NEW YORK (TheStreet) -- Oasis Petroleum (OAS) shares are down 1.74% to $17.17 in afternoon trading despite analysts at Simmons upgrading the company's stock to "overweight" from "neutral" as falling oil prices caused oil stocks to decline today.
The stock has a mean price target of $18.89, according to 31 different ratings firms, with a price target high of $27 and a low of $7.50.
Oil futures are declining today as the supply of oil on the global market continues to remain stubbornly high and the dollar gains in trading.
Industry standard Brent crude for July delivery is down 1.08%, or 71 cents, to $64.99 per barrel, while West Texas crude for July delivery is down 1.2%, or 74 cents, to $60.69 per barrel.
The International Energy Agency said that global supplies will exceed demand for the remainder of the year as U.S. oil output reached 9.6 million barrels a day last week, its highest output level in over 40 years, according to the Wall Street Journal.
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 reasonable valuation levels and expanding profit margins. However, as a counter to these strengths, we also find weaknesses including deteriorating net income, disappointing return on equity and weak operating cash flow."