Warren Resources (WRES) Drops After Revenue Miss

NEW YORK (TheStreet) -- Warren Resources (WRES) is dipping lower on Thursday after reporting quarterly revenue below analysts' expectations.

By early afternoon, shares had taken off 4.5% to $4.64. Trading volume of 2.1 million was more than double its three-month daily average.

In the three months to December, the New York-based oiler reported revenue of $32.6 million which fell short of consensus of $33.69 million, according to analysts surveyed by Thomson Reuters.

Net income of 11 cents a share came in as expected.

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TheStreet Ratings team rates WARREN RESOURCES INC as a Hold with a ratings score of C+. The team has this to say about their recommendation:

"We rate WARREN RESOURCES INC (WRES) a HOLD. The primary factors that have impacted our rating are mixed -- some indicating strength, some showing weaknesses, with little evidence to justify the expectation of either a positive or negative performance for this stock relative to most other stocks. The company's strengths can be seen in multiple areas, such as its revenue growth, solid stock price performance and compelling growth in net income. However, as a counter to these strengths, we find that the company has favored debt over equity in the management of its balance sheet."

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