Stock Alert: Oasis Midstream Surges About 30%

(RTTNews) - Shares of Oasis Midstream Partners LP (OMP) are currently up nearly 30% on Monday morning after the company reported an increase in revenues for the first quarter and significantly lowered its capital expenditure for the rest of the year.

OMP is currently trading at $5.61, up $1.26 or 28.97%, on the NYSE.

The U.S. stocks are rising higher on Monday fueled by the positive news about a coronavirus vaccine development after biotech company Moderna's early-stage human trial for a vaccine produced antibodies in all 45 participants. The optimism expressed by the Federal chief that the American economy may start recovering this year also boosted the stocks.

Commenting on the results and outlook, CEO Taylor Reid said, "Due to challenging macro conditions, OMP is now watching customers curtail volumes, which puts significant downward pressure on our second quarter of 2020 volumes and cash flow. OMP expects to manage its cost structure tightly and will make decisions on its distribution plans in light of the conditions that unfold for the remainder of the year."

For the first quarter, OMP reported net loss of $72.4 million or $2.14 per share compared to net earnings of $21.3 million or $0.63 per share. Analysts polled by Thomson Reuters estimated earnings of $0.91 per share. Analysts' estimates typically exclude one-time items.

Revenues for the quarter rose to $106.6 million from $93.9 million last year. Analysts had a consensus revenue estimate of $107.0 million.