Oppenheimer is out with its report on Whiting Petroleum WLL, raising its PT from $62.50 to $80.
"WLL is currently trading at a discount relative its peer average of small cap E&P on P/E and P/CF multiples, based on 2011 and 2012 consensus estimates, and has one of the highest ROACE and lowest debt ratio among peers," Oppenheimer writes. "The company also has the highest unit profit in the industry averaging $18.82/boe in 4Q10, above CVX, OXY and XOM, and more than three times the industry average. The consensus estimates reflect lower oil prices and higher gas prices than the NYMEX futures, which means likely upward earnings revisions for WLL."
Oppenheimer maintains its Overweight rating.
Shares of WLL closed Monday at $67.63.
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