Crude oil (WTI) is slipping 0.04% to $49.54 per barrel and Brent crude is sliding 0.04% to $49.72 per barrel.
This morning oil was rising as recent production outages from wildfires in Canada's oil sands and turmoil in the Nigerian and Libyan energy sectors have helped concerns about the saturated oil market.
However, some analysts remain hesitant about being completely bullish.
"I am maintaining my oil view at neutral with a short term bias to the upside," Dominick Chirichella, senior partner at the Energy Management Institute told Reuters. "The global surplus still exists and there is still a possibility that oil prices could retrace further."
Based in Oklahoma City, Devon Energy is an independent energy company that primarily engages in the exploration, development, and production of oil, natural gas, and natural gas liquids (NGLs) in the U.S. and Canada.
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 disappointing return on equity, 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 article's author.
You can view the full analysis from the report here: DVN