Whiting Petroleum (WLL) Shares Up 5.7% on Earnings Beat

Whiting Petroleum Corp (NYSE:WLL)’s share price shot up 5.7% during trading on Wednesday following a stronger than expected earnings report. The stock traded as high as $38.93 and last traded at $37.30. 6,102,756 shares traded hands during mid-day trading, an increase of 52% from the average session volume of 4,014,736 shares. The stock had previously closed at $35.28.

The oil and gas exploration company reported $0.92 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.58 by $0.34. The business had revenue of $566.70 million during the quarter, compared to the consensus estimate of $522.00 million. Whiting Petroleum had a positive return on equity of 1.82% and a negative net margin of 58.02%. The company’s revenue was up 74.8% compared to the same quarter last year. During the same period in the prior year, the company earned ($0.14) earnings per share.

Several research firms have recently weighed in on WLL. Morgan Stanley decreased their price objective on Whiting Petroleum from $71.00 to $65.00 and set an “overweight” rating for the company in a report on Thursday, July 12th. Susquehanna Bancshares decreased their price objective on Whiting Petroleum from $58.00 to $57.00 and set a “neutral” rating for the company in a report on Wednesday, August 1st. Capital One Financial downgraded Whiting Petroleum from an “overweight” rating to an “equal weight” rating and set a $54.00 price objective for the company. in a report on Monday, October 8th. Credit Suisse Group set a $50.00 price objective on Whiting Petroleum and gave the company a “hold” rating in a report on Wednesday. Finally, Stifel Nicolaus decreased their price objective on Whiting Petroleum from $65.00 to $62.00 and set a “buy” rating for the company in a report on Wednesday, August 1st. Fourteen research analysts have rated the stock with a hold rating, seventeen have issued a buy rating and one has given a strong buy rating to the stock. The stock presently has an average rating of “Buy” and a consensus target price of $51.52.



In other Whiting Petroleum news, Director James E. Catlin sold 8,626 shares of the firm’s stock in a transaction on Thursday, September 6th. The stock was sold at an average price of $50.50, for a total value of $435,613.00. Following the completion of the sale, the director now owns 57,888 shares of the company’s stock, valued at $2,923,344. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, insider Rick A. Mr. Ross sold 2,079 shares of the firm’s stock in a transaction on Monday, October 1st. The shares were sold at an average price of $55.01, for a total value of $114,365.79. Following the completion of the sale, the insider now directly owns 73,536 shares of the company’s stock, valued at approximately $4,045,215.36. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 23,181 shares of company stock valued at $1,236,658. Corporate insiders own 1.70% of the company’s stock.

Institutional investors have recently added to or reduced their stakes in the business. Lourd Capital LLC acquired a new stake in Whiting Petroleum in the third quarter valued at $204,000. CastleArk Alternatives LLC lifted its holdings in Whiting Petroleum by 503.3% in the second quarter. CastleArk Alternatives LLC now owns 64,463 shares of the oil and gas exploration company’s stock valued at $3,398,000 after acquiring an additional 53,778 shares during the period. Integrated Investment Consultants LLC acquired a new stake in Whiting Petroleum in the second quarter valued at $178,000. Dynamic Technology Lab Private Ltd acquired a new stake in Whiting Petroleum in the second quarter valued at $484,000. Finally, Sterling Capital Management LLC acquired a new stake in Whiting Petroleum in the second quarter valued at $556,000. 93.82% of the stock is owned by institutional investors.

The company has a debt-to-equity ratio of 0.71, a current ratio of 0.51 and a quick ratio of 0.51. The firm has a market cap of $3.28 billion, a P/E ratio of -28.47, a price-to-earnings-growth ratio of 1.45 and a beta of 2.94.

About Whiting Petroleum (NYSE:WLL)

Whiting Petroleum Corporation engages in the acquisition, exploration, development, and production of crude oil, natural gas liquids, and natural gas primarily in the Rocky Mountains region of the United States. The company sells its oil and gas production to end users, marketers, and other purchasers.

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