Global Hunter Securities Downgrades Whiting Petroleum (WLL) to Neutral; The Whiting Treadmill: I'm Giving Her All She's Got, Captain

Global Hunter Securities downgraded Whiting Petroleum (NYSE: WLL) from Buy to Neutral with a price target lowered from $70 to $60.

Global analyst says, "Success has a funny way of coming back to haunt you. Whiting's success in the Sanish and Parshall fields gave the company an elite status amongst Bakken players. Now that inventory is about drilled up, resources are being shifted to new areas that are less productive. This has resulted in slower production growth at higher costs. For the second time this year Whiting has increased capex while keeping production guidance the same. While Whiting's stock is not expensive on a multiple basis, we believe investors will look to shift capital into Bakken companies with faster growth profiles. Hence, we are downgrading shares."

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 $47.88 yesterday.

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