this article's author.
You can view the full analysis from the report here: OAS
