Wells Fargo Cuts Whiting USA Trust I (WHX) to Underperform; Calls Stock 'Mispriced'
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Price: $4.94 +0.82%
Rating Summary:
0 Buy, 0 Hold, 2 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 21 | Down: 24 | New: 29
Rating Summary:
0 Buy, 0 Hold, 2 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 21 | Down: 24 | New: 29
Trade WHX Now!
An analyst at Wells Fargo just downgraded shares of Whiting USA Trust I (NYSE: WHX) from Market Perform to Underperform. Wells Fargo's price target on the stock moved from $15-$18 to $11-$13.
Today's intraday downgrade comes as shares of Whiting have tumbled more than 17% following an earlier bearish report from Citron Research.
Interestingly, Wells Fargo's note did not mention the Citron report; the firm instead cited valuation for its downgrade, calling the stock "mispriced." Wells Fargo said, "we believe distributions over the remaining life of the trust have a present value of $11.61, versus current unit price of $20.00/unit."
For more ratings news on Whiting USA Trust I click here and for the rating history of Whiting USA Trust I click here.
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Today's intraday downgrade comes as shares of Whiting have tumbled more than 17% following an earlier bearish report from Citron Research.
Interestingly, Wells Fargo's note did not mention the Citron report; the firm instead cited valuation for its downgrade, calling the stock "mispriced." Wells Fargo said, "we believe distributions over the remaining life of the trust have a present value of $11.61, versus current unit price of $20.00/unit."
For more ratings news on Whiting USA Trust I click here and for the rating history of Whiting USA Trust I click here.
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