MKM Partners analyst John Gerdes lowered the firm's price target on Whiting Petroleum to $3 from $9 after its Q4 results and FY20 guidance last week. The analyst cites the 9% decline in production and a 4% decline in the output's oil composition, noting that with a higher capital intensity, the company's 95%-100% full-cycle return is "meaningfully" below the industry median cash recycle ratio of approximately 120%. Gerdes still keeps his Buy rating on Whiting Petroleum however, citing its 33% implied equity return rate given its current valuation.