NEW YORK (TheStreet) -- Shares of Warren Resources Inc. (WRES) are higher by 13.11% to $2.07 on heavy volume in late afternoon trading on Wednesday, as energy stocks get a boost from today's rise in oil prices.
Brent crude for January delivery is higher by 0.23% to $56.06 per barrel this afternoon.
The rise in oil prices is due to a smaller than expected drop in U.S. crude supplies, MarketWatch reports.
The U.S. Energy Information Administration said crude oil inventories were lower by 800,000 barrels for the week ended December 12. Analysts polled by Platts had expected a decline of 2.5 million barrels, MarketWatch added.
Oil prices have declined 50% since June due to an increase in supply, and waning demand.
Separately, TheStreet Ratings team rates WARREN RESOURCES INC as a Hold with a ratings score of C. TheStreet Ratings 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, reasonable valuation levels and expanding profit margins. However, as a counter to these strengths, we also find weaknesses including deteriorating net income, generally higher debt management risk and disappointing return on equity."