This 1 Catalyst Fueled Whiting Petroleum Corp.'s 10% Rally in October
Shares of Whiting Petroleum (NYSE: WLL) slumped for much of October and were down more than 12% for the month at one point. However, the company quickly reversed that decline, and then some, after posting better-than-expected third-quarter results on the 25th. That drove the stock higher the rest of the month, enabling it to close up 10%.
Whiting reported an adjusted loss of $50.1 million, or $0.14 per share, during the third quarter. However, that was $0.06 per share better than the consensus estimate. Furthermore, that beat came despite the impact of selling some assets in North Dakota as well as an unplanned outage at a natural gas plant in the region. Those factors combined to cause a 5% dip in production versus the second quarter, which fell to an average of 114,350 barrels of oil equivalent per day (BOE/D).
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Source: Fool.com
