UPDATE: Canaccord Genuity Upgrades Whiting Petroleum (WLL) to Buy

(Updated - August 3, 2015 9:12 AM EDT)

Canaccord Genuity upgraded Whiting Petroleum (NYSE: WLL) from Hold to Buy with a price target of $38. Analyst Stephen Berman said the stock was "very compelling at current levels."

"WLL has a very sizable ~737K net acre position in the core of the Williston Basin (WB), bolstered by last year's acquisition of Kodiak Oil & Gas. The company is also a leader in employing enhanced completion techniques in the play. While the decision to scale back D&C activity is unlikely to drive shares higher in the short-term, we believe WLL stock is now very compelling at current levels given the quality of its WB asset base and its substantial dry powder. Both of those factors should enable the company to ramp activity quickly and begin to grow production again once commodity prices recover. Therefore, we are upgrading the stock to BUY from Hold," said Berman.

For an analyst ratings summary and ratings history on Whiting Petroleum click here. For more ratings news on Whiting Petroleum click here.

Shares of Whiting Petroleum closed at $20.49 yesterday.

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