UPDATE: Wunderlich Securities Reiterates Buy Rating, Raises PT on Whiting Petroleum Corporation Following News of Kodiak Acquisition

In a report published Tuesday, Wunderlich Securities analyst Jason A. Wangler reiterated a Buy rating on

, and raised the price target from $95.00 to $100.00. In the report, Wunderlich Securities noted, “Whiting Petroleum (WLL) on Sunday announced the acquisition of Kodiak Oil & Gas (KOG-$14.91, Buy) in an all-stock transaction that stands to make WLL the largest producer in the Williston currently while also adding considerable drilling inventory for the future. What was most surprising about the deal is the price WLL is paying: 0.177 shares of WLL stock for each share of KOG stock, which amounted to a negligible premium of 5% of the last 60 days and was actually below KOG's closing price Friday. Because WLL is buying KOG right and the ample synergies (cost savings, bigger balance sheet, more inventory, etc.) we have boosted our numbers alongside the deal and raise our target on WLL from $95 to $100 as we look for Whiting's growth profile to accelerate nicely with the KOG assets in tow.” Whiting Petroleum Corporation closed on Tuesday at $84.58.