Tuesday, January 27, 2009

Rating Agency Brilliance in Action Again: Whiting Petroleum Buying Back Bonds

S&P Yesterday had some bad things to say about Whiting Petroleum and cut its outlook on the name. Well, hopefully you are not a manager who buys and sell based on what those rockets scientists have to say (i.e. a mutual fund): today the company announced it is issuing 8 million shares of stock, which incidentally sent the stock plunging by 10%, in order to pay back a portion of its $620 million total in outstanding debt. Obviously, the bonds have been running today, and the benchmark 7.25% Notes due 5/2013 are now bid up 5 points higher from yesterday at 82. Sphere: Related Content
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4 comments:

Robertm73 said...

So are you suggesting the company is better then S&P is saying?

Tyler said...

I have no opinion on Whiting per se, just amused by their mega lagging timing as always

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