WPX Energy (WPX) Stock Down on Retreating Oil Prices
NEW YORK (TheStreet) -- Shares of WPX Energy (WPX) - Get Report are down by 3.17% to $9.46 in late-morning trading on Monday, reflecting a drop in oil prices.
Crude oil (WTI) is down by 2.17% to $43.23 per barrel and Brent crude is falling by 1.90% to $44.82 per barrel this morning.
Oil prices hit a two-and-a-half month low as a result of ongoing concerns of a global oversupply of oil, Reuters reports.
A strong dollar and a rise in the U.S oil rig count for the fourth week straight are also driving oil prices down.
Global oil demand in the 2016 third quarter is increasing at less than a third of the rate as it was in the 2015 third quarter, according to Barclays.
WPX Energy is a Tulsa, OK-based oil and natural gas exploration and production company.
Separatey, 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. TheStreet Ratings has this to say about the recommendation:
We rate WPX ENERGY INC as a Sell with a ratings score of D. This is driven by a few notable weaknesses, which we believe 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 we cover. The company's weaknesses can be seen in multiple areas, such as its feeble growth in its earnings per share, deteriorating net income, weak operating cash flow, generally high debt management risk and disappointing return on equity.
You can view the full analysis from the report here: WPX
data by