NEW YORK (TheStreet) -- Shares of Oasis Petroleum  (OAS - Get Report) were advancing in mid-morning trading on Wednesday after the stock was upgraded at Piper Jaffray and Capital One.

Piper Jaffray raised its rating on shares to "overweight" from "neutral" given improved capital efficiency and recent stock weakness, TheFly reports.

The firm increased its price target to $16 from $14.

Capital One's ratings upgrade to "overweight" from "equal weight" reflects Oasis Petroleum's announcement yesterday that it will purchase 55,000 acres in the Williston Basin for $785 million, according to TheFly. 

Capital One noted that the acquisition will increase the company's Bakken exposure, which had been a concern for investors. 

Separately, TheStreet Ratings team rates the stock as a "sell" with a ratings score of D.

Oasis Petroleum's weaknesses include its feeble growth in its earnings per share, deteriorating net income, generally high debt management risk, disappointing return on equity and weak operating cash flow.

You can view the full analysis from the report here: OAS

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.