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Fly News Breaks for January 12, 2016
WLL
Jan 12, 2016 | 08:11 EDT
Morgan Stanley analyst Benny Wong downgraded Whiting Petroleum to Underweight with a $4 price target on shares. Wong said Whiting's leverage is rising notably to 5x at YE16 and near 6x at YE17 while production will nearly decline 15% per year in 2016 and 2017. The analyst sees few remedies to improve the balance sheet, aside from an increase in commodity prices.
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