NEW YORK (TheStreet) -- Shares of Cabot Oil & Gas (COG) - Get Report rose by 5.6% to $19.43 on Tuesday, as oil prices got a boost from hopes of reduced production levels.

Crude oil (WTI) is jumping by 2.7% to $31.16 per barrel this afternoon and Brent crude is higher by 3.31% to $31.51 per barrel, according to the CNBC.com index.

The Organization of Petroleum Exporting Countries (OPEC) and non-OPEC members are edging closer to an agreement to lower output as one of the largest gluts in decades continues, Reuters reports.

"The need for a reduction in output is clear - as it has been to us for the past 18 months - but it remains uncertain whether Saudi Arabia and its allies within OPEC are ready to return to the bargaining table," Tim Evans, energy futures specialist at Citi Futures, wrote in a note cited by Reuters.

Wall Street rallied by over 1% on Tuesday, pushed higher in part by spiking oil prices, Reuters noted.

Cabot Oil & Gas is a Houston-based oil and gas company engaged in the development, exploitation and exploration of oil and gas properties.

Separately, TheStreet Ratings Team has a "sell" rating with a score of D+.

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The company's weaknesses can be seen in multiple areas, such as its feeble growth in its earnings per share, deteriorating net income, disappointing return on equity, weak operating cash flow 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: COG

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