Senior Analyst Daniel Katzenberg of Robert W. Baird & Co. says Whiting Petroleum Corp (WLL) is a stock investors should keep an eye on, despite its underperformance through the downturn.
“The Bakken names have been hit the hardest. Whiting is one of my weakest performing names through this downturn. Because the Bakken is a higher-cost basin relative to other leading oil shales; stocks with exposure here typically underperform when crude prices decline,” Katzenberg said.
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Katzenberg says Whiting took on additional debt when it acquired Kodiak Oil and Gas last year, which created concern from investors. Katzenberg, on the other hand, believes Whiting is a name investors can feel comfortable with.
“We think their assets are top-tier, and their operating efficiencies and skills in the Bakken will prove out over time,” Katzenberg said.
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