Whiting Petroleum (WLL) Stock Retreats on Lower Oil Prices
NEW YORK (TheStreet) -- Whiting Petroleum Corp. (WLL) - Get Report stock is declining 9.01% to $16.42 in afternoon trading on Wednesday after oil prices dropped following a build-up in U.S. crude oil stockpiles.
WTI crude is down 2.58% to $43.07 per barrel, while Brent crude is decreasing 3.16% to $45.94 per barrel this afternoon, according to the CNBC.com index.
U.S. commercial crude oil inventories increased by 2.8 million barrels to 482.8 million barrels last week, representing a 27% year-over-year rise, according to the Energy Information Administration.
Analysts were expecting a build-up of 1 million barrels, according to a Reuters survey.
Production rose to 9.16 million barrels per day, from 9.11 million barrels per day the previous week.
"With U.S. commercial crude cover likely to see new 80-year highs by month's end amidst some indications that the rate of production decline is slowing, our long held view that WTI will be re-visiting the late August lows of $37.75 has been reinforced," Ritterbusch & Associates' Jim Ritterbusch said, Reuters reports.
Denver-based Whiting Petroleum is an oil and gas company with assets in the Rocky Mountains and Permian Basin regions of the U.S.
Insight from TheStreet Ratings Team
Whiting Petroleum is a part of the Stocks Under $10 portfolio. Here's what David Peltier had to say about the company in the latest weekly roundup:
The company explores for oil and gas in the Permian, Williston and Green River basins. The shares rebounded more than 9% this week.
We believe that Whiting can continue to deliver above-average production 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 11/06/15 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.