NEW YORK ( TheStreet ) -- Shares of Whiting Petroleum Corp ( WLL ) are climbing, up 1.25% to $38.15 in early market trading Monday, after analysts at Morgan Stanley raised their rating on the oil and gas company to "overweight" from "equal weight" this morning. The firm issued a price target of $48 on shares, following a rebound in growth and a reduction in leverage due to divestitures. Morgan Stanley believes that the current negative sentiment has led to a discounted valuation, making it an attractive entry point for investors. Denver, CO-based Whiting Petroleum is an independent oil and gas company engaged in exploration, development, acquisition and production activities in the Rocky Mountains and Permian Basin regions. Whiting is one of the largest producers in the Bakken Shale formation in North Dakota. Insight from TheStreet's Research Team: Whiting Petroleum is a core holding of David Peltier's Stocks Under $10 Portfolio.