NEW YORK (TheStreet) -- Shares of Whiting Petroleum Corp. (WLL) are up 4.53% to $82.10 in pre-market trading on Monday after it announced over the weekend it agreed to acquire Kodiak Oil & Gas Corp. (KOG) for $6 billion in stock and debt to become the largest producer in North Dakota's Bakken shale oil formations.
Kodiak Oil & Gas shares are rising 2.81% to $14.63 ahead of the opening bell this morning.
Separately, Brean Capital raised its price target on Whiting Petroleum to $102 from $96 following its proposed deal, which is expected to be accretive across all metrics in 2015.
TheStreet Ratings team rates WHITING PETROLEUM CORP as 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."
Highlights from the analysis by TheStreet Ratings Team goes as follows: