NEW YORK (TheStreet) -- Shares of Petroquest Energy (PQ) were jumping 32.39% to $2.33 on heavy trading volume late Friday morning as Seaport Global raised its rating on the stock to "buy" from "accumulate."

The firm also increased its price target to $5 from $4 on shares of the Lafayette, LA-based oil and gas company.

Seaport cited lower near-term balance sheet concerns and a possible Cotton Valley joint-venture partner by the end of the year, the Fly noted.

About 2.67 million of the company's shares changed hands so far today vs. its average 30-day volume of 123,357 shares per day.

Separaetly, TheStreet Ratings Team has a "Sell" rating with a score of D- on the stock.

This is driven by a few notable weaknesses, which 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 covered.

Among the areas that are negative, one of the most important has been a generally disappointing historical performance in the stock itself.

Recently, TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author.

You can view the full analysis from the report here: PQ