UPDATE: J.P. Morgan Lowers PT on Whiting Petroleum to $66.50

J.P. Morgan is out with its report today on Whiting Petroleum (NYSE: WLL), lowering its PT from $76.50 to $66.50.

In its report, J.P. Morgan writes, "We are decreasing our Dec-12 price target to $66.50/share from $76.50/share. We revised our current NAV from $64.06/share to $57.37/share based on updated assumptions for WLL's active drilling areas, primarily Lewis & Clark and other Bakken prospects, and for the 10-Q data and marked-to-market commodity prices."

J.P. Morgan maintains Neutral on WLL.

Shares of WLL closed Thursday at $37.00, up 2.69% from Wednesday's close.