Monday, October 25, 2010

Wells Fargo (NYSE:WFC) Says Whiting Petroleum (NYSE:WLL) Reaches Upside Limits

Whiting Petroleum (NYSE:WLL) was downgraded by Wells Fargo (NYSE:WFC), citing most of the upside is priced into the share price. They were downgraded from "Outperform" to "Market Perform."

Wells said, "With success at Sanish and now initial success at Lewis and Clark, WLL has executed and erased Bakken inventory concerns. Given, YTD outperformance, much of the upside is already priced into shares, in our opinion and we believe risk/reward is now neutral."

The valuation range was also lowered from $105-$110 to $100-$110.

Whiting closed Friday at $100.97, dropping $0.51, or 0.50 percent.

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