UPDATE: Wunderlich Securities Initiates Whiting Petroleum Corporation with Buy and $50 PT
Wunderlich Securities initiates its coverage on Whiting Petroleum Corporation (NYSE: WLL) with a Buy rating and a price target of $50.
Wunderlich Securities comments, "Whiting has been able to build and define highly economic prospects throughout the Williston basin, Permian basin, and Niobrara formation that we believe should allow it to grow production and reserves significantly over the next few years. The recent monetization of legacy assets has also improved liquidity and reduced operating costs, which should lead to better margins and gives Whiting strong financials it can utilize to execute its growth strategy. We believe the current valuation of the stock is compelling given that it trades at a discount to peers despite Whiting's expected production growth and increasing inventory."
WLL closed at $42.50 on Wednesday.
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