NEW YORK (TheStreet) -- Shares of PetroQuest Energy Inc. (PQ) are up 1.20% to $7.59 after it announced on Monday it's entered into an oil focused joint venture with Midstates Petroleum Company (MPO) to drill two wells in Louisiana.
As part of the agreement, PetroQuest Energy has acquired a 50% interest in Midstates' Fleetwood project for an aggregate purchase price of $24 million.
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Separately, theStreet Ratings team rates PETROQUEST ENERGY INC as a Hold with a ratings score of C. TheStreet Ratings Team has this to say about their recommendation:
"We rate PETROQUEST ENERGY INC (PQ) 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, impressive record of earnings per share growth 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."