Devon Energy (DVN) Stock Jumps as Oil Prices Rebound
NEW YORK (TheStreet) -- Shares of Devon Energy (DVN) - Get Report are climbing 5.72% to $39.83 late Tuesday morning as oil prices rally.
Crude oil (WTI) is rising 3.55% to $46.35 per barrel and Brent crude is up 3.78% to $48 per barrel this morning.
Oil prices, which are rising from two-month lows, are being lifted by a weaker dollar today, Reuters reports.
The commodity is more expensive to foreign currency holders when the greenback is strong.
"Today's rally, due in large part to the equity market, isn't really supported by the fundamentals," Hamza Khan, head of commodity strategy at ING, told Reuters.
There continues to be an oil inventory glut and there is a decline in bullish bets by investors, Reuters noted.
Devon is an Oklahoma City-based energy company engaged in the exploration, development and production of oil, natural gas and natural gas liquids.
Separately, TheStreet Ratings Team has a "Sell" rating with a score of D on the stock.
The company's weaknesses can be seen in multiple areas, such as its disappointing return on equity, weak operating cash flow, generally disappointing historical performance in the stock itself and generally high debt management risk.
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: DVN