NEW YORK (TheStreet) -- Shares of Whiting Petroleum (WLL) are rising by 4.65% to $33.79 in late afternoon trading on Friday, as some energy and related stocks get a jolt from the rebound in oil prices.
Oil is gaining after Baker Hughes (BHI) said that the number of drilling rigs in the U.S. declined for the 26th straight week, Reuters reports.
Crude oil (WTI) is rising by 1.53% to $58.89 per barrel and Brent crude is up by 1.79% to $63.14 per barrel this afternoon, according to the CNBC.com index.
The rig count dropped by four with the national total now standing at 642 rigs.
Additionally, on Thursday analysts at Deutsche Bank upgraded their rating on Whiting Petroleum to "buy" from "hold" as they believe the company's position in the DJ Basin is undervalued.
Separately, TheStreet Ratings team rates WHITING PETROLEUM CORP as a Hold with a ratings score of C-. TheStreet Ratings Team has this to say about their recommendation:
"We rate WHITING PETROLEUM CORP (WLL) a HOLD. The primary factors that have impacted our rating are mixed ? some indicating strength, some showing weaknesses, with little evidence to justify the expectation of either a positive or negative performance for this stock relative to most other stocks. The company's strengths can be seen in multiple areas, such as its largely solid financial position with reasonable debt levels by most measures and expanding profit margins. However, as a counter to these strengths, we also find weaknesses including feeble growth in the company's earnings per share, deteriorating net income and disappointing return on equity."