Fly News Breaks for June 24, 2019
Jun 24, 2019 | 07:46 EDT
Morgan Stanley analyst Devin McDermott downgraded Oasis Petroleum (OAS) to Equal Weight from Overweight and cut his price target on the shares to $6 from $7 in part due to the broad pullback in the group, which leaves the "vast majority" of stocks in the sector trading at low multiples relative to history, and in part due to his view that expectations for what Oasis could receive if it pursues a midstream monetization could "prove optimistic." McDermott, who made a slight reduction in his assumed oil prices and a more meaningful reduction in natural gas and NGLs forecasts this morning, also downgraded Occidental Petroleum (OXY) to Equal Weight from Overweight.
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