Australia markets open in 4 hours 11 minutes
  • ALL ORDS

    7,357.70
    -23.40 (-0.32%)
     
  • AUD/USD

    0.6924
    -0.0014 (-0.20%)
     
  • ASX 200

    7,112.80
    -14.90 (-0.21%)
     
  • OIL

    90.60
    +2.49 (+2.83%)
     
  • GOLD

    1,773.30
    -3.40 (-0.19%)
     
  • BTC-AUD

    33,813.69
    -96.70 (-0.29%)
     
  • CMC Crypto 200

    558.64
    +0.91 (+0.16%)
     

Oasis Petroleum Inc. (OAS) Soars 4.9%: Is Further Upside Left in the Stock?

  • Oops!
    Something went wrong.
    Please try again later.
  • Oops!
    Something went wrong.
    Please try again later.
  • Oops!
    Something went wrong.
    Please try again later.
·2-min read
In this article:
  • Oops!
    Something went wrong.
    Please try again later.
  • Oops!
    Something went wrong.
    Please try again later.
  • Oops!
    Something went wrong.
    Please try again later.

Oasis Petroleum Inc. (OAS) shares rallied 4.9% in the last trading session to close at $134.28. This move can be attributable to notable volume with a higher number of shares being traded than in a typical session. This compares to the stock's 20.9% loss over the past four weeks.

Shares of Oasis Petroleum rallied on the last trading day. The rise comes at the back of OAS’s Board recently declaring a special dividend of $15.00 per share of Oasis common stock linked to the previously announced Whiting Petroleum merger payable on July 08. Moreover, oil prices continuing to be in excess of $100 a barrel and natural gas surging to $6.55 per MMBtu has contributed to the strength of Oasis, an independent explorer, engaged in the acquisition and development of oil and natural gas resources.

This company is expected to post quarterly earnings of $5.72 per share in its upcoming report, which represents a year-over-year change of +107.3%. Revenues are expected to be $265.5 million, down 32.5% from the year-ago quarter.

While earnings and revenue growth expectations are important in evaluating the potential strength in a stock, empirical research shows a strong correlation between trends in earnings estimate revisions and near-term stock price movements.

For Oasis Petroleum Inc., the consensus EPS estimate for the quarter has been revised 15.4% lower over the last 30 days to the current level. And a negative trend in earnings estimate revisions doesn't usually translate into price appreciation. So, make sure to keep an eye on OAS going forward to see if this recent jump can turn into more strength down the road.

The stock currently carries a Zacks Rank #3 (Hold). You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>>

Oasis Petroleum Inc. is a member of the Zacks Oil and Gas - Exploration and Production - United States industry. One other stock in the same industry, Continental Resources (CLR), finished the last trading session 3.2% higher at $67.28. CLR has returned -5.5% over the past month.

Continental Resources' consensus EPS estimate for the upcoming report has changed +0.6% over the past month to $2.95. Compared to the company's year-ago EPS, this represents a change of +224.2%. Continental Resources currently boasts a Zacks Rank of #3 (Hold).


Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report
 
Oasis Petroleum Inc. (OAS) : Free Stock Analysis Report
 
Continental Resources, Inc. (CLR) : Free Stock Analysis Report
 
To read this article on Zacks.com click here.
 
Zacks Investment Research

Our goal is to create a safe and engaging place for users to connect over interests and passions. In order to improve our community experience, we are temporarily suspending article commenting