NEW YORK (TheStreet) -- Shares of Whiting Petroleum (WLL) - Get Report are rising by 7.21% to $11.90 in mid-morning trading on Wednesday, as some energy and related stocks get a boost from the rally in oil prices.
The price of the commodity is trading in the green today on expectations that decreasing supply will help eliminate any overhang of unwanted crude, Reuters reports.
Crude oil (WTI) is gaining by 1.75% to $49.43 per barrel this morning and Brent crude is up by 2% to $49.58 per barrel.
Oil is inching its way towards $50 per barrel for the first time in seven months.
"We are definitely moving out of this surplus situation that we've been living in since mid-2014. There will still be some time, maybe six months of surplus, but then we're basically into rebalancing," Bjarne Schieldrop, the head commodities strategist with SEB, told Reuters.
Whiting Petroleum is a Denver-based independent oil and gas company that develops, produces, acquires and explores in the Rocky Mountain and Permian Basin regions of the U.S.
Separately, TheStreet Ratings has set a "sell" rating and a score of D on Whiting Petroleum stock. This is driven by a number of negative factors, which TheStreet Ratings believes should have a greater impact than any strengths, and could make it more difficult for investors to achieve positive results compared to most of the stocks it covers.
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, generally disappointing historical performance in the stock itself and feeble growth in its earnings per share.
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's author.
You can view the full analysis from the report here: WLL