NEW YORK (TheStreet) -- Shares of ConocoPhillips(COP) - Get Report are dipping by 0.66% to $40.78 ion Friday morning, after the Houston-based shale producer announced it will be laying off 6% of its workforce - or about 1,000 employees - this year, the Wall Street Journal reports.
The cuts will mostly be focused in U.S. and Canadian energy jobs. Recently, ConocoPhillips decreased its capital activities and completed several projects, which caused the company to have additional organizational capacity than necessary, a company spokesperson told the Journal.
In 2015, ConocoPhillips laid off about 1,500 employees as it continued to slash expenses and differed projects.
Additionally, the company will report fiscal 2016 second quarter results before markets open next Thursday.
Separately, 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 CONOCOPHILLIPS as a Sell with a ratings score of D+. This is driven by some concerns, 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 deteriorating net income, poor profit margins, weak operating cash flow, disappointing return on equity and generally disappointing historical performance in the stock itself.
You can view the full analysis from the report here: COP