Whiting Petroleum (WLL) Stock Declines on Sliding Oil Prices
NEW YORK (TheStreet) -- Whiting Petroleum (WLL) - Get Reportstock is down by 0.80% to $18.69 in late afternoon trading on Wednesday, amid sliding oil prices.
WTI Crude is slipping by 2.96% to $46.48 per barrel, while Brent oil is dropping by 3.64% to $48.70 per barrel this afternoon, according to the CNBC.com index.
Oil prices are down due to a higher-than-expected increase in crude stockpiles this week and amid OPEC expectations that demand for its oil will remain pressured, Reuters reports.
U.S. crude oil inventories remain near levels not seen for this time of year in at least the last 80 years, according to an EIA report this week.
Whiting Petroleum is an independent natural gas company that operates in the Rocky Mountains and Permian basin.
Shares of Whiting Petroleum were trading on heavy volume on Wednesday. So far today, 10.48 million shares of Whiting Petroleum have traded versus its 30-day average of 9.92 million shares.
Insight from TheStreet's Rating Team
Whiting Petroleum is a core holding of David Peltier's Stocks Under $10 portfolio. Here is what David Peltier had to say about the stock in his most recent "Weekly Roundup."
Whiting Petroleum: The company explores for oil and gas in the Permian, Williston and Green River basins. The shares fell 5% this week, as management announced mixed quarterly results on Wednesday. We believe that Whiting can continue to navigate a lower pricing environment in the coming quarters. WLL is an Inflection Point stock and has a price target of $51.
-David Peltier's "Stocks Under $10 Weekly Summary" originally published on 10/30/15 on Stocks Under $10.
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