NEW YORK (TheStreet) -- Shares of Devon Energy (DVN) are rising by 8.86% to $26.68 in early afternoon trading on Thursday, as the rally in the price of oil drives some energy and related stocks higher today.
The price of the commodity moved into the green today on the hope that Russia and OPEC would agree to cut production, Reuters reports.
However, Saudi Arabia has reportedly stated that it has made no proposal to cut its production by 5%, as had been suggested on Thursday by Russian Energy Minister Alexander Novak.
"If there was a cut it would be very bullish and there's a reaction that's pushing oil higher," Brenda Kelly, head analyst at London Capital Group, told Reuters.
Crude oil (WTI) is up by 3.25% to $33.35 per barrel this afternoon and Brent crude is soaring by 3.2% to $34.16 per barrel.
Devon Energy is an Oklahoma City-based independent energy company engaged in the exploration, development and production of oil, natural gas and natural gas liquids.
Separately, TheStreet Ratings has a "sell" rating and a score of D+ on Devon Energy stock. This is driven by several weaknesses, which TheStreet Ratings believes 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 it covers.
The company's weaknesses can be seen in multiple areas, such as its deteriorating net income, generally high debt management risk, disappointing return on equity, weak operating cash flow and generally disappointing historical performance in the stock itself.
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: DVN