Imperial Capital Starts Warren Resources (WRES) at In-Line

Imperial Capital initiates coverage on Warren Resources (NASDAQ: WRES) with a In-Line rating and a price target of $5.50.

Analyst Kim Pacanovsky, Ph. D said, "WRES recently closed a transformational acquisition of Marcellus gas properties, increasing production and adding diversification into a new core area. This Marcellus acreage contains some of the strongest producers in the formation. Currently, Marcellus gas is being sold for historically wide negative basis differentials, which is partially offset by an attractive direct sales contract with Proctor & Gamble. Our In-Line rating reflects the poor gas market, especially as we await the terms of a renewal of the P&G contract early next year. Positively, we believe that since its new CEO/President has been in place, the company is moving more aggressively to grow the company, a tactic that we believe can prove successful particularly, when gas markets strengthen."

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 $5.11 yesterday.

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