UPDATE: Barrington Upgrades Whiting Petroleum
In a note released Monday, Barrington Research analyst Rudolf Hokanson raised the price target on Whiting Petroleum (NYSE: WLL) from $88 to $122 and reiterated his Outperform rating.
The raised price target comes amid an announcement that Whiting will acquire Kodiak Oil & Gas (NYSE: KOG) in an all-stock transaction worth $6 billion.
Although the deal is expected to be completed in the fourth quarter of 2014, Hukanson has not adjusted his 2014 estimates for Whiting. However, he has fully incorporated the acquisition into his 2015 estimates causing an increase in his EPS estimate from $4.99 to $5.44.
Shares of Whiting and Kodiak are up ~7.7 and ~4.4 percent, respectively, in Monday's session.
Latest Ratings for WLL
|Dec 2016||Wells Fargo||Downgrades||Outperform||Market Perform|
|Dec 2016||Stifel Nicolaus||Upgrades||Hold||Buy|
© 2017 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.