NEW YORK (TheStreet) -- Shares of Miller Energy Resources Inc. (MILL) are up 8.00% to $5.67 after it announced its WMRU-2B well in Alaska has been completed, and was successfully brought online on June 7.
The well's initial seven day average production rate of approximately 630 barrels of oil equivalent per day.
CEO Scott M. Boruff said the transformation of the well will be a substantial revenue generator for the oil and natural gas explorer.
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Separately, TheStreet Ratings team rates MILLER ENERGY RESOURCES INC as a Sell with a ratings score of D+. TheStreet Ratings Team has this to say about their recommendation:
"We rate MILLER ENERGY RESOURCES INC (MILL) a SELL. This is driven by multiple weaknesses, which we believe should have a greater impact than any strengths, and could make it more difficult for investors to achieve positive results compared to most of the stocks we cover. The company's weaknesses can be seen in multiple areas, such as its feeble growth in its earnings per share and disappointing return on equity."
Highlights from the analysis by TheStreet Ratings Team goes as follows: