As of the last check in premarket trading, Oasis Midstream Partners LP (OMP) shares had fallen -4.98% to $26.54. Last session, the OMP stock closed at $27.93, a decrease of 9.32%. OMP stock fluctuated between $27.72 and $31.1292 during the day. In the recent OMP daily trading, the number of shares exchanged was 0.44 million, greater than the 0.23 million average volume over the past 50 days and above the 0.22 million average volume for the year to date.
OMP stock has tumbled 209.30% over the past 12 months, while the stock has lost 14.51% over the last week. OMP stock has increased by 128.75% over the last six months, and by 42.94% over the last three months. So far this year, OMP shares have returned 138.11%. Furthermore, Oasis Midstream stock’s price to earnings ratio is 4.87. OMP stock fell following commencing an underwritten public offering.
How OMP is going through it?
Oasis Midstream is a fee-based master limited partnership that was formed by Oasis Petroleum. OMP’s strategies include owning, developing, operating, and acquiring midstream assets. The assets owned by OMP are integral to the crude oil and natural gas operations of Oasis Petroleum Inc. and are strategically positioned to acquire volumes from other producers.
In a press release issued today, Oasis Midstream announced it is launching an underwritten public offering of 3,623,188 common units.
- The underwriter can purchase up to 543,478 additional common units within the next 30 days, according to OMP.
- The OMP is offering all of the common units on a primary basis; the net proceeds from this offering will be used to redeem common units from Oasis Petroleum at the same rate as the number of common units offered by OMP.
- The common units in this offering will not generate any proceeds for OMP and the number of outstanding common units will remain unchanged after the offering.
- According to OMP, Morgan Stanley acted as underwriter.
- It is being offered by OMP under a shelf registration statement, which was filed with the Securities and Exchange Commission on October 26, 2018, and became effective on that date.
OMP’s business strategy:
Oasis Midstream (OMP) recently decided to retain its midstream assets in Panther DevCo and hopes to gain incremental revenue by operating the Permian asset under the new operator’s plan. As a result of its recent Williston acquisition and Permian divestiture, OMP has stated it plans on ramping up its activity in 2022 and beyond.