UPDATE: Sterne Agee Upgrades Whiting Petroleum to Buy on Potential Deals
Sterne Agee upgraded Whiting Petroleum (NYSE: WLL) from Neutral to Buy and announced a $62.00 price target.
Sterne Agee noted, "Whiting's valuation disparity should narrow as it advances potential asset monetizations. Our analysis suggests two potential transactions could raise close to $1.2 billion to accelerate exploratory drilling programs, pay down debt and/or initiate a dividend. We support the company's efforts to unlock value and believe the investment community will do the same as it gains more clarity on the timing and scope of deals."
Whiting Petroleum closed at $47.23 on Tuesday.
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Tags: Sterne Agee