Whiting Petroleum Corp. (WLL) Bonds Rise 3% During Trading
An issue of Whiting Petroleum Corp. (NYSE:WLL) bonds rose 3% against their face value during trading on Wednesday. The high-yield issue of debt has a 5.75% coupon and is set to mature on March 15, 2021. The bonds in the issue are now trading at $90.75 and were trading at $89.25 one week ago. Price changes in a company’s bonds in credit markets sometimes predict parallel changes in its share price.
Several research analysts have commented on the company. Barclays PLC cut their target price on Whiting Petroleum Corp. from $12.00 to $9.00 and set an “equal weight” rating on the stock in a report on Friday, July 29th. Zacks Investment Research lowered Whiting Petroleum Corp. from a “buy” rating to a “hold” rating in a research report on Thursday, August 4th. Morgan Stanley lowered their price objective on Whiting Petroleum Corp. from $13.00 to $11.00 and set an “equal weight” rating for the company in a research report on Thursday, July 28th. Credit Suisse Group AG raised Whiting Petroleum Corp. from a “neutral” rating to an “outperform” rating and lifted their price objective for the stock from $8.80 to $14.00 in a research report on Wednesday, July 13th. Finally, KLR Group reissued a “buy” rating and issued a $15.00 price objective (down from $18.00) on shares of Whiting Petroleum Corp. in a research report on Monday, August 1st. Two research analysts have rated the stock with a sell rating, nineteen have given a hold rating, eleven have issued a buy rating and one has given a strong buy rating to the company. The company currently has a consensus rating of “Hold” and an average price target of $13.36.
Whiting Petroleum Corp. (NYSE:WLL) opened at 8.21 on Thursday. Whiting Petroleum Corp. has a 12-month low of $3.35 and a 12-month high of $22.80. The stock has a 50 day moving average of $7.62 and a 200 day moving average of $9.30. The company’s market cap is $2.26 billion.
Whiting Petroleum Corp. (NYSE:WLL) last announced its quarterly earnings results on Wednesday, July 27th. The oil and gas exploration company reported ($0.70) earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.52) by $0.18. The firm had revenue of $339.58 million for the quarter, compared to the consensus estimate of $374.83 million. Whiting Petroleum Corp. had a negative net margin of 155.88% and a negative return on equity of 9.62%. Whiting Petroleum Corp.’s revenue was down 42.4% on a year-over-year basis. During the same period last year, the business earned $0.04 EPS. Equities analysts expect that Whiting Petroleum Corp. will post ($2.04) earnings per share for the current year.
Large investors have recently modified their holdings of the company. Third Point LLC bought a new stake in shares of Whiting Petroleum Corp. during the second quarter valued at about $75,932,000. Vanguard Group Inc. boosted its stake in shares of Whiting Petroleum Corp. by 20.4% in the second quarter. Vanguard Group Inc. now owns 17,478,715 shares of the oil and gas exploration company’s stock valued at $161,853,000 after buying an additional 2,961,485 shares in the last quarter. Victory Capital Management Inc. boosted its stake in shares of Whiting Petroleum Corp. by 329.4% in the second quarter. Victory Capital Management Inc. now owns 3,234,694 shares of the oil and gas exploration company’s stock valued at $29,953,000 after buying an additional 2,481,447 shares in the last quarter. Hotchkis & Wiley Capital Management LLC bought a new stake in shares of Whiting Petroleum Corp. during the second quarter valued at about $20,930,000. Finally, First Trust Advisors LP boosted its stake in shares of Whiting Petroleum Corp. by 79.5% in the second quarter. First Trust Advisors LP now owns 4,001,939 shares of the oil and gas exploration company’s stock valued at $37,058,000 after buying an additional 1,772,115 shares in the last quarter. Institutional investors own 77.29% of the company’s stock.
About Whiting Petroleum Corp.
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 and Permian Basin regions of the United States. The Company operates in the segment of exploration and production of crude oil, natural gas liquid (NGLs) and natural gas.
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