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Fly News Breaks for October 17, 2019
Oct 17, 2019 | 07:38 EDT
Raymond James analyst John Freeman downgraded Whiting Petroleum to Outperform from Strong Buy with a price target of $10, down from $25. In a research note to investors, Freeman says the firm's latest forecast for U.S. supply growth points to a meager 300,000 bpd in 2020, a massive slowdown from its 2019 forecast of 1.2 million bpd, and even more of a haircut compared to 2018's 2.2 million bpd. Freeman estimates that U.S. well productivity gains amounted to only around 2% in 1H19, and his latest assumption is for essentially flat productivity in the years ahead. Stagnation in horizontal lateral lengths, sand volumes, and frac stages combined with parent/child issues has resulted in this slowdown.
News For WLL From the Last 2 Days
Feb 28, 2020 | 10:07 EST
Catch up on today's top five analyst downgrades with this list compiled by The Fly: 1. Flir Systems (FLIR) downgraded to Hold from Buy at SunTrust and to Neutral from Outperform at Baird. 2. Whiting Petroleum (WLL) downgraded to Hold from Buy at Stifel with analyst Michael Scialla saying he is waiting for Whiting to find a solution to refinance its 2021 debt maturity obligation, which was $774M at the end of 2019. 3. Big Lots (BIG) downgraded to Underweight from Neutral at JPMorgan with analyst Matthew Boss saying he sees "material risk" to second half of 2020 estimates after the company missed expectations in Q4. 4. Teladoc (TDOC) downgraded to Sector Weight from Overweight at KeyBanc with analyst Donald Hooker citing valuation. 5. Nielsen (NLSN) downgraded to Neutral from Outperform at Baird with analyst Jeffrey Meuler saying the company's 2020 guidance implies continued Audience Measurement deceleration, minimal overall growth with flat to down margins, and continued weak free cash flow conversion. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.