NEW YORK (TheStreet) -- Shares of Oasis Petroleum (OAS) are surging, up 4.76% to $11.67 in midday trading Thursday, as brent crude hovers around $65 a barrel, rebounding after a three day drop, Reuters reports.
Yesterday, crude prices sank after the Organization of the Petroleum Exporting Countries forecast an increasing supply surplus for its oil in 2015 as U.S. crude inventories unexpectedly rose.
Additionally, OPEC recently announced that it would maintain its production ceiling and keep its target at 30 million barrels per day instead of cutting output to raise prices, Bloomberg reported.
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Brent crude is climbing, up 0.64% to $64.65 as of 12:06 p.m. today.
Separately, TheStreet Ratings team rates OASIS PETROLEUM INC as a Hold with a ratings score of C. TheStreet Ratings Team has this to say about their recommendation:
"We rate OASIS PETROLEUM INC (OAS) a HOLD. The primary factors that have impacted our rating are mixed, some indicating strength, some showing weaknesses, with little evidence to justify the expectation of either a positive or negative performance for this stock relative to most other stocks. The company's strengths can be seen in multiple areas, such as its robust revenue growth, impressive record of earnings per share growth and compelling growth in net income. However, as a counter to these strengths, we also find weaknesses including generally higher debt management risk and a generally disappointing performance in the stock itself."