The S&P 500 was slipping nearly 4 points, or 0.28%, to 1358 in early trades.
Shares of the Tulsa, Okla.- based oil and natural gas exploration company were down nearly 5% to $15.43 after Barclays lowered its rating on the stock to equal weight from overweight. The firm also dropped its 12-month price target by 21% to $19 from $24.
WPX Energy currently trades at an estimated price-to-earnings ratio for next year of 42.58 times; the average among its peers is 25.5X. For comparison, EOG Resources (EOG) has a lower forward P/E of 21.1X.Five of the nine analysts who cover WPX Energy rate it at hold. Three analysts have a buy rating and one is at sell. The stock has fallen 15.19% year to date. --Written by Alexandra Zendrian in New York.
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