ConocoPhillips (COP) Stock Retreats With Oil After Bearish EIA Report
NEW YORK (TheStreet) -- ConocoPhillips (COP) - Get Report shares are sliding 3.7% to $43.41 on Wednesday along with oil futures immediately following the weekly oil inventory data from the Energy Information Administration (EIA) showing a bigger-than-expected build in crude stocks.
Last week, crude stockpiles increased by 2.8 million barrels, higher than analysts' projections of a 1.7 million barrel build.
This data heightened concerns about the ongoing supply glut, sending prices into negative territory.
Crude oil (WTI) is down 0.57% to $43.40 per barrel and Brent crude is tumbling 1.27% to $44.40 per barrel.
Oil futures changed direction from gaining earlier in the day after wildfires in northern Alberta, Canada forced reductions in crude output in that oil-rich region, MarketWatch reports.
Separately, TheStreet Ratings currently has a "Sell" rating on the stock with a letter grade of D+.
The company's weaknesses can be seen in multiple areas, such as its deteriorating net income, poor profit margins, weak operating cash flow, generally disappointing historical performance in the stock itself and feeble growth in its earnings per share.
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: COP
