- Whiting Petroleum (WLL -0.3%) is downgraded to Hold from Buy with a $34 price target, lowered from $35, at Canaccord, which cites the dilution from the recent equity and convertible offerings that significantly reduced NAV.
- A key risk for WLL is oil prices, the firm says; if oil prices fall below $60/bbl, the economics for some of WLL's projects could be in question and may cause them to be shut down.
- Also, WLL has gained 14% since the initial selloff after the offerings were announced on March 23, and the firm feels the stock now is fully valued.