Strong Buy - Price 93.96 on May 27
by Raymond James

Wells at Whiting's core Bakken property, Sanish Field, N.D....have flowed at impressive initial production rates of 1,000-2,000 Boe/d [barrels of oil-equivalent per day], some of the best-performing oil wells in onshore U.S....Whiting's 95 net locations in this play have the potential to add $32-plus a share to our proved net-asset-value estimate...Whiting has several other near-term bullish catalysts, [including] an increase in takeaway capacity at Piceance Basin, Colo....to come online June 1...[and] Robinson Lake gas-processing plant in Bakken, [which is to] begin gas and natural-gas liquid sales by June 30. [Hence,] we believe Whiting has ample room to increase '08 production guidance. With its oil-weighted asset base, it stands to benefit from current bullish oil fundamentals...[and] we're raising target from 100 to 110, based on a 7 times multiple to our 2009 [earnings before interest, taxes, depreciation and amortization] estimate. Market cap: $3.7 billion.

EOG Resources (EOG), for example, is up 38%, Whiting Petroleum (WLL) has rallied 63%, Brigham Exploration (BEXP) has gained 80% and Continental Resources has surged 142%. Readers who bought these stocks in February might consider taking profits on half their positions to cover their original costs, which would still leave them with substantial exposure.

Bakken Play

buy

Upgraded by KeyBanc from Hold to Buy

Upgraded by Sun Trust Rbsn Humphrey from Reduce to Neutral

Downgraded by Sun Trust Rbsn Humphrey from Neutral to Reduce

They deliver on what they say they will do - buy more property and find oil. Excellent experienced management. But I wish they would slow the acquisitions, get the debt/cap below 30% and stop diluting my ownership % by issuing stock.

Downgraded by RBC Capital Mkts from Sector Perform to Underperform