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)."

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Shares of Whiting Petroleum closed at $6.84 yesterday.