Whiting Petroleum Corp (WLL) Receives a Buy from Oppenheimer


Oppenheimer analyst Tim Rezvan maintained a Buy rating on Whiting Petroleum Corp (WLL) today and set a price target of $48. The company’s shares opened today at $27.33.

Rezvan noted:

“We hosted investor meetings with Whiting management (CEO Bradley Holly and new COO Chip Rimer) earlier this week. Among other topics, conversations focused on organic deleveraging, base production decline, near-term capex trends and the A&D market. We came away impressed with the culture being instilled by new management, from the officers down to the field staff. We also believe the company has established reasonable 2019 guidance, after an earnings miss in 4Q18. We see a bullish setup for WLL shares, with new field leadership and higher, stable oil prices giving us incremental confidence the company can execute on deleveraging and high- grading initiatives.”

According to TipRanks.com, Rezvan is a 3-star analyst with an average return of 1.6% and a 53.3% success rate. Rezvan covers the Basic Materials sector, focusing on stocks such as Gulfport Energy Corp, Occidental Petroleum, and Par Pacific Holdings.

Currently, the analyst consensus on Whiting Petroleum Corp is a Strong Buy with an average price target of $40.86, a 49.5% upside from current levels. In a report issued on March 20, Capital One Financial also upgraded the stock to Buy.

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The company has a one-year high of $56.47 and a one-year low of $18.37. Currently, Whiting Petroleum Corp has an average volume of 4.72M.

Based on the recent corporate insider activity of 37 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.

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