Oppenheimer analyst Tim Rezvan maintained a Buy rating on Whiting Petroleum Corp (WLL) yesterday and set a price target of $55. The company’s shares closed on Friday at $29.81.
Rezvan observed:
“We modify 2019 modeling assumptions to reflect a more conservative capex budget. We expect weak, volatile oil prices to result in lower spending, at least to start 2019. We now assume an $800 million capex budget, with no capital allocated to Redtail. We also trim 2019 production by 1% to 137 mboe/d.”
According to TipRanks.com, Rezvan is a 3-star analyst with an average return of 1.0% and a 50.5% success rate. Rezvan covers the Basic Materials sector, focusing on stocks such as Gulfport Energy Corp, Par Pacific Holdings, and Oasis Petroleum Inc.
The word on The Street in general, suggests a Moderate Buy analyst consensus rating for Whiting Petroleum Corp with a $49.20 average price target.
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Based on Whiting Petroleum Corp’s latest earnings release for the quarter ending September 30, the company reported a quarterly net profit of $121 million. In comparison, last year the company had a GAAP net loss of $798 million.
Based on the recent corporate insider activity of 40 insiders, corporate insider sentiment is negative on the stock.
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Whiting Petroleum Corp. is an independent oil and gas company, which engages in the development, production, acquisition, and exploration of oil and gas properties. It operates in the Rocky Mountains and Permian Basin regions. The company was founded by Kenneth R. Whiting and J. Bert Ladd in January 1980 and is headquartered in Denver, CO.
