NEW YORK (TheStreet) -- Whiting Petroleum (WLL) - Get Report stock is decreasing by 2.08% to $22.70 in after-hours trading on Wednesday afternoon, after the company reported better-than-estimated earnings per share, but lower-than-expected revenue results for the 2015 second quarter.
The company reported earnings of 4 cents per diluted share on revenue of $590.01 million for the quarter ended June 30.
Analysts had expected the company to post flat earnings on revenue of $676.62 million for the second quarter of 2015.
Last year, Whiting Petroleum reported earnings of $1.40 per share on revenue of $835.62 million for the second quarter of 2014.
With oil prices falling this year, the company received an average of $48.95 per barrel in the second quarter, down 47% compared with $93.03 per barrel in the same quarter last year.
The company plans to run eight rigs during the second half of this year instead of the 11 rigs it originally planned to run, but production is still expected to grow 6.5% in 2015 over 2014, CEO James Volker said in a statement.
Separately, TheStreet Ratings team rates WHITING PETROLEUM CORP as a Hold with a ratings score of C-. TheStreet Ratings Team has this to say about their recommendation:
"We rate WHITING PETROLEUM CORP (WLL) a HOLD. The primary factors that have impacted our rating are mixed some indicating strength, some showing weaknesses, with little evidence to justify the expectation of either a positive or negative performance for this stock relative to most other stocks. The company's strengths can be seen in multiple areas, such as its largely solid financial position with reasonable debt levels by most measures and expanding profit margins. However, as a counter to these strengths, we also find weaknesses including feeble growth in the company's earnings per share, deteriorating net income and disappointing return on equity."
You can view the full analysis from the report here: WLL Ratings Report