Oasis Petroleum (OAS)

[dan_s]

Stock price down today because they are pushing back about 15 completions into 2015 and lowering production guidance. Looks like a timing problem, not a structural problem. I am updating the forecast model now. - Dan

HOUSTON, Nov. 4, 2014 /PRNewswire/ -- Oasis Petroleum Inc. (OAS) ("Oasis" or the "Company") today announced financial results for the quarter ended September 30, 2014 and provided an operational update.

Highlights include:
•Increased average daily production to 45,873 barrels of oil equivalent per day ("Boepd"), a 39% increase over the third quarter of 2013 and a 5% sequential quarter increase.
•Grew Adjusted EBITDA to $238.8 million in the third quarter of 2014, an increase of $19.2 million over the third quarter of 2013. For a definition of Adjusted EBITDA and a reconciliation of Adjusted EBITDA to net income and net cash provided by operating activities, see "Non-GAAP Financial Measures" below.
•Invested capital expenditures ("CapEx") of $437.6 million in the third quarter of 2014.
•Completed and placed on production 66 gross (52.4 net) operated wells in the third quarter of 2014.

[dan_s]

I have updated my Net Income & Cash Flow Forecast for OAS, but can't post it to the EPG website until we solve the hacking problem.

Due to the lower production forecast, I am lowering my Fair Value Estimate by $6.45 to $57.25. This compares to First Call's Price Target of $52.44.

First Call's price target is expected to come down after analysts have a chance to update their valuations based on the lowered guidance.