Boenning & Scattergood Upgrades Whiting Petroleum (WLL) to Outperform; Proven Reserve

Boenning & Scattergood upgraded Whiting Petroleum (NYSE: WLL) from Neutral to Outperform. PT $64.

Boenning analyst says, "We are upgrading WLL as we believe the recent pullback in its stock price has created an attractive risk/reward opportunity. WLL is currently trading at a proven reserve LV multiple of 112% (based on long-term prices of $85/Bbl and $5.25/MMBtu), which is a ~10% discount to our E&P group."

"Importantly, we believe that upcoming exploration results in its Bakken/Three Forks prospects (Lewis & Clark, Casandra and Hidden Bench), along with initial results from its Niobrara Redtail prospect could be catalysts for the stock."

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 $52.69 yesterday.

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