Following tensions between Iran and Saudi Arabia, oils prices are tumbling today, leading to a major selloff of shares of Whiting Petroleum Corp (NYSE:WLL). As traders see no end in sight to the current oil glut, energy stocks have been in freefall along with oil prices this morning and afternoon. Now that Iran and Saudi Arabia are feuding over recent Saudi executions, the likelihood of the two oil producing nations working together in order to decrease supply seems far-fetched, as oil prices struck new 11-year lows today.
Whiting Petroleum Corp (NYSE:WLL) shares continue to tumble, down over 50% since the start of December, and striking new 52-week lows this afternoon. In fact shares are trading at their lowest levels in over 10 years. The stock has fallen 11.18% or $1.01 following this negative news, hitting $8.02 per share. Approximately 9.34 million shares traded hands. WLL shares have declined 73.25% since June 2, 2015 and are currently downtrending. It has underperformed the S&P500 by 68.56%.
From a total of 22 analysts covering Whiting Petroleum Corporation (NYSE:WLL) stock, 12 rate it a “Buy”, 2 a “Sell”, and 8 a “Hold”. This means that 55% of the ratings are positive. The highest target price is $50 while the lowest target price is $15. The mean of all analyst targets is $28.47 which is 254.99% above today’s ($8.02) stock price. Whiting Petroleum Corporation was the topic of 39 analyst reports since July 21, 2015 according to the firm StockzIntelligence Inc. BMO Capital Markets downgraded shares on December 22 to a “Market Perform” rating. IBERIA reinitiated shares with a”Sector Perform” rating and a $21 target share price in their report from a September 2. Morgan Stanley downgraded WLL stock in a recent report from October 13 to a “Equal-Weight” rating. Vetr upgraded the rating on September 1. Vetr has a “Buy” rating and a $23.23 price target on shares. Finally, Citigroup maintained the stock with a “Buy” rating in a report they issued on a September 14.
The institutional sentiment decreased to 0.92 in Q2 2015. It’s down 0.14, from 1.06 in 2015Q2. The ratio is negative, as 90 funds sold all their Whiting Petroleum Corp shares they owned while 116 reduced their positions. 51 funds bought stakes while 139 increased their total positions. Institutions now own 171.87 million shares which is 4.89% less than the previous share count of 180.70 million in 2015Q2.
Vr Advisory Services Ltd holds 6.45% of its total portfolio in Whiting Petroleum Corp, equating to 280,000 shares. Sound Energy Partners Inc. owns 163,900 shares representing 5.06% of their total US portfolio. Moreover, Glendon Capital Management Lp has 4.93% of their total portfolio invested in the company, equating to 621,120 shares. The Kansas-based Blackthorn Investment Group Llc has a total of 4.55% of their portfolio invested in the stock. Tbp Investments Management Llc, a Texas-based fund reported 105,000 shares owned.
Whiting Petroleum Corporation is an independent gas and oil company. The company has a market cap of $1.81 billion. The Firm is engaged in exploration, development, acquisition and production of crude oil, NGLs and natural gas in the Rocky Mountains and Permian Basin regions of the United States. It currently has negative earnings. The Company’s Rocky Mountains activities include assets in the states of Colorado, Montana, North Dakota, Utah and Wyoming.