WPX Energy (WPX) Stock Gains on Higher Oil Prices
NEW YORK (TheStreet) -- Shares of WPX Energy (WPX) - Get Report are climbing 3.33% to $9.62 in early-afternoon trading on Friday as oil prices trade in the green.
Crude oil (WTI) is increasing 0.19% to $48.42 per barrel and Brent crude is up 0.24% to $49.83 per barrel this afternoon.
Oil prices are steadying this afternoon from early losses as traders pointed to a possibly more bullish positioning for the second half of the year after a weaker dollar lifted many commodities today, Reuters reports.
Commodities that are denominated in dollars, such as oil and gold, are more expensive to foreign currency holders when the greenback is strong.
The market also found some support after dropping more than 3% yesterday as traders took profits at the end of the best quarter in seven years, Reuters noted.
"There is some pre-holiday market positioning for the second half that's going on," David Thompson, EVP at commodities-focused broker Powerhouse, told Reuters.
"People are also moving on from Brexit, accepting they have to deal with an 'organized divorce' with Britain," he added.
WPX Energy is a Tulsa, OK-based oil and natural gas exploration and production company.
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 feeble growth in its earnings per share, deteriorating net income, 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: WPX