In a research report issued today, Canaccord Genuity analyst Stephen Berman downgraded shares of Whiting Petroleum Corp (NYSE:WLL) to Hold rating and reduced the price target to $34 (from $35), which represents a slight downside potential from current levels. Whiting Petroleum shares are currently trading at $35.08, down $0.17 or 0.48%.
Berman explained, “WLL has a very sizeable ~812K net acre position in the core of the WB, bolstered by last year’s acquisition of KOG. The company is also a leader in employing enhanced completion techniques in the play. That said, the dilution from the recent equity/convert offerings significantly reduced our NAV and the stock has appreciated to the extent that we believe it is now fully valued. Thus, we are lowering our recommendation to HOLD.”
According to TipRanks.com, which measures analysts’ and bloggers’ success rate based on how their calls perform, analyst Stephen Berman has a total average return of -12.8% and a 42.0% success rate. Berman has a -2.0% average return when recommending WLL, and is ranked #3540 out of 3571 analysts.