Whiting Petroleum (WLL) Trading 5.7% Higher on Earnings Beat

Whiting Petroleum Corp (NYSE:WLL)’s share price traded 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 consensus estimate of $0.58 by $0.34. Whiting Petroleum had a positive return on equity of 1.82% and a negative net margin of 58.02%. The company had revenue of $566.70 million during the quarter, compared to analysts’ expectations of $522.00 million. During the same period in the prior year, the business earned ($0.14) earnings per share. Whiting Petroleum’s revenue for the quarter was up 74.8% compared to the same quarter last year.

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

In other Whiting Petroleum news, insider Rick A. Mr. Ross sold 2,079 shares of the stock in a transaction on Monday, October 1st. The stock was sold at an average price of $55.01, for a total transaction of $114,365.79. Following the completion of the transaction, the insider now directly owns 73,536 shares in the company, valued at $4,045,215.36. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director James E. Catlin sold 8,626 shares of the 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 transaction, the director now owns 57,888 shares of the company’s stock, valued at $2,923,344. The disclosure for this sale can be found here. Insiders have sold 23,181 shares of company stock valued at $1,236,658 over the last quarter. Corporate insiders own 1.70% of the company’s stock.

A number of institutional investors have recently added to or reduced their stakes in the business. United Services Automobile Association raised its stake in Whiting Petroleum by 7.4% during the second quarter. United Services Automobile Association now owns 15,697 shares of the oil and gas exploration company’s stock worth $828,000 after acquiring an additional 1,078 shares in the last quarter. Aperio Group LLC raised its stake in Whiting Petroleum by 5.0% during the second quarter. Aperio Group LLC now owns 27,653 shares of the oil and gas exploration company’s stock worth $1,458,000 after acquiring an additional 1,313 shares in the last quarter. Strs Ohio raised its stake in Whiting Petroleum by 39.7% during the third quarter. Strs Ohio now owns 7,282 shares of the oil and gas exploration company’s stock worth $386,000 after acquiring an additional 2,070 shares in the last quarter. Raymond James Financial Services Advisors Inc. raised its stake in Whiting Petroleum by 4.5% during the second quarter. Raymond James Financial Services Advisors Inc. now owns 52,060 shares of the oil and gas exploration company’s stock worth $2,745,000 after acquiring an additional 2,250 shares in the last quarter. Finally, North Star Investment Management Corp. acquired a new position in Whiting Petroleum during the second quarter worth $132,000. Hedge funds and other institutional investors own 93.82% of the company’s stock.

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

Whiting Petroleum Company Profile (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.

Featured Story: How is Preferred Stock Different from Common Stock?

Receive News & Ratings for Whiting Petroleum Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Whiting Petroleum and related companies with MarketBeat.com's FREE daily email newsletter.

Leave a Reply