Whiting Petroleum Corporation

Whiting Petroleum Corporation (WLL - Snapshot Report), the independent oil and gas company that explores primarily in the Permian Basin, Rocky Mountains, Mid-Continent, Gulf Coast and Michigan, continues to be a Zacks #1 Rank (Strong Buy) stock even as crude and natural gas prices have pulled back from record highs.

On July 30, WLL reported second quarter earnings that missed on analysts' estimates by 5.47%, or 11 cents per share. However, it was a record quarter for the company, as net income spiked to $80.4 million, or $1.90 per share, from $26.5 million, or 72 cents per share, in the second quarter of 2007.

Production continues to increase year over year with first half production in 2008 totaling 7.76 MMBOE, or 42,660 BOE per day, compared with 7.26 MMBOE, or 40,090 BOE per day, in the first half of 2007.

The company is bullish about production going forward. It has raised its production guidance for the full year 2008 to 16.7 MMBOE from 16.5 MMBOE. 2007 production totaled 14.7 MMBOE.

Consensus Estimates Jump for the Third Quarter and the Full Year

Consensus estimates also continue to rise. For the third quarter, estimates jumped 13% to $2.35 from $2.08 per share in the last 30 days.

For the full year, estimates rose 13.3% to $8.25 from $7.28 per share in the last month. Just 90 days ago, full year estimates were at $5.41 per share.

WLL still has solid value fundamentals, with a forward P/E of 10.84. Read the May 7 analysis.

Update to Previous Value Zacks Rank Buy Stocks

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