Ticonderoga reiterates a 'Buy' on Whiting Petroleum (WLL); First Look at 1Q’11: Reaffirms as a Top Pick
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Price: $68.03 --0%
Rating Summary:
13 Buy, 28 Hold, 8 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 13 | Down: 14 | New: 11
Rating Summary:
13 Buy, 28 Hold, 8 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 13 | Down: 14 | New: 11
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Ticonderoga reiterates a 'Buy/Top Pick' on Whiting Petroleum (NYSE: WLL), PT $82.
Ticonderoga analyst says, "WLL which we highlighted last week as one of our top picks heading into the quarter, didn’t disappoint, especially on the operational side...Operational results in line with expectations; profitability among the highest in the sector - WLL’s total production hit our 5.9 MMboe estimate, albeit with a slightly lower oil weighting of 80% versus our estimate of 83%. 1Q production was up 10% YoY despite weather-related delays during the quarter, and is on track with our annual growth assumption of nearly 13%."
"The company reported robust oil realizations of over $80, which isn’t a shocker, but also touts relatively strong natural gas prices thanks to favorable long-term sales contracts that resulted in a $0.70 premium over Henry Hub and a realized gas price of $5.00/Mcf. Operating revenue was reported at $429MM, just ahead of our estimate of $421MM. Cash operating cost of $122MM ($20.50/boe) was in line as well, resulting in EBITDA of $307MM or roughly $50/Boe, one of the highest cash-yielding margins in the sector."
For more ratings news on Whiting Petroleum click here and for the rating history of Whiting Petroleum click here.
Shares of Whiting Petroleum closed at $72.35 yesterday.
Ticonderoga analyst says, "WLL which we highlighted last week as one of our top picks heading into the quarter, didn’t disappoint, especially on the operational side...Operational results in line with expectations; profitability among the highest in the sector - WLL’s total production hit our 5.9 MMboe estimate, albeit with a slightly lower oil weighting of 80% versus our estimate of 83%. 1Q production was up 10% YoY despite weather-related delays during the quarter, and is on track with our annual growth assumption of nearly 13%."
"The company reported robust oil realizations of over $80, which isn’t a shocker, but also touts relatively strong natural gas prices thanks to favorable long-term sales contracts that resulted in a $0.70 premium over Henry Hub and a realized gas price of $5.00/Mcf. Operating revenue was reported at $429MM, just ahead of our estimate of $421MM. Cash operating cost of $122MM ($20.50/boe) was in line as well, resulting in EBITDA of $307MM or roughly $50/Boe, one of the highest cash-yielding margins in the sector."
For more ratings news on Whiting Petroleum click here and for the rating history of Whiting Petroleum click here.
Shares of Whiting Petroleum closed at $72.35 yesterday.
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