Whiting Petroleum (WLL) Stock Pushed Lower by Slumping Oil
NEW YORK (TheStreet) -- Whiting Petroleum (WLL) - Get Report shares are sinking 4.08% to $10.35 on Tuesday afternoon as oil prices dropped on persisting supply glut concerns.
Top oil exporter Saudi Arabia said production in April was 10.15 million barrels a day and could reach near-highs of 10.5 million barrels a day in the near-term, Reuters reports.
Also, oil shipments from southern fields in Iraq averaged 3.364 million barrels a day in April, an increase from 3.286 million barrels in March.
"There are enough supply stories out there to slow or temper any gains," Energy Aspects analyst Richard Mallinson told Reuters.
Crude oil (WTI) is sliding 2.5% to $43.66 per barrel and Brent crude is tumbling 1.72% to $45.04 per barrel.
Mallinson did note that long term, oil prices should rise on expectations of lower supply from the U.S.
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, generally disappointing historical performance in the stock itself and feeble growth in its earnings per share.
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 article's author.
You can view the full analysis from the report here: WLL
