Crude oil (WTI) is up by 3.16% to $39.49 per barrel and Brent oil is gaining by 2.71% to $40.20 per barrel this afternoon, according to the CNBC.com index.
Oil prices are rising on a weaker dollar, which makes the commodity less expensive to foreign investors, the Wall Street Journal reports.
The greenback is weakening after comments by Federal Reserve Chairwoman Janet Yellen on Tuesday. Yellen said the Federal Open Market Committee should "proceed cautiously" before changing monetary policy, according to the Journal.
The "weakening oil complex (is) rescued by dovish statements from U.S. Fed," Jim Ritterbusch, president of Ritterbusch & Associates, told the Journal.
Based in Oklahoma City, Devon Energy is an exploration and production company focused on oil, natural gas and natural gas liquids.
Separately, 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.
TheStreet Ratings rates this stock 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, disappointing return on equity, generally high debt management risk, generally disappointing historical performance in the stock itself and feeble growth in its earnings per share.
You can view the full analysis from the report here: DVN