I have posted an updated profile and forecast/valuation model for OAS to the EPG website.
OAS closed at $5.95 on Friday, March 22.
My valuation of $11.00 compares to First Call's price target of $8.44. First Call's valuation includes several analysts' estimates that are dated months ago, when oil prices were much lower than they are today.
Oasis Petroleum (OAS) Update - March 22
Oasis Petroleum (OAS) Update - March 22
Dan Steffens
Energy Prospectus Group
Energy Prospectus Group
Re: Oasis Petroleum (OAS) Update - March 22
Oasis Petroleum recently updated their bylaws to allow for majority holders over three years to nominate board members.... Stumbled across it this morning... Usually changes like these are great tells....
https://www.sec.gov/Archives/edgar/data ... x28x19.htm
Item 5.03 Amendments to Articles of Incorporation or Bylaws; Change in Fiscal Year.
On February 22, 2019, the Board of Directors (the “Board”) of Oasis Petroleum Inc. (the “Company”) amended and restated the Company’s bylaws to implement “proxy access” bylaw provisions. Under the new proxy access provisions, eligible shareholders, or an eligible group of up to 20 shareholders, owning 3% or more of the Company’s outstanding common stock continuously for at least three years will have the ability to nominate and include in the Company’s proxy materials for annual meetings occurring after the 2019 annual meeting qualifying director nominees constituting up to the greater of two directors and 20% of the number of directors currently serving on the Board, provided that the shareholder(s) and the nominee(s) satisfy the requirements specified in the amended and restated bylaws. This description is qualified in its entirety by reference to the text of the amended and restated bylaws filed as Exhibit 3.1 to this Current Report on Form 8-K.
https://www.sec.gov/Archives/edgar/data ... x28x19.htm
Item 5.03 Amendments to Articles of Incorporation or Bylaws; Change in Fiscal Year.
On February 22, 2019, the Board of Directors (the “Board”) of Oasis Petroleum Inc. (the “Company”) amended and restated the Company’s bylaws to implement “proxy access” bylaw provisions. Under the new proxy access provisions, eligible shareholders, or an eligible group of up to 20 shareholders, owning 3% or more of the Company’s outstanding common stock continuously for at least three years will have the ability to nominate and include in the Company’s proxy materials for annual meetings occurring after the 2019 annual meeting qualifying director nominees constituting up to the greater of two directors and 20% of the number of directors currently serving on the Board, provided that the shareholder(s) and the nominee(s) satisfy the requirements specified in the amended and restated bylaws. This description is qualified in its entirety by reference to the text of the amended and restated bylaws filed as Exhibit 3.1 to this Current Report on Form 8-K.