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NEW YORK (TheStreet) -- Shares of Whiting Petroleum (WLL) - Get Whiting Petroleum Corporation Report were sharply higher late Friday morning after the company was upgraded by two firms.

Raymond James raised its rating on the stock to "strong buy" from "outperform." The firm also increased its price target to $16 from $14 on shares of the Denver-based oil and gas company.

The firm said Whiting posted "extremely impressive" third-quarter results and plans to double its Bakken rig count, the Fly reports. The company also sees double-digit output growth from current levels next year, according to Raymond James.

Stephens upgraded the stock to "overweight" from "equal weight" this morning. The firm believes the "worst may be behind" for Whiting, the Fly noted.

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Earlier this week, the company reported an adjusted net loss of 47 cents per share, narrower than Wall Street's expectations. Analysts surveyed by FactSet had projected a loss of 42 cents per share.

Separately, TheStreet Ratings Team has a "Sell" rating with a score of D on the stock.

The company's weaknesses can be seen in multiple areas, such as its deteriorating net income, 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's author.

You can view the full analysis from the report here: WLL

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