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Fly News Breaks for March 25, 2015
WLL
Mar 25, 2015 | 07:40 EDT
Canaccord lowered its price target on Whiting Petroleum to $35 from $44 following its capital raise yesterday. The firm said the company raised enough money to pay off its revolver balance completely and still have roughly $290M in cash after the deals close. The price target was lowered to reflect the deal dilution, although the firm noted its balance sheet is now significantly improved. Canaccord maintained its Buy rating on Whiting Petroleum shares.
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