Wachovia Initiates Whiting USA Trust I (WHX) with an Outperform
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Wachovia initiates coverage on Whiting USA Trust I (NYSE: WHX) with an Outperform rating and a $24 to $26 valuation range.
The firm said, "WHX owns a 90% net profit interest in oil and gas properties containing 13.9 MMboe, of which 8.2 MMboe is to be produced and sold for cash distributions to be made to unit holders. We view the trust as a low risk means of gaining exposure to current strong oil and gas market fundamentals and believe that at current levels, ownership in the units will reward investors with an 11% total return over the life of the trust."
Whiting Trust USA I owns interests in oil and gas producing properties in the Rocky Mountains, Mid-Continent, Permian Basin and Gulf Coast regions of the United States.
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