UPDATE: Brean Murray Carret Raises Warren Resources' PT
According to a research report published earlier today, Brean Murray Carret has increased Warren Resources' (NASDAQ: WRES) PT from $4.25 to $5.25.
In the report, Brean Murray Carret commented, “The average cost per well in California in the Wilmington Townlot Unit in 2011 was ~$1.6 million vs. our $2 million assumption, while the company's inventory in the Tar Formation increased by 20 locations in 2011, driving our target price up $1/share.”
Brean Murray Carret maintains its Buy rating on Warren Resources, which is currently trading at $3.56.
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