Wells Fargo Upgrades Whiting Petroleum (WLL) to Outperform, Sees Co. Outperforming Peers

Wells Fargo upgraded shares of Whiting Petroleum (NYSE: WLL) to an Outperform rating from its previous rating of Market Perform. The firm also set a new price valuation range of $63-$67.

The firm forecasts WLL will see 13 percent production growth over 2012 and will outperform its peers in the coming years. An analyst at Wells Fargo states, "With an attractive valuation, a low-risk production base from the EOR projects, and concentrated Bakken exposure we think now is a good time to get aggressive on WLL shares."

Shares are trading down just over 3 percent in the pre-market hours as the firm suspected due to its Q4, FY11, and FY12 guidance.

For FY12 and FY13, the firm is forecasting EPS of $4.36 and $5.19.

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 $50.72 yesterday.

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