UPDATE: Wunderlich Securities Upgrades Kodiak Oil & Gas Corp. to Buy, Raises PT as Shares of WLL Provide Compelling Value

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In a report published Tuesday, Wunderlich Securities analyst Jason A. Wangler upgraded the rating on
Kodiak Oil & Gas Corp.KOG
from Hold to Buy, and raised the price target from $14.00 to $17.70. In the report, Wunderlich Securities noted, “Whiting Petroleum (WLL-$84.58, Buy) announced Sunday that it intends to acquire Kodiak Oil & Gas (KOG) in an all-stock deal in which Kodiak shareholders receive 0.177 shares of WLL for every share of KOG. When announced, the deal went off at $13.90 per KOG share, a 2% discount to KOG's Friday close and a 5% premium to the 60-day average of the stock. This muted premium means that WLL seemingly is buying KOG right and with the benefits of the combined entity we are upgrading KOG from Hold to Buy and raising our price target from $14 to $17.70 now that the stock should trade in tandem with WLL (on which we have a $100 price target). We downgraded KOG in May 2014 on concerns that the WLL deal answers and as such we are boosting our rating and target accordingly.” Kodiak Oil & Gas Corp. closed on Tuesday at $14.91.
Posted In: Analyst ColorUpgradesAnalyst RatingsJason A. WanglerWunderlich Securities
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