Whiting Petroleum (WLL) Upgraded to Outperform at Boenning & Scattergood

Whiting Petroleum (WLL) has been upgraded today by the securities research analysts at investment firm Boenning & Scattergood which raised Whiting from a “neutral” rating to “outperform.”  Boenning & Scattergood has a $20 dollar performance outlook set for shares of WLL.  The firm notes that they find shares of WLL to be trading at discount prices, pointing out that the drawdown that WLL has been enduring recently makes for a good entry point based on risk, reward.

As Boenning & Scattergood indicated, shares of WLL have been on a bearish downturn for a while now.  In fact, shares have been unable to set a new high since reaching $75.91 on March 30th, 2011.  The one day which WLL looked like it could manage to set a new intermediate high was on May 31st, 2011, but fell short.  WLL has intermediate support located at the $51.23 price level which was last encountered on November 16th, 2010.

Whiting is slated to release their next earnings report on July 27th, 2011, and the current consensus EPS estimate is expected to be $1.03 dollars.  Whiting’s last earnings report was released on April 27th, 2011, and announced EPS of 84 cents million with revenue totaling $432.2 million which was up 23.0% year to year.  WLL is currently trading below its 50 & 200-day moving averages and 2011 is currently a down year for the company.

Whiting Petroleum Corporation is an independent oil and gas company engaged in acquisition, development, exploitation, production and exploration activities primarily in the Permian Basin, Rocky Mountains, Mid-Continent, Gulf Coast and Michigan regions of the United States.  The company has market capitalization of $6,373,723,545 and 117,369,000 shares outstanding.  WLL has a 52-week high of $75.91 with the low being $36.81 dollars.

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