Brean Murray Carret & Co. Starts Warren Resources (WRES) at Buy; Poised to Execute in 2012

Brean Murray Carret & Co. initiates coverage on Warren Resources (NASDAQ: WRES) with a Buy. PT $4.50.

Brean analyst says, "The shares trade below their proven only NAV as a result of several regulatory issues in California that the company has had to deal with during 2011. Warren currently looks attractive, with an inventory of 150 unbooked development oil drilling locations, primarily high rate sinusoidal (directionally drilled) wells, in its Wilmington Townlot Unit (WTU) in Southern California's LA Basin...Revenue grwoth will take place even without volume growth in 2012."

For an analyst ratings summary and ratings history on Warren Resources click here. For more ratings news on Warren Resources click here.

Shares of Warren Resources closed at $3.04 yesterday.

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