Whiting Petroleum (WLL) Stock Gains on Increasing Oil Prices
NEW YORK (TheStreet) -- WhitingPetroleum (WLL) - Get Report stock is soaring by 6.58% to $17.49 in late afternoon trading on Monday, amid rising oil prices supporting stocks in the sector.
Oil prices are reversing their earlier declines after approaching the $40 barrel level, the Wall Street Journal reports.
Analysts told the Journal that the price increase could be due to technical trading.
"Market participants hold more than 20,000 December put-option contracts at $40, according to CME Group Inc., which give traders the right to sell a Nymex futures contract if the price falls to that level," the Journal reports.
Crude oil (WTI) is up by 3.07% to $41.99 per barrel this afternoon and Brent crude is increasing by 0.85% to $44.85 per barrel, according to the CNBC.com index.
Based in Denver, Whiting Petroleum is an exploration and production company that operates in the Rocky Mountains and Permian Basin regions.
Insight from TheStreet Ratings Team
Whiting Petroleum is a part of the Stocks Under $10 portfolio. Here's what Portfolio Manager David Peltier had to say about the company in the latest weekly roundup:
The company explores oil and gas in the Permian, Williston and Green River basins. The shares lost 13% this week, along with the underlying price of oil. Even so, we believe that management can continue to post above-average growth in the coming quarters. WLL is an Inflection Point stock and has a price target of $51.
David Peltier's "Stocks Under $10 Weekly Roundup" was originally published on 11/13/15 on Stocks Under $10.
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Any reference to TheStreet Ratings and its underlying recommendation does not reflect the opinion of Jim Cramer, TheStreet or any of its contributors.