KLR Group Cuts Price target on Whiting Petroleum (WLL) to $15

KLR Group maintained a Buy rating on Whiting Petroleum (NYSE: WLL), and cut the price target to $15.00 (from $18.00), following the company's 2Q earnings report.

Analyst Gail Nicholson commented, "We decreased our 2H/16 volume outlook (normalized for North Ward Estes divestiture) by ~5% and anticipate ’16 production of ~128.6 MBoepd vs. guide of 127-129 MBoepd. Our production forecast now assumes a larger amount of downtime due to frac protect in the Williston and reflects Niobrara wells now taking ~90 days to reach peak production vs. ~45 days previously. In 3Q/16, we anticipate Williston and Niobrara (16-well pad came online in late June) volumes decline ~6.5% q/q and are modeling 3Q/16 volumes of ~118.9 MBoepd (company guide of 114.1-120.7 MBoepd). In 4Q/16, we are modeling volumes are relatively flat q/q (after normalizing for the divestiture)."

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 $6.84 yesterday.

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