NEW YORK (TheStreet) -- Isramco (ISRL) nearly doubled its revenues during the first quarter earnings period reporting $21.37 billion in revenue during the quarter compared to the $11.45 billion it posted last year.
The independent oil and natural gas company reported that the increase was due primarily to a growth in service well operations that netted the company $6.4 billion and royalty interest from the Tamar Field offshore Israel which generated net revenue of $5.1 billion.
The company reported net income of $4,185,000, or $1.50 per share, compared to a net loss of -19 cents per share during the same period last year.
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TheStreet Ratings team rates ISRAMCO INC as a Hold with a ratings score of C. TheStreet Ratings Team has this to say about their recommendation:
"We rate ISRAMCO INC (ISRL) 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 robust revenue growth, solid stock price performance and good cash flow from operations. However, as a counter to these strengths, we also find weaknesses including feeble growth in the company's earnings per share, deteriorating net income and generally higher debt management risk."