UPDATE: Sterne Agee Downgrades Whiting Petroleum to Neutral
Sterne Agee lowers its rating on Whiting Petroleum (NYSE: WLL) to Neutral from Buy as the company pre-announces production shortfall.
Sterne Agee says, "We are downgrading Whiting from Buy to Neutral. Our downgrade is based upon three issues. First, the company announced 4Q production that missed prior guidance by 8%. Second, the company showed that the tight services market in North Dakota may continue to adversely impact Williston Basin operations. Third, we believe that the company's repeated negative news releases over the last year (heavy insider selling, disappointing Lewis & Clark well results, sand shortages, rig procurement delays) are likely to further dampen investor sentiment."
WLL closed at $50.72 per share on Thursday.
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