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Fly News Breaks for October 4, 2019
WLL
Oct 4, 2019 | 06:24 EDT
As previously reported, Credit Suisse analyst Betty Jiang downgraded Whiting Petroleum and lowered her price target to $5 from $11. The analyst contends that the stock has underperformed in 2019 not only because of expectations of softer energy prices but also in response to "significant downward revisions of asset productivity expectations." Jiang believes that more downside is yet to come amid an uncertain macro outlook, no free cash flow "at strip prices", a levered balance sheet of over 3-times, and looming debt maturities.
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