NEW YORK (TheStreet) -- TheStreet's Jim Cramer says investors have an "unbelievable deal" with Whiting Petroleum (WLL) - Get Report and Kodiak Oil & Gas (KOG) merging to exploit the Bakken shale region.
Cramer says the deal is unbelievable because he thought Whiting would be the acquisition target, but it went out and bought Kodiak. This deal reminds him of Hillshire (HSH) going after Pinnacle (PF) , with Pinnacle in this case being Kodiak, because of Tyson Foods (TSN) - Get Report going after Hillshire. Cramer questions who was going after Whiting and raises Statoil (STO) as a possibility but says it ultimately does not matter.
Cramer believes this deal makes the new combined company the "King of the Bakken," as it surpasses Continental Resources (CLR) - Get Report. The numbers for the Bakken keep rising but have yet to approach Texas because the numbers on the Permian and Eagle Ford are so strong.
Must Watch: Jim Cramer: Buy Whiting Petroleum on Acquisition of Kodiak
But Cramer maintains this is a great combination with great acreage and suggests buying Whiting on the deal.
TheStreet Ratings team agrees, as it rates WHITING PETROLEUM CORP a "buy" with a ratings score of A-. TheStreet Ratings Team has this to say about their recommendation:
"We rate WHITING PETROLEUM CORP (WLL) a BUY. This is based on the convergence of positive investment measures, which should help this stock outperform the majority of stocks that we rate. The company's strengths can be seen in multiple areas, such as its robust revenue growth, expanding profit margins, increase in net income, good cash flow from operations and solid stock price performance. We feel these strengths outweigh the fact that the company has had somewhat disappointing return on equity."
You can view the full analysis from the report here: WLL Ratings Report
Editor's Note: Any reference to TheStreet Ratings and its underlying recommendation does not reflect the opinion of TheStreet, Inc. or any of its contributors including Jim Cramer or Stephanie Link.