UPDATE: Citigroup Raises Target on Whiting Petroleum to $70

Citigroup maintains its Buy rating on Whiting Petroleum

and raises its price target $10, to $70, as solid company update signals inflection point. Citigroup notes, "We believe WLL has reached an inflection point, wherein it will deliver stronger and more consistent well results in the Williston Basin (682k net acres targeting Bakken and Three Forks) and meet or exceed production targets. During 2011, WLL drilled a number of uneconomic wells in the Williston as it sought to delineate the 600k net acres outside of the core Sanish field. WLL also encountered a slew of operational issues in 2011 and reduced or missed guidance throughout the year."