UPDATE: Global Hunter Raises PT on Whiting Petroleum to $77 (WLL)

Global Hunter is out with its report today on Whiting Petroleum (NYSE: WLL), raising its PT from $75 to $77.

In a note to clients, Global Hunter writes, "Whiting Petroleum reported mixed results as higher costs were offset by higher price realization. Production was in line with our estimate while realized derivative losses impacted cash flow. The organic leasing program continues to build the company's asset base in the Bakken play along with the emerging Redtail and Big Tex prospects. In our view, recent woes in the Lewis & Clark drilling program are a minor hurdle which should be expected in any earlyphase drilling program. However, it would seem the company lacks any near-term catalysts until the next phase of drilling from emerging areas are reported in late 2Q11 or early 3Q11. We are therefore maintaining our Neutral rating while increasing our price target from $75.00 to $77.00, reflecting 6.1x our 2012(E) CFPS of $12.55."

Shares of WLL closed Thursday at $69.