Whiting Petroleum Corporation (WLL) Shares Up 14.2% on Better-Than-Expected Earnings

Whiting Petroleum Corporation (NYSE:WLL)’s share price shot up 14.2% on Thursday following a stronger than expected earnings report. The company traded as high as $5.58 and last traded at $5.56. 39,086,225 shares traded hands during mid-day trading, an increase of 103% from the average session volume of 19,285,300 shares. The stock had previously closed at $4.87.

The oil and gas exploration company reported ($0.14) earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.20) by $0.06. Whiting Petroleum Corporation had a negative net margin of 88.27% and a negative return on equity of 6.77%. The company had revenue of $324.20 million during the quarter, compared to analysts’ expectations of $330.25 million. During the same period in the prior year, the company posted ($0.47) earnings per share. Whiting Petroleum Corporation’s revenue for the quarter was up 2.8% compared to the same quarter last year.

WLL has been the topic of several research analyst reports. Imperial Capital initiated coverage on shares of Whiting Petroleum Corporation in a research note on Thursday, September 28th. They set an “in-line” rating and a $6.00 target price on the stock. Morgan Stanley set a $4.00 target price on shares of Whiting Petroleum Corporation and gave the stock a “sell” rating in a research note on Wednesday, October 18th. BMO Capital Markets reissued a “hold” rating on shares of Whiting Petroleum Corporation in a research note on Wednesday, August 2nd. Stifel Nicolaus set a $10.00 target price on shares of Whiting Petroleum Corporation and gave the stock a “buy” rating in a research note on Thursday. Finally, SunTrust Banks, Inc. set a $9.00 target price on shares of Whiting Petroleum Corporation and gave the stock a “buy” rating in a research note on Friday, October 20th. Eight research analysts have rated the stock with a sell rating, twelve have issued a hold rating, eleven have assigned a buy rating and two have issued a strong buy rating to the company’s stock. The company has an average rating of “Hold” and a consensus target price of $9.40.

Hedge funds have recently added to or reduced their stakes in the company. Chicago Equity Partners LLC bought a new position in shares of Whiting Petroleum Corporation in the second quarter valued at approximately $102,000. Campbell & CO Investment Adviser LLC boosted its position in shares of Whiting Petroleum Corporation by 24.4% in the second quarter. Campbell & CO Investment Adviser LLC now owns 20,349 shares of the oil and gas exploration company’s stock valued at $112,000 after acquiring an additional 3,988 shares during the period. Palisade Capital Management LLC NJ bought a new position in shares of Whiting Petroleum Corporation in the second quarter valued at approximately $121,000. Gotham Asset Management LLC boosted its position in shares of Whiting Petroleum Corporation by 22.8% in the first quarter. Gotham Asset Management LLC now owns 13,801 shares of the oil and gas exploration company’s stock valued at $131,000 after acquiring an additional 2,566 shares during the period. Finally, Private Capital Management Inc. boosted its position in shares of Whiting Petroleum Corporation by 25.0% in the second quarter. Private Capital Management Inc. now owns 25,000 shares of the oil and gas exploration company’s stock valued at $138,000 after acquiring an additional 5,000 shares during the period. Institutional investors own 82.94% of the company’s stock.

The company’s 50-day moving average price is $5.07 and its 200-day moving average price is $6.01. The stock’s market capitalization is $2.02 billion.

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About Whiting Petroleum Corporation

Whiting Petroleum Corporation is an independent oil and gas company. The Company is engaged in development, production, acquisition and exploration activities primarily in the Rocky Mountains region of the United States. It is engaged in the exploration and production of crude oil, natural gas liquid (NGLs) and natural gas.

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