NEW YORK (TheStreet) -- Whiting Petroleum Corp. (WLL) - Get Whiting Petroleum Corporation (New) Report shares are plunging 5.45% to $6.94 on Tuesday as oil futures turned lower on bearish investor sentiment on growing supplies.
The market continues to stay saturated and there's skepticism ahead of the meeting on April 17 in Doha, Qatar between OPEC and non-OPEC members. In particular, there's doubt as to whether the discussion about freezing output will have much impact on raising prices, Reuters reports.
"Verbal intervention, which has obviously helped the market greatly over the past two months, combined with a production slowdown in the U.S., has probably taken (oil) as far as it can. Now the market really wants to see some action," Saxo Bank senior manager Ole Hansen stated.
Crude oil (WTI) is slipping 3.58% to $37.98 per barrel and Brent crude is tumbling 3.43% to $38.89 per barrel.
Additionally, Stifel analysts cautioned investors not to "chase the biggest gainers" among the exploration and production stocks, such as Whiting Petroleum and Denbury Resources (DNR).
Instead, the firm prefers more stable companies like Anadarko Petroleum (APC), Rice Energy (RICE) and Continental Resources (CLR).
Separately, TheStreet Ratings currently has a "Sell" rating on the stock with a letter grade of D.
The company's weaknesses can be seen in multiple areas, such as its generally high debt management risk, disappointing return on equity, weak operating cash flow and generally disappointing historical performance in the stock itself.
Recently, TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles' author.
You can view the full analysis from the report here: WLL