NEW YORK (TheStreet) -- Magnum Hunter Resources (MHR) was gaining 12.4% to $6.14 Thursday after announcing production results in West Virginia's Utica shale and throughput volumes on Eureka Hunter's West Virginia and Ohio gas gathering pipeline.
The oil and gas company said its Stewart Winland 1300U well in Tyler County, WV was put on production last weekend. The well recorded a peak production rate of 46.5 million cubic feet of natural gas per day, or about 7,750 barrels of oil equivalent per day.
Magnum Hunter also announced that throughput volumes of Eureka Hunter's gas gathering pipeline increased to about 316,500 MMBtu per day. The company expects the pipeline's throughput to reach about 400,000 MMBtu per day by the end of the year.
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TheStreet Ratings team rates MAGNUM HUNTER RESOURCES CORP as a Sell with a ratings score of D+. TheStreet Ratings Team has this to say about their recommendation:
"We rate MAGNUM HUNTER RESOURCES CORP (MHR) a SELL. This is driven by a number of negative factors, 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 deteriorating net income, generally high debt management risk, disappointing return on equity and feeble growth in its earnings per share."